Centennial Technologies, Inc. reports results for fiscal 1996.

BILLERICA, MASSACHUSETTS--(BUSINESS WIRE)--August 21, 1996--

Sales Increased 204% Over Prior Year

And E.P.S Rose 371% Over Prior Year

CENTENNIAL TECHNOLOGIES, INC. (AMEX: CTN) announced today its results for the fiscal year ended June 30, 1996.

Fourth Quarter:

Sales of approximately $12,427,000 for the quarter ended June 30, 1996 increased 201% as compared to the sales for the same period in fiscal 1995. Gross margin, as a percent of sales, decreased to 37.6% for the fourth quarter of fiscal 1996 as compared to 43.2% for the same period of the previous fiscal year. Income from operations of approximately $3,048,000 for the fourth quarter of fiscal 1996 increased 917% as compared to income from operations for the same period of the previous year. Income from operations for the fourth quarter of fiscal 1996 was 24.5% of sales as compared to 7.3% of sales for the same period in the prior year. Net income for the quarter ended June 30, 1996 was approximately $1,868,000 as compared to $158,000 for the same period of the previous year. Net income for the fourth quarter of fiscal 1996 was 15.0% of sales as compared to 3.8% of sales for the same period in fiscal 1995.

Earnings per share was $.22 for the fourth quarter of fiscal 1996, an increase of $.20 per share as compared to $.02 per share for the fourth quarter of fiscal 1995. The weighted average shares outstanding increased approximately 35.5% to 8,597,935 shares during the three months ended June 30, 1996 from 6,347,597 shares during the same period of the previous year.

Earnings per share was $.22 on a fully diluted basis for the fourth quarter of fiscal 1996, an increase of $.20 per share as compared to $.02 per share for the fourth quarter of fiscal 1995. The weighted average shares outstanding increased approximately 32.4% to 8,644,487 shares during the three months ended June 30, 1996 from 6,527,126 shares during the same period of the previous year.

Fiscal 1996:

Sales of approximately $37,848,000 for fiscal 1996 increased 204% as compared to the sales for fiscal 1995. Gross margin, as a percent of sales, decreased to 37.5% for fiscal 1996 as compared to 45.1% for the previous fiscal year. Income from operations of approximately $8,187,000 for fiscal 1996 increased 448% as compared to the income from operations for the the previous year. Income from operations for fiscal 1996 was 21.6% of sales as compared to 12.0% of sales for the prior year. Net income of approximately $4,902,000 for fiscal 1996 increased approximately 461% as compared to the net income for the same period of the previous year. Net income for fiscal 1996 was 13.0% of sales as compared to 7.0% of sales fiscal 1995.

Earnings per share of $.67 for fiscal 1996 increased 319% from $.16 per share for fiscal 1995. The weighted average shares outstanding increased approximately 33% to 7,338,906 shares during fiscal 1996 from 5,511,606 shares during the previous year.

Earnings per share of $.66, on a fully diluted basis, for fiscal 1996 increased 371% from $.14 per share for fiscal 1995. The weighted average shares outstanding increased approximately 18.2% to 7,432,502 shares during fiscal 1996 from 6,287,202 shares during the previous year.

James M. Murphy, Chief Financial Officer of CENTENNIAL TECHNOLOGIES, INC., commented: "We are pleased to report the operating results of fiscal 1996. The increases in net income and earnings per share are reflective of our significant growth in sales." -0-

                      CENTENNIAL TECHNOLOGIES, INC.
                          FINANCIAL HIGHLIGHTS
       For the three and twelve months ended June 30, 1996 and 1995

                   Three Months Ended            Twelve Months Ended
                        June 30,                      June 30,
                  1996            1995         1996             1995

Sales        $ 12,427,232    $ 4,133,387    $ 37,847,681   $ 12,445,015
Gross Margin    4,677,767      1,786,200      14,211,382      5,612,088
Income from
 Operations     3,048,220        299,684       8,187,204      1,493,682
Net Income      1,868,222        157,811       4,902,136        873,716
               ==========      =========      ==========     ==========

Earnings per Share
    Primary          $.22           $.02           $.67            $.16
                     ====           ====           ====            ====
    Fully Diluted    $.22           $.02           $.66            $.14
                     ====           ====           ====            ====

Weighted Average Shares
  Outstanding
    Primary       8,597,935      6,347,597      7,338,906       5,511,606
    Fully Diluted 8,644,487      6,527,126      7,432,502       6,287,202

-0-

CENTENNIAL TECHNOLOGIES, INC. designs, manufactures and sells an extensive line of PCMCIA cards used in industrial applications, as well as provides contract manufacturing services from its facilities in Massachusetts and Thailand.

CONTACT: JAMES M. MURPHY, [phone]

or

LINDA DECKER, [phone]