Circuit Research Labs Reports 1999 Third Quarter and Nine Month Results.

TEMPE, AZ--(BUSINESS WIRE)--November 16, 1999--

Circuit Research Labs, Inc. ("OTC/BB": CRLI, the "Company") today announced unaudited results for the third quarter and nine months ended September 30, 1999.

             Circuit Research Labs, Inc. and Subsidiaries
            Consolidated Condensed Statements of Operations
                              (Unaudited)

                     Three Months Ended        Nine Months Ended
                        September 30,             September 30,
                     1999          1998        1999          1998
                     ----          ----        ----          ----

NET SALES         $ 196,000      $ 421,598   $ 844,976    $ 1,263,473

NET (LOSS) INCOME $(134,273)     $ (26,594)  $(361,091)   $   797,464
                =============   ============ ==========   =============

(LOSS) INCOME PER COMMON SHARE
       Basic          $(.33)         $(.06)      $(.88)         $1.62
       Diluted        $(.33)         $(.06)      $(.88)         $1.60

WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES OUTSTANDING
       Basic        412,221        410,182     410,869        493,515
       Diluted      412,222        410,182     410,869        497,238

The net loss for the third quarter of 1999 increased to $134,273, or $0.33 per share, from $26,594, or $0.06 per share, in the same quarter in 1998. The significantly greater net loss was due to lower net sales.

The Company recorded a net loss of $361,091, or $0.88 per share, for the 1999 nine-month period in contrast to net income of $797,464, or $1.62 per share, in the same period in the previous year. Net income for the 1998 nine-month period included proceeds from a life insurance policy of $1,006,379, or $1.86 per share, recorded during the first quarter of that year.

Charles Jayson Brentlinger, President and CEO of Circuit Research Labs, Inc. stated, "We continue to feel the negative impact from the Board of Directors decision to cease production and the shareholder vote to possibly dissolve the company, both of which were reversed in August. However, while transitional phases are seldom easy, we are very optimistic about our future."

Mr. Brentlinger continued, "Our new management team is in place, we have an aggressive marketing plan and new products under development. We have added Ed Longcrier as Sales and Marketing Manager and Bryant Jones as Account Executive, Domestic and International Sales. Duane Robinson has been added as Senior Software Engineer to the research and development staff. New products for the Year 2000 will take advantage of CRL's current analog and digital platforms. These products will include audio processors for the emerging High Definition TV market and the new IBOC digital FM/AM radio market."

Mr. Brentlinger concluded, "Although we experienced weakness in overall demand for our products, resulting in lower revenues in both the third quarter and nine month periods, the Company's balance sheet remains sound, with $1.2 million in working capital and negligible debt."

Circuit Research Labs, Inc. manufactures and markets high quality electronic audio processing, transmission encoding and noise reduction equipment for the worldwide radio, television and professional audio markets.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Management's anticipation of future events is based upon assumptions regarding levels of competition, research and development results, raw material markets, the markets in which the Company operates, and stability of the regulatory environment. Any of these assumptions could prove inaccurate, and therefore there can be no assurance that the forward-looking information will prove to be accurate.