Circuit Research Labs Reports Fourth Quarter and Year End Results.

TEMPE, Ariz.--(BUSINESS WIRE)--April 16, 1999--

Circuit Research Labs, Inc. ("OTC/BB":CRLI) today announced results for the fourth quarter and year ended December 31, 1998. -0-

              Consolidated Condensed Statements of Income

                     Three Months Ended          Twelve Months Ended
                        December 31,                 December 31,
                     1998           1997         1998          1997
                     ----           ----         ----          ----

Net Sales         $ 253,140     $  378,834   $ 1,516,613   $1,953,521

Net Income (Loss) $(788,453)    $ (195,107)  $     9,011   $ (262,296)

Net Income per
  Share (Loss)
  (basic and
  diluted)            $(.06)         $(.32)         $.02        $(.44)

Weighted Shares
  Outstanding       474,394        597,682       474,394      597,682

According to Gary Clarkson, President and CEO of Circuit Research Labs, "We recently announced that CRL was being offered for sale. In that regard, the Company had a loss from operations of $907,000 and a gain from other income of $916,000. The gain from other income is primarily the result of proceeds received from an insurance policy payable upon the death of Ronald R. Jones (former President & Co-Founder). The decision to cease operations was reached by the Board upon determination that CRL's product line required investment for technological enhancements, which would require significant manpower and capital, neither of which, are readily available.

Mr. Clarkson added, "To date, efforts to sell the Company have been unsuccessful as no credible offers have been received to buy the Company. However, we will continue to seek an appropriate buyer. Alternatively, subject to shareholder approval, the Company will dissolve and distribute pro rata to its shareholders its remaining cash in an amount to be determined by the final cash balance, after paying all obligations."

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.

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.