Circuit Research Labs Reports Fourth Quarter and Year End Results.

Business Editors

TEMPT, Ariz.--(BUSINESS WIRE)--April 20, 2000

Circuit Research Labs, Inc. ("OTC/BB": CRLI) today announced results for the fourth quarter and year ended December 31, 1999.

              Consolidated Condensed Statements of Income


                          Three Months Ended      Twelve Months Ended
                             December 31,               December 31,
                          1999          1998      1999           1998
                          ----          ----      ----           ----

Net Sales            $ 171,831  $  253,140  $  1,016,807   $ 1,516,613

Net Income
 (Loss)                100,863  $ (788,453)     (260,229)  $     9,011

Net Income
 per Share (Loss)
 (basic and diluted) $    .17   $    (1.92)  $      (.57)  $       .02

Weighted Shares
 Outstanding          597,682      410,652       458,470       474,394

The Company recorded net income for the fourth quarter of 1999 of $100,863, or $0.17 per share, compared to a net loss of $(788,453), or $(1.92) per share, in the same quarter in 1998. The improvement was due to the reversal of inventory reserves, which were significantly increased in the fourth quarter of 1998 in anticipation of the liquidation of the Company. The decision to liquidate the Company was reversed by the Board of Directors in July of 1999, in conjunction with Jay Brentlinger's investment in Circuit Research Labs.

The Company recorded a net loss of $(260,229), or $(0.57) per share, for the 1999 period in contrast to net income of $9,011, or $0.02 per share, in 1998. Net income for 1998 included proceeds from a life insurance policy of $1,006,379, or $1.86 per share, recorded during the first quarter of that year. The original decision to cease production and dissolve the Company had a negative impact on financial results during 1999.

"Things looked bleak at the beginning of 1999, but the year turned out to be a momentous one from a strategic perspective for Circuit Research Labs. During the last half of the year, Circuit Research has been transformed from a Company on the verge of dissolution to a dynamic player in the field of audio processing," stated Jay Brentlinger, President and CEO of Circuit Research Labs, Inc. Mr. Brentlinger noted that in 1999 the Company:

-- Resumed production and introduced the Millennium FM Digital

Audio Processor, which is currently the only digital audio

processor to use 32 bit floating point technology and delivers

a strong, high quality sound that attracts and holds a

listening audience;

-- Strengthened management with the addition of key personnel in

the areas of marketing and engineering; and

-- Implemented plans to restore growth and profitability - to

that end the Company recently announced a letter of intent to

acquire Orban, Inc., a leading manufacturer of audio

processing equipment for radio and television stations with

annual sales of $15 million. The purchase price is $10.5

million, of which $500,000 has been paid. Management

anticipates that the funding for the purchase of Orban, Inc.

will be provided by a private placement of equity of CRL and a

combination of seller financing and asset based lending. As of

April 14, 2000, there is no assurance that the Company will be

able to acquire the necessary financing. The transaction is

subject to the ratification of a definitive agreement as well

as customary closing conditions and is expected to close in

the second quarter of 2000.

Mr. Brentlinger continued, "We are particularly excited about the planned acquisition of Orban. This acquisition is highly complementary, since approximately 80% of Orban's products are digital and 80% of CRL's products are analog, enabling the combined companies to offer a full range of audio processing solutions at multiple price points. We believe we are well positioned to rebuild CRL and remain highly optimistic about the future of the Company."

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. Further, the assumptions contained in this release may depend on the integration of the operations of Orban with those of the Company. Any of these assumptions could prove inaccurate, and therefore there can be no assurance that the forward-looking information will prove to be accurate.