Circuit Research Labs Reports Third Quarter, Nine Month Results.

TEMPE, Ariz.--(BUSINESS WIRE)-- November 14, 1997--Circuit Research Labs, Inc. (The Nasdaq Stock Market:CRLI) today announced unaudited results for the third quarter and nine months ended September 30, 1997. -0-

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


                       Three Months Ended      Nine Months Ended
                         September 30,            September 30,
                       1997         1996        1997       1996

Net Sales            $557,549    $631,295   $1,574,688  $1,869,587
Net Income (Loss)    $(16,783)   $ 64,984   $  (67,188) $  117,186
Net Income (Loss)
 per Common Share    $   (.03)   $    .11   $     (.11) $      .20
Weighted Average
 Number of Common
  Shares Outstanding  597,682     597,682      597,682     597,682

According to Ronald J. Jones, Chairman, President and CEO of Circuit Research Labs, "Slower domestic and international sales in 1997 and a large, single international order in 1996 contributed to the drop in revenue in this year's third quarter and nine month periods. The decrease in revenue, increase in percentage of cost of goods sold, and decrease in operating expenses resulted in a loss in 1997. However, increases in research and development as well as higher marketing expenses should drive sales growth for both new and existing products in going forward."

Mr. Jones concluded, "Our financial position remains strong with net working capital of $1,139,000 and a current ratio of 6.7 to 1."

Separately, the Company announced that it anticipates that its common shares will not meet Nasdaq's new public float and market capitalization requirements that are scheduled to go into effect on February 23, 1998; at which time management anticipates the Company's shares will be listed on the OTC Bulletin Board. -0-

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. The Company's DP-100 FM digital processor utilizes state-of-the-art digital technology to produce superior audio quality. CRL's SC-100 RDS/RBDS (Radio Data Systems/Radio Broadcast Data Systems) allows FM radio stations to transmit text messages to "smart radios" for station call letter and slogan recognition, traffic and weather reports, and display advertising, among other uses.

CONTACT: Circuit Research Labs, Inc.

Ronald R. Jones

Chairman, President & CEO

[phone]

or

INVESTOR RELATIONS COUNSEL:

The Equity Group Inc.

Marie Driscoll [phone]

Linda Latman [phone]