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ELDEC ANNOUNCES SECOND-QUARTER EARNINGS

 ELDEC ANNOUNCES SECOND-QUARTER EARNINGS
 LYNNWOOD, Wash., Oct. 21 /PRNewswire/ -- ELDEC Corp. (NASDAQ: ELDC)


reported fiscal 1993 second-quarter earnings per share of 11 cents for the quarter ended Sept. 27, 1992. Earnings were down from the 17 cents per share earned for the same quarter last year, however, for the six months ended, earnings were 23 cents per share compared to a loss of 23 cents per share for the same period last year.
 Sales for the quarter were down 15 percent -- $26.3 million compared to $30.9 million last year. Net income for the second quarter was $614,000 versus $951,000 a year ago.
 For the six months, sales were $54.0 million compared to $55.4 million last year. Net income was $1.3 million. This includes $673,000 from the first quarter as the result of a change in accounting procedures. Last year there was a loss of $1.3 million for the first six months.
 The backlog of unshipped orders is $142.8 million up from last year's $125.7 million backlog. However, that portion of the backlog to be shipped in 12 months is $72.9 million compared to $84.2 million last year. According to Chief Executive Officer Max Gellert, there are a number of orders that are in final negotiation which have relatively short lead times.
 "However, we are keeping a very close watch on the short-term business level," he noted.
 According to Gellert, the second-quarter earnings are encouraging, as they were achieved despite lower sales levels, and higher research and development expenditures -- $1.7 million higher for the current quarter than for the same quarter last year. The expenditures included approximately $900,000 spent on completing development of a program for the Airbus A330/A340 airplanes. This effort is now winding down.
 Toward the end of the quarter, ELDEC drew down a $25 million note. This long-term financing, at an 8.55 percent interest rate, assures adequate funding for the high R&D and inventory costs associated with the company's programs for the Boeing 777.
 ELDEC custom designs and manufactures electronic and electromechanical systems for aerospace and defense applications. Founded in 1957, the company is a sub-contractor to a large number of major aerospace and defense electronics contractors.
 ELDEC CORP.
 FINANCIAL HIGHLIGHTS (A)
 (In thousands, except share amounts)
 Sept. 27, Sept. 29,
 Three Months Ended: 1992 1991
 Sales $26,252 $30,914
 Net income $ 614 $ 951
 Earnings per share $ 0.11 $ 0.17
 Common and common equivalent
 shares outstanding
 (weighted average) 5,616,262 5,581,239
 Sept. 27, Sept. 29,
 Six Months Ended: 1992 1991
 Sales $53,997 $55,375
 Income (loss):
 Continuing operations $ 596 ($ 1,163)
 Extraordinary expense on
 repayment of debt -- ($ 105)
 Cumulative effect of
 accounting change $ 673 --
 Net income $ 1,269 ($ 1,268)
 Earnings per share
 Continuing operations $ 0.11 ($ 0.21)
 Extraordinary expense -- ($ 0.02)
 Effect of accounting change $ 0.12 --
 Net earnings (loss) $ 0.23 ($ 0.23)
 Common and common equivalent
 shares outstanding
 (weighted average) 5,605,111 5,534,721
 (A) Full financial statements available on request.
 -0- 10/21/92
 /CONTACT: Max Gellert, chief executive officer, 206-743-8200, or Thomas K. Brown, president, 206-743-8205, both of ELDEC/
 (ELDC) CO: ELDEC Corp. ST: Washington IN: ARO SU: ERN


JH-LA -- SE002 -- 2864 10/21/92 12:01 EDT
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Date:Oct 21, 1992
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