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HEI REVENUES AND EARNINGS UP

 HEI REVENUES AND EARNINGS UP
 MINNEAPOLIS, Oct. 12 /PRNewswire/ -- HEI (NASDAQ: HEII) announced


financial results for the company's fourth quarter and fiscal year ended Aug. 31, 1992.
 The final quarter ended with a net income of $749,000, or $.21 per share, compared to a net income of $113,000, or $.04 per share, for the same period last year. Revenues for the quarter were $3,940,000, compared to $2,667,000 for the fourth quarter last year.
 Net income for the 1992 fiscal year was $1,863,000, or $.57 per share ($.54 per share on a fully diluted basis), compared to a net loss of $75,000 or $.04 per share for 1991. Revenues for fiscal 1992 were $14,138,000, up approximately 56 percent from $9,039,000 for the previous fiscal year. Net income benefited from utilization of net operating loss carryforwards that substantially reduced tax expense in 1992. The company's net operating loss carryforward is expected to be fully utilized during fiscal 1993, which will result in significantly increased tax expense in subsequent periods. HEI also reported a strengthened financial position at Aug. 31, 1992, with less than $400,000 in bank debt, and cash equivalent and short-term investment balances of $946,000.
 The company stated that the increased revenues were due to continuing strength in shipments of its custom hybrid microelectronic devices and light pens. According to Jerald Mortenson, vice president of finance and administration, HEI is in the process of increasing its design and manufacturing capacity through additions of technical staff and capital equipment to support the increased level of business and provide a platform for future growth.
 "The accomplishments of fiscal 1992, along with a strong backlog going into the new year, provide the impetus and means for a prudent strengthening of HEI's infrastructure, while maintaining our concentration on quality improvements and market expansion in fiscal 1993," he said.
 HEI is a Minnesota-based company specializing in the design and manufacture of ultra-miniature thick film microelectronic devices, and high technology products incorporating those devices. The company's stock trades on the NASDAQ Over-the-Counter system under the symbol HEII.
 HEI, INC. CONDENSED STATEMENTS OF OPERATIONS
 Three Months Ended Year Ended
 8/31/92 8/31/91 8/31/92 8/31/91
 Net sales $3,939,557 $2,667,205 $14,137,898 $9,038,500
 Cost of sales 2,500,645 1,852,576 9,490,665 6,527,119
 Gross profit 1,438,912 814,629 4,647,233 2,511,381
 Operating expenses:
 Selling, general and
 administrative 476,790 528,190 1,963,432 1,823,355
 Research, development
 and engineering 123,419 165,248 565,347 645,560
 Operating income 838,703 121,191 2,118,454 42,466
 Interest expense 14,501 59,220 96,831 207,795
 Other expense
 (income), net 36,641 (66,857) 9,586 (113,999)
 Income (loss) before
 income taxes 787,561 128,828 2,012,037 (51,330)
 Income taxes 315,024 16,000 804,815 24,000
 Benefit arising from
 utilization of net
 operating loss
 carryforwards (276,024) -- (655,315) --
 Net income (loss) $748,561 $112,828 $1,862,537 $(75,330)
 Net income (loss)
 per share:
 Primary $.21 $.04 $.57 $(.04)
 Fully diluted $.21 $.04 $.54 $(.04)
 Weighted average number
 of common and common
 equivalent shares
 outstanding:
 Primary 3,619,038 2,915,699 3,284,725 1,957,291
 Fully diluted 3,647,813 2,915,699 3,443,235 1,957,291
 HEI, INC. CONDENSED BALANCE SHEETS
 8/31/92 8/31/91
 Assets
 Current assets:
 Cash $645,831 $168,594
 Short-term investments 300,000 --
 Accounts receivable 1,644,106 1,507,019
 Inventories 1,340,534 1,196,865
 Prepaid expenses and other 123,391 83,988
 Total current assets 4,053,862 2,956,466
 Property and equipment:
 Land 184,163 184,163
 Buildings and improvements 1,076,699 1,028,166
 Fixtures and equipment 3,991,588 3,812,199
 Property under capital leases 138,330 96,860
 Accumulated depreciation and
 amortization (3,594,875) (3,702,991)
 Net property and equipment 1,795,905 1,418,397
 Other assets -- 19,123
 Total assets $5,849,767 $4,393,986
 Liabilities and shareholders' equity
 Current Liabilities:
 Current maturities of long-term
 debt $208,570 $706,647
 Note payable to bank -- 953,762
 Accounts payable 707,481 661,337
 Accrued liabilities 990,798 438,476
 Total current liabilities 1,906,849 2,760,222
 Long-term debt, less current
 maturities 308,120 --
 Shareholders' equity:
 Common shares 158,865 145,785
 Paid-in capital 4,770,422 4,645,005
 Accumulated deficit (1,294,489) (3,157,026)
 Total shareholders' equity 3,634,798 1,633,764
 Total liabilities and
 shareholders' equity $5,849,767 $4,393,986
 -0- 10/12/92
 /CONTACT: Jerald H. Mortenson, CFO, HEI, 612-443-2500/
 (HEII) CO: HEI, Inc. ST: Minnesota IN: CPR SU: ERN


KH -- MN008 -- 8818 10/12/92 11:22 EDT
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Date:Oct 12, 1992
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