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HUMPHREY REPORTS INCREASED EARNINGS

 HUMPHREY REPORTS INCREASED EARNINGS
 SAN DIEGO, March 6 /PRNewswire/ -- Humphrey Inc. (NASDAQ: HUPH)


today reported increased net earnings on record revenues for the year 1991. Earnings were $394,705 on total revenues of $21,898,492. This compares to the year 1990 when earnings were $171,510 on total revenues of $17,779,534.
 Per share earnings of 39 cents in 1991 compares to 17 cents in 1990 based on 1,000,000 shares outstanding for both years.
 P.E. Humphrey, president and chairman of the board, sums up the year's activities, saying "In comparison to 1990, the 1991 performance shows a 130 percent profit improvement on a 23.2 percent increase in sales. This would have been even better had the third and fourth quarters not been adversely affected by technical difficulties on two major programs."
 Continuing, he ventures, "The first and second quarters of 1992 will show better shipments, as most of the technical difficulties have been resolved. We have negotiated better pricing for continuing production, and we are working on cost reduction, improved quality and delivery. Our main effort this year will be to improve the profit margins on the larger production contracts.
 "Despite the defense cutbacks and overall recession," he says, "we are in a reasonably good position of business stabilization due to long- term gyro contracts for missile programs that have been funded and are continuing. The U.S. still needs a defense system to maintain the peace and so do other countries. We are on two major foreign missile programs, and emerging foreign requirements for certain U.S. missiles will add further potential."
 Backlog as of this date is approximately $20.3 million; this compares with $30.5 million last year at this time.
 Humphrey Inc. is a leading supplier of gyroscopes and electromechanical devices to the aerospace and defense industries with sales and representation worldwide.
 -0- 3/9/92
 /CONTACT: D.J. Streed of Humphrey Inc., 619-565-6631/
 (HUPH) CO: Humphrey Inc. ST: California IN: ARO SU: ERN


EH-KJ -- SD003 -- 6254 03/09/92 09:31 EST
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Publication:PR Newswire
Date:Mar 9, 1992
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