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MICROWAVE LABORATORIES, INC. ANNOUNCES SECOND QUARTER RESULTS

    MICROWAVE LABORATORIES, INC. ANNOUNCES SECOND QUARTER RESULTS
    RALEIGH, N.C., Nov. 21 /PRNewswire/ -- Microwave Laboratories, Inc. (MLI) (NASDAQ: MWAV) announced today that sales for the second quarter and six months ended Oct. 31, 1991 were $1,567,008, and $2,518,711, respectively.  This is an increase of 80 and 137 percent over sales of $868,738 and $1,063,320 for the comparable periods a year ago.
    Operations for the second quarter resulted in a profit of $18,066 or $0.003 per share as compared to a loss of $(30,844) or ($.01) per share for the year ago period.  Operations for the six months resulted in  a loss of $(123,570) or $(.02) per share as compared to a loss of $(710,152) or $(.25) per share for the year ago period.
    Per share computation for the second quarter and six months of the current year were based on 6,209,021 and 5,933,980 shares, respectively.  Per share computations for the same periods a year ago were based on 3,022,631 and 2,864,741 shares.  Per share computations are based on the weighted average shares outstanding for each period.
    At Oct. 31, 1991, the Company had a production backlog of $11.4 million of which approximately $1.4 million related to the Band 8 tube production contract and approximately $8.2 million related to two production contracts for the Band 7 tube.
    A license agreement has been proposed to the Company by Martin Marietta Energy Systems, Inc., which manages Oak Ridge National Laboratories for the Department of Energy.  This license agreement provides for the Company to manufacture and sell variable frequency microwave heating ovens.  The Company expects these ovens to have many applications in the medical, scientific and industrial fields  This would be a significant step in the Company's continuing effort to move its microwave products into the commercial market.  The Company is presently reviewing the licensing agreement.
    -0-                      11/21/91
    /CONTACT:  Gary Allen, Microwave Laboratories, Inc., 919-781-4260/
    (MWAV) CO:  Microwave Laboratories, Inc. ST:  North Carolina IN:  ARO SU:  ERN DF -- CH006 -- 6119 11/21/91 17:32 EST
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Publication:PR Newswire
Date:Nov 21, 1991
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