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RADIATION SYSTEMS REPORTS SECOND QUARTER SALES AND EARNINGS

 RADIATION SYSTEMS REPORTS SECOND QUARTER SALES AND EARNINGS
 STERLING, Va., Jan. 28 /PRNewswire/ -- Radiation Systems, Inc. (NASDAQ-NMS: RADS), today reported that net income in its 1992 second quarter increased 30 percent over the same quarter last year. For the three months ended Dec. 31, 1991, net income was $2.6 million compared to $2.0 million for the comparable period last year. On a per share basis, net income rose 29 percent from 24 cents per share in last year's second quarter to 31 cents per share in the second quarter of the current year. Revenue during the period increased 12 percent over the same period last year, from $28.1 million to $31.5 million. For the first half of fiscal year 1992, compared to the same period of 1991, the company has reported revenues of $65.2 million vs. $52.9 million, net earnings of $5.0 million vs. $3.8 million, and earnings per share of 60 cents vs. 46 cents. That represents first half growth of 23 percent in revenues, 32 percent in net income and 30 percent in earnings per share. It should be noted that earnings per share reflect the recent three-for-two stock split. For the six months ended Dec. 31, 1991, equivalent earnings per share before the split were 90 cents compared to 69 cents per share in the same period of the prior year.
 The company attributed the second quarter increased earnings to the combination of revenue growth and an improvement in pre-tax operating margins from 11.6 percent in the 1991 second quarter to 12.7 percent in the current year second quarter. The company said the improvement came from its satellite communications sector and the radar navigation and specialty antenna markets. Lower revenues of small aperture antennas, which the company had been expecting, partially offset the gains achieved in the other sectors. "We believe this further demonstrates that Radiation Systems is not a one-market company," said Richard E. Thomas, the company's chairman and chief executive officer. "We have established a revenue mix from a variety of markets, allowing us to stay on our growth targets even when one segment is not as vigorous as another."
 Thomas said that some of the programs that had been expected to be booked in the second quarter have moved to the third quarter. Total backlog of unfilled orders on Dec. 31, 1991, was $162.0 million, compared to a backlog of $173.9 million on Sept. 30, 1991, and $181.4 million on Dec. 31, 1990. Thomas specifically cited the global satellite communications market as being "very strong." "We expect our bookings in this market will pick up as we solidify our position as a major satellite system supplier to the international marketplace," he said. "Thus far, the British companies we acquired early in fiscal year 1992 are on track and helping us make some significant strategic strides." He also said that bidding activity across all operating divisions is "as furious as I can ever remember."
 Radiation Systems, Inc., designs, manufactures and installs a broad range of antenna turnkey systems and components for radar, air traffic control, tactical military, satellite communications, terrestrial microwave and other specialized uses throughout the world.
 COMPARATIVE HIGHLIGHTS
 (Unaudited)
 (In thousands, except per share amounts and percentages)
 Three Months Ended Six Months Ended
 Dec. 31 Dec. 31
 1991 1990 Pct. 1991 1990 Pct.
 change change
 Sales $31,525 $28,057 12 $65,181 $52,875 23
 Earnings
 Before Tax 4,097 3,233 27 8,132 6,165 32
 Income Taxes (1,471) (1,214) 21 (3,095) (2,349) 32
 Net Earnings 2,626 2,019 30 5,037 3,816 32
 Earnings
 Per Share $0.31 $0.24 29 $0.60 $0.46 30
 Average and
 Equivalent
 Shares
 Outstanding
 During the
 Period 8,375 8,225 8,356 8,237
 Investment
 Income
 Net of
 Interest
 Expense
 (Pretax) 107 (13) 139 (147)
 Operating
 Margins
 (Pretax) 12.7 pct. 11.6 pct. 12.3 pct. 11.9 pct.
 Effective
 Tax Rate 35.9 pct. 37.6 pct. 38.1 pct. 38.1 pct.
 Net Earnings
 as a Percent
 of Sales 8.3 pct. 7.2 pct. 7.7 pct. 7.2 pct.
 -0- 1/28/92
 /CONTACT: Richard E. Thomas, chairman and CEO, or Mark D. Funston, vice president-finance, Radiation Systems, 703-450-5680/
 (RADS) CO: Radiation Systems, Inc. ST: Virginia IN: CPR SU: ERN


MH -- DC012 -- 4155 01/28/92 10:50 EST
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Date:Jan 28, 1992
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