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ZYGO REPORTS FOURTH-QUARTER AND FISCAL 1992 RESULTS

 ZYGO REPORTS FOURTH-QUARTER AND FISCAL 1992 RESULTS
 MIDDLEFIELD, Conn., Aug. 17 /PRNewswire/ -- Zygo Corporation (NASDAQ: ZIGO) today reported sales and net earnings for the year ended June 30, 1992. Sales were $26,744,000 (which does not include any IMAGE sales in the fourth quarter) compared to sales of $30,425,000 for the year ended June 30, 1991. The company had net earnings of $632,000, or $.24 per share, vs. net earnings of $1,261,000, or $.50 per share for the year ended June 30, 1991.
 Sales for the quarter ended June 30, 1992, were $5,628,000 (excluding IMAGE) compared to sales of $8,781,000 for the comparable prior year period. Company Chief Executive Officer Paul F. Forman reported that, for the three months ended June 30, 1992, net earnings (including a pretax gain on restructuring of $1,006,000) were $583,000, or $.22 per share, vs. net earnings of $545,000, or $.21 per share, a year earlier.
 Without the gain on restructuring in the fourth quarter, the company had an operating loss of $179,000 for the quarter. The fourth quarter results of operations were adversely affected by costs associated with the preparation for the introduction of a new product, costs related to the implementation of our realigned organization structure, and reduced sales levels.
 Backlog at June 30, 1992, was $6,127,000 compared to $7,551,000 at June 30, 1991. Our market demand continues to be sluggish due to the continued deterioration of the Japanese economy and the economic uncertainties in our other major markets. We are exerting aggressive selling efforts and continuing to maintain strict cost controls while at the same time investing in product development and marketing in order to maximize our share of the market.
 In a previous press release dated June 26, 1992, the company announced the sale of the IMAGE Product Line to LaserMike, a subsidiary of Fairey Group plc, a publicly traded company based in the United Kingdom. Zygo received approximately $1.8 million in connection with that sale.
 During the period ended March 31, 1992, Zygo took a restructuring charge of $614,000 which included the cost of inventory and capital equipment no longer required for continuing operations, termination expenses associated with a reduction in work force, and miscellaneous other charges, reduced by the anticipated proceeds from the sale of the IMAGE Product Line and interim sales of IMAGE products and service. As a result of the sale of the IMAGE product line and the interim sale of IMAGE products and service through the closing date, the company's results of operations for the quarter ended June 30, 1992, includes a gain on restructuring of $1,006,000 (pretax), which when netted with the previously announced restructuring charge, results in a gain from restructuring for the year ended June 30, 1992, of $392,000 (pretax).
 Zygo Corporation designs, develops, manufactures, and markets high- performance, laser-based, noncontact electro-optical measuring instruments and accessories and manufactures precision optical components. The firm is based in Middlefield, Conn.
 ZYGO CORPORATION
 (Thousands, except per share amounts)
 Three Months Year Ended
 Periods Ended June 30 1992 1991 1992 1991
 Net sales $ 5,628 $ 8,781 $26,744 $30,425
 Net earnings $ 583 $ 545 $ 632 $ 1,261
 Net earnings per share $ .22 $ .21 $ .24 $ .50
 Weighted average common
 shares and dilutive
 equivalents outstanding 2,594 2,589 2,600 2,519
 -0- 8/17/92
 /CONTACT: Paul F. Forman, chief executive officer of Zygo Corporation, 203-347-8506/
 (ZIGO) CO: Zygo Corporation ST: Connecticut IN: SU: ERN


TM -- NY079 -- 0661 08/17/92 16:35 EDT
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Date:Aug 17, 1992
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