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AEL REPORTS IMPROVED FIRST QUARTER RESULTS

 LANSDALE, Pa., June 14 /PRNewswire/ -- AEL Industries, Inc. (NASDAQ-NMS: AELNA) today reported net income of $438,000 or $.12 per share on revenues of $30,731,000 for the first quarter ended May 28, 1993, compared to $2,566,000 or $.65 per share on revenues of $27,444,000 in the first quarter of the prior year.
 Net income in the first quarter of last year included the cumulative effect of a change in accounting for income taxes of $2,540,000 or $.64 per share, resulting from the adoption of the Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes.
 George King, chief financial officer, said, "When you exclude the special tax adjustment from the comparative data of last year, you will note that operating income in the first quarter of this year has improved as a result of increased operating efficiencies from restructuring and downsizing undertaken by the company over the past year or so." King also said revenues in the first quarter improved by 12 percent over last year.
 The company's backlog at the end of the first quarter was $163 million, up substantially from the $138 million reported a year ago. "We received additional awards totalling $37 million in the first quarter," King added, "although a degree of uncertainty still remains in Washington regarding defense appropriations and future military priorities." Included in the first quarter awards was a contract totalling $14.2 million from a foreign customer.
 AEL is a major supplier of electronic defense systems and subsystems. The company designs and manufactures sophisticated countermeasures, simulation and radar warning systems; engages in the installation and integrates electronic and avionics equipment in military aircraft; and provides state-of-the-art antenna systems, microwave integrated components and hybrid microelectronic circuits.
 The Class A common stock of AEL Industries, Inc. is traded on the NASDAQ National Market System under the symbol AELNA.
 AEL INDUSTRIES, INC.
 (Dollars in thousands, except per-share amounts)
 Thirteen weeks ended 5/28/93 5/29/92
 Sales and service revenues $30,731 $27,444
 Income before income taxes and cumulative
 effect of change in accounting principle 798 43
 Income tax provision 360 17
 Income before cumulative effect of change
 in accounting principle 438 26
 Cumulative effect of change in
 accounting for income taxes --- 2,540
 Net income 438 2,566
 Earnings per share:
 Income before cumulative effect of change
 in accounting principle $.12 $.01
 Cumulative effect of change in accounting
 for income taxes --- .64
 Net income .12 .65
 Weighted average shares outstanding 3,764,000 3,933,000
 /delval/
 -0- 6/14/93
 /CONTACT: Jesse H. Riebman, vp and treasurer of AEL Industries, 215-822-2929/
 (AELN)


CO: AEL Industries, Inc. ST: Pennsylvania IN: ARO SU: ERN

MK-JM -- PH008 -- 1528 06/14/93 10:29 EST
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Publication:PR Newswire
Date:Jun 14, 1993
Words:459
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