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ANDREW CORPORATION SETS RECORD EARNINGS FOR THIRD-QUARTER AND NINE-MONTHS

 ORLAND PARK, Ill., July 22 /PRNewswire/ -- Andrew Corporation (NASDAQ-NMS: ANDW) today reported record third-quarter and nine-month net income and earnings per share while sales for the two periods declined marginally.
 Sales for the third quarter ended June 30, 1993, were $110.5 million compared with $113.9 million for the same period last year, a decline of 3.0 percent. However, net income for the third quarter increased 10.2 percent to a record $6.5 million compared with $5.9 million the prior year. Earnings per share increased 26.7 percent to $.38 from $.30, also a record. There were 13 percent fewer shares outstanding this year primarily due to the stock repurchased in August 1992.
 Orders for the third quarter increased 15.3 percent to $119.3 million compared with $103.5 million last year. Backlog to be shipped in the next twelve months increased from the end of the previous quarter by 10.1 percent to $89.4 million from $81.2 million. Continued improvement in order turnaround time brought backlog down 9.1 percent compared to one year ago.
 For the first nine months of fiscal 1993, sales were down 3.2 percent to $311.4 million compared with $321.8 million a year ago. Net income was up 11.3 percent to $l5.8 million compared with $14.2 million last year. Earnings per share were $.93, up 29.2 percent from last year.
 Operating income for the third quarter included a gain of $2.6 million from collections made on settlement of an antenna patent infringement claim against Gabriel Electronics Inc., of Scarborough, Maine. The claim covered patent infringements by Gabriel from 1983 through 1989. Gabriel recently emerged from bankruptcy under a reorganization plan which facilitated the payment to Andrew.
 This gain was partially offset by a provision of $2.3 million to accelerate several programs to streamline operations and reduce costs in various Andrew businesses. The programs include centralizing manufacturing and support activities in Network Products, relocation and consolidation of terrestrial microwave manufacturing operations in Denton, Texas, and consolidation of radio frequency engineering, manufacturing and support activities in Garland, Texas from other U.S. locations.
 Floyd L. English, president and chief executive officer, said, "We decided to expedite planned, continuing cost reduction efforts that will improve our future profits. These cost control efforts were a major factor in helping us to maintain our earnings momentum during the third quarter and first nine months of this year.
 "Third-quarter orders rebounded sharply primarily due to continued growth in cellular and land mobile radio markets and new orders in government electronics. Although not as strong, orders also improved in terrestrial microwave and network products markets," Mr. English noted.
 "I continue to expect record earnings for the year. As world economic conditions improve, we expect to see further increases in orders which should help to continue our growth trend in fiscal 1994," Mr. English said.
 ANDREW CORPORATION
 Condensed Consolidated Financial Data
 (Unaudited - Amounts in thousands except per share data)
 Periods ended Three months Nine months
 June 30 1993 1992 1993 1992
 Sales $110,474 $113,896 $311,392 $321,804
 Income before tax 10,240 9,423 25,015 22,686
 Net Income 6,456 5,891 15,760 14,179
 Net income per share .38 .30 .93 .72
 Orders 119,297 103,514 320,070 312,634
 Twelve month backlog 89,415 98,339 89,415 98,339
 Average shares
 outstanding 17,115 19,610 17,016 19,566
 -0- 7/22/93
 /CONTACT: Charles R. Nicholas, vice president and CFO of Andrew Corporation, 708-873-2740/
 (ANDW)


CO: Andrew Corporation ST: Illinois IN: TLS SU: ERN

TS-MG -- NY080 -- 4676 07/22/93 15:06 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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