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APA OPTICS ANNOUNCES SECOND QUARTER RESULTS

 APA OPTICS ANNOUNCES SECOND QUARTER RESULTS
 MINNEAPOLIS, Nov. 27 /PRNewswire/ -- APA Optics, Inc. (NASDAQ: APAT)


today announced the financial results for the second quarter ended Sept. 30, 1991. Operating revenues for the second quarter decreased 27 percent over the same period of the prior year. Second quarter operating results show a loss of (138,984) as compared to a loss of (17,394) from the same quarter last year. For the first six months of fiscal 1992, APA is reporting a loss of (286,538) as compared to a six month loss of (65,846) for fiscal 1991. The loss is directly related to interest expense and higher depreciation costs resulting from the equipment purchase for our new production facility.
 APA OPTICS FINANCIAL HIGHLIGHTS
 Three Months Ended Six Months Ended
 9/30/91 9/30/90 9/30/91 9/30/90
 Revenues $541,294 $739,082 $1,054,262 $1,337,702
 Operating costs
 and expenses 668,637 734,489 1,303,802 1,391,156
 Net operating income (127,343) 4,593 (249,540) (53,454)
 Interest income/
 expense net (10,548) (21,987) (35,905) (12,392)
 Income (loss) before
 income taxes (137,891) (17,394) (285,445) (65,846)
 Income tax provision
 (benefit) 1,093 -- 1,093 --
 Net income (loss) $(138,984) $(17,394) $(286,538) $(65,846)
 Earnings (loss) per
 share $(.02) $(.00) $(.04) $(.01)
 Average shares
 outstanding 6,977,372 6,471,380 6,744,895 6,451,822


Marketing: Sale of second Interferometer for Aspheric Testing
 The company has received an order for a second Interferometer for Aspheric Testing (IAT)(TM). The IAT is a unique product for testing aspheric optical elements using Computer Generated Holograms (CGH) as reference standards. The company anticipates that any IAT buyer will routinely buy CGH reference standards for testing of different kinds of aspheres. APA also supplies CGHs for other applications. Personnel:
 O. Herbert Lindquist, vice president of marketing for APA Optics, will be retiring effective Nov. 30, 1991. Lindquist joined the company in October 1986 and has been the main force in marketing activities. APA Optics gratefully acknowledges the contributions of Lindquist. He also played a key role in the company's Small Business Innovation Research (SBIR) contract activities.
 James R. Spensley joined the company on Nov. 8, 1991, as manager of marketing, and will be taking over the activities of Lindquist. Spensley comes to the company with many years of marketing product management expertise. Additionally, James Stathis will be joining APA Optics on Dec. 9, 1991, to serve as sales manager. Stathis has a BS degree in electrical engineering and several years of experience in sales of optics and optoelectronic components.
 APA Optics is a high technology company engaged in the design and fabrication of precision quality optical systems, holographic optics and innovative optoelectronic devices.
 -0- 11/27/91
 /CONTACT: James M. Garrison of APA Optics, Inc., 612-784-4995/
 (APAT) CO: APA Optics, Inc. ST: Minnesota IN: SU: ERN


DS -- MN012 -- 7847 11/27/91 15:51 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 27, 1991
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