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ASTRONICS CORPORATION SECOND QUARTER AND SIX MONTHS' RESULTS JULY 3, 1993

 ORCHARD PARK, N.Y., July 26 /PRNewswire/ -- Astronics Corporation (NASDAQ: ATRO) today reported results for its second quarter and six months ending July 3, 1993.


FINANCIAL RESULTS
 Sales in the fiscal 1993 second quarter were $5,286,000, compared to sales of $5,269,000 in the second quarter of the previous fiscal year. For the first six months of 1993, sales were $11,890,000, an increase of 6.7 percent over 1992 sales of $11,141,000.
 Debt restructuring undertaken by the company in the second quarter resulted in a one-time, net after-tax charge of $307,000, or $.08 per share. Overall, the second quarter resulted in a loss of $193,000, or $.05 per share. In 1992, the company experienced a loss of $798,000, or $.20 per share, largely attributable to an adverse litigation result which occasioned an after-tax expense of $846,000, or $.21 per share. Without these occurrences, the company earned $114,000 or $.03 per share in the second quarter of 1993, compared to $48,000, or $.01 per share in 1992. For the first half of 1993, earnings from operations would be $556,000, or $.14 per share compared to 1992 results of operations of $438,000, or $.11 per share.


KEANE'S COMMENTS
 Kevin T. Keane, president and chief executive officer, commented that "while 1993 second quarter sales were nominally the same as last year, earnings from operations increased significantly. This improvement in earnings reflects the results of investments in equipment, technology, and processes, and the cost cutting measures undertaken by the company. Our capital investment plan of $4,000,000 for 1993 is on schedule.
 "The refinancing of the subordinated debenture issue due Sept. 1, 1996, was completed April 30, 1993 and will result in lower interest costs in the second half of the year."


THE COMPANY
 Astronics Corporation is a diversified manufacturing company operating in two business segments: customized printing and packaging and electronics systems. The company is headquartered in Orchard Park, N.Y. with operations in Western New York and Eastern Massachusetts. Its common stock is traded on the NASDAQ National Market System under the symbol ATRO.
 CONSOLIDATED STATEMENT OF INCOME
 FOR THE THREE MONTHS ENDING JULY 3, 1993,
 WITH COMPARATIVE FIGURES FOR 1992
 (Unaudited)
 (In thousands except per share data)
 July 3, 1993 June 27, 1992
 Net sales $ 5,286 $ 5,269
 Income before taxes $ (260) $ (1,125)
 Net income (loss) $ (193) $ (798)
 Earnings (loss) per share $ (0.05) $ (0.20)
 Weighted average shares outstanding 3,990 3,935
 CONSOLIDATED STATEMENT OF INCOME
 FOR THE SIX MONTHS ENDED JULY 3, 1993,
 WITH COMPARATIVE FIGURES FOR 1992
 (Unaudited)
 (In thousands except per share data)
 July 3, 1993 June 27, 1992
 Net sales $ 11,890 $ 11,141
 Income before taxes $ 479 $ (570)
 Net income (loss) $ 249 $ (548)(A)
 Earnings (loss) per share $ 0.06 $ (0.14)(A)
 Weighted average shares outstanding 3,990 3,935
 CONSOLIDATED STATEMENT OF INCOME
 FOR THE TWELVE MONTHS ENDED JULY 3, 1993,
 WITH COMPARATIVE FIGURES FOR 1992
 (Unaudited)
 (In thousands except per share data)
 July 3, 1993 June 27, 1992
 Net sales $ 24,489 $ 23,944
 Income before taxes $ 1,736 $ 590
 Net (loss) income $ 1,113 $ 209 (A)
 Earnings per share $ 0.28 $ 0.06 (A)
 CONSOLIDATED BALANCE SHEET
 AS OF JULY 3, 1993
 WITH COMPARATIVE FIGURES FOR
 DEC. 31, 1992, AND JUNE 27, 1992
 (Unaudited)
 (In thousands)
 7/3/93 12/31/92 6/27/92
 ASSETS:
 Current assets $11,894 $12,323 $11,312
 Property, plants and equipment (net) 10,516 10,254 10,616
 Other assets 1,629 2,098 2,027
 Total $24,039 $24,675 $23,955
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Current liabilities $ 4,026 $ 2,970 $ 2,873
 Long-term indebtedness/capital leases 10,361 3,513 3,729
 Subordinated debt 0 8,755 8,874
 Deferred taxes 1,228 1,263 1,240 (A)
 Shareholders' equity 8,424 8,174 7,239 (A)
 Total $24,039 $24,675 $23,955
 (A) includes cumulative effect of a change in accounting principle of $140 ($.04 per share).
 -0- 7/26/93
 /CONTACT: John M. Yessa, vice president - finance, Astronics Corporation, 716-662-6640, ext. 22/
 (ATRO)


CO: Astronics Corporation ST: New York IN: CPR SU: ERN

KL -- CL009 -- 5588 07/26/93 10:11 EDT
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