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BOWMAR INSTRUMENT CORP. ANNOUNCES FIRST QUARTER RESULTS FOR THE PERIOD ENDED DECEMBER 31, 1991

 BOWMAR INSTRUMENT CORP. ANNOUNCES FIRST QUARTER RESULTS
 FOR THE PERIOD ENDED DECEMBER 31, 1991
 PHOENIX, Jan. 31 /PRNewswire/ -- Bowmar Instrument Corp. (AMEX: BOM) today reported operating results for the first quarter ended Dec. 31, 1991. Sales were $6,517,000, an increase of 6.0 percent over the first quarter of last year, and net profit was $230,000, or $.04 per share, compared to a loss of $7,000 last year.
 According to Gardiner S. Dutton, president, "The return to profitability in the first quarter was a result of substantially improved profit margins resulting from Bowmar's ongoing commitment to acquire profitable contracts. This is a continuation of the program started over a year ago to focus on profitability even if it results in a temporary downsizing of our business."
 The company also announced it expects to receive a multi-year contract for up to $6 million to produce hand held keypad systems to be used in the Federal Aviation Administration's modernized air traffic control system. Bowmar will be a subcontractor to Harris Corp., which recently was awarded a $1.7 billion contract by the FAA.
 Bowmar, which is headquartered in Phoenix, manufactures and sells electronic and electromechanical products with specific applications in the aerospace, electronic, and computer industries. The company's manufacturing facilities are located in Fort Wayne, Ind. and Phoenix.
 BOWMAR INSTRUMENT CORP. AND SUBSIDIARIES
 Consolidated Balance Sheets
 Dec. 31, Sept. 30,
 1991 1991
 (Unaudited)
 Assets
 Current Assets
 Cash $209,000 $87,000
 Accounts receivable, net 3,428,000 4,640,000
 Inventories 3,869,000 3,450,000
 Prepaid expenses 374,000 387,000
 Total current assets 7,880,000 8,564,000
 Property, plant and equipment, net 1,531,000 1,594,000
 Other assets 1,233,000 875,000
 Assets held for sale 1,661,000 ---
 Net assets of discontinued
 operations --- 1,321,000
 Total Assets $12,305,000 $12,354,000
 Liabilities and Shareholders' Equity (Deficit)
 Current Liabilities
 Notes payable $1,005,000 $1,588,000
 Current portion of long-term debt 1,274,000 336,000
 Accounts payable 1,811,000 2,363,000
 Accrued expenses 2,099,000 1,953,000
 Total current liabilities 6,189,000 6,240,000
 Long-term debt 8,581,000 8,814,000
 Total liabilities 14,770,000 15,054,000
 Shareholders' equity (deficit) (2,465,000) (2,700,000)
 Total liabilities and
 shareholders' equity (deficit) $12,305,000 $12,354,000
 BOWMAR INSTRUMENT CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (unaudited)
 Three months ended Dec. 31,
 1991 1990
 Net sales $6,517,000 $6,147,000
 Cost of sales 4,489,000 4,525,000
 Gross margin 2,028,000 1,622,000
 Expenses:
 Selling, general and
 administrative 1,291,000 1,246,000
 Product development 143,000 65,000
 Interest expense, net 364,000 356,000
 Other expense (income), net (30,000) (40,000)
 Total expenses 1,768,000 1,627,000
 Profit (loss) before income taxes 260,000 (5,000)
 Provision for income taxes 30,000 2,000
 Net profit (loss) $230,000 ($7,000)
 Profit (loss) per common share $0.04 $0.00
 Primary common shares outstanding 6,273,599 6,106,380
 -0- 1/31/92
 /CONTACT: Thomas K. Lanin of Bowmar Instrument Corp., 602-957-0271/
 (BOM) CO: Bowmar Instrument Corp. ST: Arizona IN: CPR SU: ERN


KJ -- LA003 -- 5470 01/31/92 08:31 EST
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Date:Jan 31, 1992
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