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BOWMAR INSTRUMENT CORP. ANNOUNCES FIRST QUARTER RESULTS FOR THE PERIOD ENDED DEC. 31, 1992

 PHOENIX, Feb. 5 /PRNewswire/ -- Bowmar Instrument Corp. (AMEX: BOM) today reported operating results for the first quarter ended Dec. 31, 1992. Sales were $6,287,000, compared to $6,517,000 in the first quarter of last year, and net profit was $270,000, or $.03 per share, compared to a profit last year of $230,000, or $.04 per share.
 Gardiner S. Dutton, president, stated that: "As noted in our recently issued annual report, the defense industry has been our major market, and the outlook for this business is not overly bullish in the near term. It is too early to assess what impact President Clinton's policies might have on our activities, but we do not expect any changes in the current environment. In the meantime, we continue to look for opportunities to acquire or develop additional products not related to defense spending."
 Bowmar's Aerospace Division recently announced it had received a development contract from Panoramic Corp., the nation's leading maker of specialized dental X-ray machines, to produce three prototype high-definition, low-intensity, real-time dental intra-oral imaging systems ("HDLX"). Working with Panoramic as a strategic partner, Bowmar is entering a new activity which could lead to significant volume in the HDLX product as well as several other dental products under active consideration by the two companies.
 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
 (In thousands of dollars)
 Dec. 31, Sept. 30,
 1992 1992
 (Unaudited)
 Assets
 Current Assets
 Cash $233 $717
 Accounts receivable, net 2,776 3,401
 Inventories 2,821 2,768
 Prepaid expenses 373 381
 Total current assets 6,203 7,267
 Property, plant and equipment, net 1,520 1,559
 Other assets 888 868
 Assets held for sale 1,677 1,674
 Total Assets $10,288 $11,368
 Liabilities and Shareholders' Equity
 Current Liabilities
 Notes payable --- ---
 Current portion of long-term debt 1,889 491
 Accounts payable 848 916
 Accrued expenses 1,669 2,363
 Total current liabilities 4,406 3,770
 Long-term debt 4,079 5,891
 Total liabilities 8,485 9,661
 Shareholders' equity 1,803 1,707
 Total liabilities and shareholders'
 equity $10,288 $11,368
 BOWMAR INSTRUMENT CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 Three months ended
 Dec. 31,
 1992 1991
 Net sales $6,287,000 $6,517,000
 Cost of sales 4,509,000 4,489,000
 Gross margin 1,778,000 2,028,000
 Expenses:
 Selling, general and
 administrative 1,270,000 1,291,000
 Product development 136,000 143,000
 Interest expense, net 205,000 364,000
 Other (income) expense, net (140,000) (30,000)
 Total expenses 1,471,000 1,768,000
 Profit before income taxes 307,000 260,000
 Provision for income taxes 37,000 30,000
 Net profit $270,000 $230,000
 Profit per common share $0.03 $0.04
 Primary common shares
 outstanding 6,272,592 6,273,599
 -0- 2/5/93
 /CONTACT: Thomas K. Lanin of Bowmar Instrument Corp., 602-957-0271/
 (BOM)


CO: Bowmar Instrument Corp. ST: Arizona IN: CPR SU: ERN

JB-LS -- LA004 -- 3393 02/05/93 09:03 EST
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