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BOWMAR INSTRUMENT CORP. ANNOUNCES THIRD QUARTER RESULTS FOR PERIOD ENDED JUNE 30, 1992, AND EXCHANGE OFFER

 BOWMAR INSTRUMENT CORP. ANNOUNCES THIRD QUARTER RESULTS
 FOR PERIOD ENDED JUNE 30, 1992, AND EXCHANGE OFFER
 PHOENIX, July 31 /PRNewswire/ -- Bowmar Instrument Corp. (AMEX: BOM) today reported improved operating results for the third quarter and first nine months ended June 30, 1992.
 The company reported a net profit for the fiscal 1992 third quarter of $386,000, or $.06 per share, which compares to a net profit of $78,000, or $.01 per share, in the comparable prior-year period. Sales for the third quarter of fiscal 1992 were $7,222,000 compared to sales of $7,432,000 during the same quarter a year ago.
 For the first nine months of fiscal 1992 the company experienced a net profit of $872,000, or $.14 per share, on sales of $19,503,000. This compares to a net profit of $115,000, or $.02 per share, on sales of $20,359,000 during the comparable prior-year period.
 The company also announced that its board had approved an exchange offer for its 13.5 percent convertible subordinated debentures, due Dec. 15, 1995, which offer will commence by Friday, Aug. 7, 1992. For each $1,000 convertible debenture, the company is offering 40 shares of senior cumulative convertible preferred stock with each such share having an annual cumulative dividend of $2.44, yielding 9.76 percent on the liquidation preference and redemption value of $25. The convertible preferred stock will be non-callable for more than five years, and will be convertible into common stock at a conversion price to be determined just prior to the offer being sent to debenture holders. The company is offering to exchange up to $3.5 million principal amount of debentures and the exchange is conditioned upon at least $2.5 million principal amount being submitted to the exchange agent. The company reserves the right to accept more than $3.5 million principal amount of debentures if tendered for exchange. At the present time, there are approximately $5.4 million principal amount of debentures outstanding.
 According to Gardiner S. Dutton, president, "We are very pleased by the continuing progress in our profitability and we expect the fiscal year to end on a strong note. Moreover, we are excited about the first step the company is taking to reduce its long-term debt and add to its equity base. The offer is scheduled to be completed prior to the end of our fiscal year and we see this as the initial phase in a continuing priority to deleverage Bowmar."
 Bowmar, which is headquartered in Phoenix, manufactures and sells electronic and electromechanical products with specific applications in the aerospace, electronic, computer and communications 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)
 June 30, 1992 Sept. 30, 1991
 (Unaudited)
 Assets:
 Current assets
 Cash $34 $87
 Accounts receivable, net 4,198 4,640
 Inventories 3,222 3,450
 Prepaid expenses 397 387
 Total current assets 7,851 8,564
 Property, plant and equipment, net 1,572 1,594
 Other assets 1,194 875
 Assets held for sale 1,661 ---
 Net assets of discontinued
 operations --- 1,321
 Total assets $12,278 $12,354
 Liabilities and shareholders'
 equity (deficit)
 Current liabilities
 Notes payable $1,225 $1,588
 Current portion of long-term debt 1,285 336
 Accounts payable 830 2,363
 Accrued expenses 2,206 1,953
 Total current liabilities 5,546 6,240
 Long-term debt 8,541 8,814
 Total liabilities 14,087 15,054
 Shareholders' equity (deficit) (1,809) (2,700)
 Total liabilities and
 shareholders' equity (deficit) $12,278 $12,354
 BOWMAR INSTRUMENT CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 (In thousands of dollars, except share data)
 Three months ended Nine months ended
 June 30, June 30,
 1992 1991 1992 1991
 Net sales $7,222 $7,432 $19,503 $20,359
 Cost of sales 4,893 5,320 13,187 15,052
 Gross margin 2,329 2,112 6,316 5,307
 Expenses:
 Selling, general and
 administrative 1,405 1,558 4,044 4,069
 Product development 66 56 295 162
 Interest expense, net 340 315 1,041 977
 Other (income) expense,
 net 111 97 (6) (26)
 Total expenses 1,922 2,026 5,374 5,182
 Profit before income
 taxes 407 86 942 125
 Provision for income
 taxes 21 8 70 10
 Net profit $386 $78 $872 $115
 Profit per common share $0.06 $0.01 $0.14 $0.02
 Primary common shares
 outstanding 6,265,641 6,122,956 6,290,927 6,117,370
 -0- 7/31/92
 /CONTACT: Thomas K. Lanin of Bowmar Instrument, 602-957-0271/
 (BOM) CO: Bowmar Instrument Corp. ST: Arizona IN: CPR SU: ERN


JB-KJ -- LA001 -- 5449 07/31/92 09:01 EDT
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