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BOWMAR INSTRUMENT CORP. ANNOUNCES THIRD QUARTER RESULTS FOR THE PERIOD ENDED JUNE 30, 1993

 PHOENIX, Aug. 4 /PRNewswire/ -- Bowmar Instrument Corp. (AMEX: BOM) today reported operating results for the third quarter and first nine months ended June 30, 1993.
 The company reported a net profit for the fiscal 1993 third quarter of $105,000, or $.00 per share, which compares to a net profit of $386,000, or $.06 per share, in the comparable prior-year period. Reflecting a continuing delay in orders of military components for immediate delivery, sales for the third quarter of fiscal 1993 slipped to $4,233,000, compared to sales of $7,222,000 during the same quarter a year ago. As previously noted, the company does not expect strong financial results in the short term and expects the current trough in sales and earnings to continue until at least the end of this fiscal year.
 For the first nine months of fiscal 1993 the company reported a net profit of $466,000, or $.03 per share, on sales of $14,698,000. This compares to a net profit of $872,000, or $.14 per share, on sales of $19,503,000 during the comparable prior-year period.
 The company also announced that its backlog at June 30 was $25.4 million, which includes $1.9 million for the recently settled ordnance claim. In July, a contract modification was received, and thus the claim settlement amount will be reported as a sale in the company's fourth quarter ending Sept. 30. Additional net cash of $1.6 million after a pass through claim and legal and other expenses should be received this fiscal year and will be available for continued deleveraging and for possible acquisition and product line expansion.
 According to Gardiner S. Dutton, president, "We are very pleased by the level of business in Bowmar's backlog, particularly at White Technology, and by the final settlement of the company's large ordnance claim. Nonetheless, it is imperative that we accelerate ongoing efforts to develop or acquire additional product lines unrelated to the defense industry."
 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
 (Unaudited)
 (In thousands of dollars)
 June 30, Sept. 30,
 1993 1992
 Assets
 Current Assets
 Cash $180 $717
 Accounts receivable, net 3,112 3,401
 Inventories 3,264 2,768
 Prepaid expenses 524 381
 Total current assets 7,080 7,267
 Property, plant and equipment, net 1,418 1,559
 Other assets 946 868
 Assets held for sale 1,651 1,674
 Total assets $11,095 $11,368
 Liabilities and Shareholders' Equity
 Current Liabilities
 Notes payable $1,220 $0
 Current portion of long-term debt 1,736 491
 Accounts payable 1,189 916
 Accrued salaries and benefits 643 1,023
 Accrued expenses 510 1,340
 Total current liabilities 5,298 3,770
 Long-term debt 3,986 5,891
 Total liabilities 9,284 9,661
 Shareholders' equity 1,811 1,707
 Total liabilities and shareholders'
 equity $11,095 $11,368
 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,
 1993 1992 1993 1992
 Net sales $4,233 $7,222 $14,698 $19,503
 Cost of sales 3,121 4,893 10,431 13,187
 Gross margin 1,112 2,329 4,267 6,316
 Expenses:
 Selling, general and
 administrative 936 1,405 3,441 4,044
 Product development 54 66 215 295
 Interest expense, net 222 340 612 1,041
 Other (income) expense, net (216) 111 (532) (6)
 Total expenses 996 1,922 3,736 5,374
 Profit before income taxes 116 407 531 942
 Provision for income taxes 11 21 65 70
 Net profit $105 $386 $466 $872
 Profit per common share $0.00 $0.06 $0.03 $0.14
 Weighted average number of
 common shares and
 equivalents 6,220,737 6,265,641 6,253,769 6,290,927
 -0- 8/4/93
 /CONTACT: Thomas K. Lanin of Bowmar Instrument, 602-957-0271/
 (BOM)


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

MF-LS -- LA011 -- 9239 08/04/93 09:31 EDT
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Date:Aug 4, 1993
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