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BOWMAR INSTRUMENT CORP. COMPLETES EXCHANGE OFFER

BOWMAR INSTRUMENT CORP. COMPLETES EXCHANGE OFFER
    PHOENIX, Oct. 1 /PRNewswire/ -- Bowmar Instrument Corp. (AMEX: BOM) today announced that it has completed the exchange offer for its 13.5 percent convertible subordinated debentures.  The company accepted $3,240,000 face amount of convertible debentures and is issuing 129,600 shares of senior voting cumulative convertible preferred stock in exchange.  The convertible preferred stock has an annual dividend of $3.00, payable quarterly, yielding 12.0 percent on its redemption value of $25.00 per share.  This new preferred stock will be traded on the American Stock Exchange, and each share is convertible into 13.33 shares of Bowmar common stock.
    As a result of the exchange offer, Bowmar will have a positive shareholders' equity of $1.4 million pro forma as of June 30, 1992. According to Gardiner S. Dutton, president and chief executive officer, "This exchange offer is the first step in our priority to deleverage Bowmar and sets the stage for future growth through asset redeployment and product line acquisitions.  Having a positive shareholders equity will be a great comfort to our suppliers and, importantly, our customers."
    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.
    -0-             10/01/92
    CONTACT:  Thomas K. Lanin of Bowmar Instrument Corp., 602-957-0271
    (BOM) CO:  BOWMAR INSTRUMENT CORP. IN:  CPR ST:  AZ -- LA005 -- X960  10/01/92
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Publication:PR Newswire
Date:Oct 1, 1992
Words:251
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