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BOWMAR INSTRUMENT CORP. REPORTS FINANCIAL RESULTS FOR FISCAL YEAR 1991

 BOWMAR INSTRUMENT CORP. REPORTS
 FINANCIAL RESULTS FOR FISCAL YEAR 1991
 PHOENIX, Dec. 3 /PRNewswire/ -- Bowmar Instrument Corp. (AMEX: BOM) today reported financial results for fiscal year 1991. The company reported a net profit for the year ended Sept. 30, 1991 of $286,000 or $.05 per share compared with a net loss for fiscal 1990 of $4,674,000 or $.77 per share. The net loss from continuing operations was $4,519,000 or $.74 per share in fiscal 1990. Fiscal 1991 sales were $27,476,000 compared to sales from continuing operations of $23,591,000 a year ago.
 A company spokesperson stated that the improvement in results was attributable to a 16.5 percent increase in sales combined with a substantial improvement in gross margins, from 10.8 percent in fiscal 1990 to 26.3 percent in fiscal 1991. The improvement in gross margins was the result of fundamental changes in the company's pricing practices and a shift to higher margin standard products from less profitable custom products.
 The net profit for the quarter ended Sept. 30, 1991 was $171,000 compared with a net loss of $3,660,000 in 1990. Sales from continuing operations for the fourth quarter of fiscal 1991 were $7,117,000 compared to $5,405,000 in the same period in 1990.
 Last year's fourth quarter results were unfavorably impacted by a $1,100,000 provision for excess and obsolete inventories primarily in its custom hybrid microcircuit product line, a reserve of approximately $400,000 for the write-off of a subsidiary in Weybridge, England, a reserve of approximately $300,000 for a lawsuit settlement not previously recognized due to its contingent nature and a reserve of approximately $300,000 for anticipated losses in the recovery of certain other assets.
 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)
 Sept. 30,
 1991 1990
 Assets:
 Current Assets
 Cash $87 $60
 Accounts receivable, net 4,640 3,232
 Inventories 3,450 4,291
 Prepaid expenses 387 193
 Total current assets 8,564 7,776
 Property, plant and equipment, net 1,594 1,511
 Other assets 875 925
 Net assets of discontinued operations 1,321 1,531
 Total assets $12,354 $11,743
 Liabilities and Shareholders'
 Equity (Deficit):
 Current Liabilities
 Notes payable $1,588 $685
 Current portion of long-term debt 336 1,079
 Accounts payable 2,363 2,361
 Accrued expenses 1,953 1,761
 Total current liabilities 6,240 5,886
 Long-term debt 8,814 8,868
 Total liabilities 15,054 14,754
 Shareholders' equity (deficit) (2,700) (3,011)
 Total liabilities and shareholders'
 equity (deficit) $12,354 $11,743
 BOWMAR INSTRUMENT CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In thousands of dollars, except share data)
 (Unaudited)
 Three Months Ended Year Ended
 Sept. 30, Sept. 30,
 1991 1990 1991 1990
 Net sales $7,117 $5,405 $27,476 $23,591
 Cost of sales 5,207 6,210 20,259 21,039
 Gross margin 1,910 (805) 7,217 2,552
 Expenses:
 Selling, general and
 administrative 1,052 1,208 5,121 4,610
 Product development 142 61 304 203
 Interest expense, net 316 526 1,293 1,906
 Other expense 253 303 227 363
 Total expenses 1,763 2,098 6,945 7,082
 Profit (loss) from
 continuing operations
 before income taxes 147 (2,903) 272 (4,530)
 Provision (credit) for
 income taxes (24) (16) (14) (11)
 Profit (loss) from
 continuing operations 171 (2,887) 286 (4,519)
 Discontinued operations,
 net of income taxes 0 (773) 0 (155)
 Net profit (loss) $171 ($3,660) $286 ($4,674)
 Profit (loss) per
 common share:
 Continuing operations $0.03 ($0.48) $0.05 ($0.74)
 Discontinued operations 0.00 (0.13) 0.00 (0.03)
 Net profit (loss) $0.03 ($0.61) $0.05 ($0.77)
 Weighted average number
 of common shares
 outstanding 6,136,956 6,097,956 6,124,655 6,097,956
 -0- 12/3/91
 /CONTACT: Thomas K. Lanin of Bowmar Instrument Corp., 602-957-0271/
 (BOM) CO: Bowmar Instrument Corp. ST: Arizona IN: CPR ARO SU: ERN


KJ -- SD002 -- 8791 12/03/91 13:25 EST
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Date:Dec 3, 1991
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