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BOWMAR INSTRUMENT CORP. REPORTS FINANCIAL RESULTS FOR FISCAL YEAR 1992

 PHOENIX, Dec. 1 ~PRNewswire~ -- Bowmar Instrument Corp. (AMEX: BOM) today reported financial results for fiscal year 1992. The company reported a net profit for the year ended Sept. 30, 1992, of $1,243,000, or $0.20 per share, compared with a net profit for fiscal 1991 of $286,000, or $0.05 per share. Fiscal 1992 sales were $24,596,000 compared to sales of $27,476,000 a year ago.
 The net profit for the quarter ended Sept. 30, 1992, was $371,000, or $0.06 per share, compared with a net profit of $171,000, or $0.03 per share, in 1991. Sales from continuing operations for the fourth quarter of fiscal 1992 were $5,093,000, compared to $7,117,000 in the same period in 1991.
 The company also announced that it will pay the first of its regular quarterly dividend of $0.75 per share on its recently issued 130,560 shares of $3.00 senior voting cumulative convertible preferred stock on Dec. 31, 1992, to shareholders of record on Dec. 15, 1992. The preferred stock was issued on Sept. 30, 1992, in exchange for $3,264,000 principal amount of its 13 1~2 percent convertible subordinated debentures.
 Gardiner S. Dutton, president, stated that, "Bowmar has now completed its second consecutive profitable year with earnings substantially higher than in fiscal 1991. Moreover, we have completed the first step in deleveraging the company and have commenced looking at opportunities for diversification and product line expansion."
 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, Sept. 30,
 1992 1991
 Assets
 Current Assets
 Cash $717 $87
 Accounts receivable, net 3,401 4,640
 Inventories 2,768 3,450
 Prepaid expenses 381 387
 Total current assets 7,267 8,564
 Property, plant and equipment, net 1,559 1,594
 Other assets 868 875
 Assets held for sale 1,674 ---
 Net assets of discontinued operations --- 1,321
 Total Assets $11,368 $12,354
 Liabilities and Shareholders' Equity (Deficit)
 Current Liabilities
 Notes payable $0 $1,588
 Current portion of long-term debt 491 336
 Accounts payable 916 2,363
 Accrued expenses 2,363 1,953
 Total current liabilities 3,770 6,240
 Long-term debt 5,891 8,814
 Total liabilities 9,661 15,054
 Shareholders' equity (deficit) 1,707 (2,700)
 Total liabilities and shareholders'
 equity (deficit) $11,368 $12,354
 BOWMAR INSTRUMENT CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In thousands of dollars, except share data)
 Three Months Ended Year Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 (Unaudited)
 Net sales $5,093 $7,117 $24,596 $27,476
 Cost of sales 3,238 5,207 16,425 20,259
 Gross margin 1,855 1,910 8,171 7,217
 Expenses:
 Selling, general and
 administrative 1,226 1,052 5,270 5,121
 Product development 126 142 421 304
 Interest expense, net 275 316 1,316 1,293
 Other (income) expense, net (246) 253 (252) 227
 Total expenses 1,381 1,763 6,755 6,945
 Profit before income taxes 474 147 1,416 272
 Provision (credit)
 for income taxes 103 (24) 173 (14)
 Net profit $371 $171 1,243 $286
 Profit per common share $0.06 $0.03 $0.20 $0.05
 Weighted average common
 shares and equivalents 6,263,159 6,136,956 6,261,963 6,124,655
 -0- 12~1~92
 ~CONTACT: Thomas K. Lanin of Bowmar Instrument Corp., 602-957-0271~
 (BOM)


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

KJ-LS -- LA035 -- 2674 12~01~92 19:05 EST
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Date:Nov 30, 1992
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