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BOWMAR INSTRUMENT CORP. REPORTS SECOND QUARTER RESULTS FOR THE PERIOD ENDED MARCH 31, 1992

 BOWMAR INSTRUMENT CORP. REPORTS SECOND QUARTER RESULTS
 FOR THE PERIOD ENDED MARCH 31, 1992
 PHOENIX, May 4 /PRNewswire/ -- Bowmar Instrument Corp. (AMEX: BOM) today reported operating results for the second quarter and first six months ended March 31, 1992.
 The company reported a net profit for the fiscal 1992 second quarter of $256,000 or $.04 per share which compares to a net profit of $44,000 or $.01 per share in the comparable prior year period. Sales for the second quarter of fiscal 1992 were $5,764,000 compared to sales of $6,780,000 during the second quarter a year ago.
 For the first six months of fiscal 1992 the company experienced a net profit of $486,000 or $.08 per share on sales of $12,281,000. This compares to a net profit of $37,000 or $.01 per share on sales of $12,927,000 during the comparable prior year period.
 According to Gardiner S. Dutton, president, "Bowmar, by the very nature of its business, can experience quarter to quarter fluctuations in both sales and profits. Sales in the second quarter were impacted by a delay in meeting test requirements for over $1.5 million of product, a large part of which is still to be completed. We believe the remaining problems will be resolved in the current quarter, or at the very least in our fourth fiscal quarter. However, in spite of the lower sales volume experienced in the second quarter, net income was substantially better than that reported in the same quarter last year. This reflects our continued commitment to profitability improvement and securing new orders which will allow Bowmar a fair return on sales and on assets employed."
 The company also announced that its subsidiary, White Technology Inc., had recently entered into a strategic alliance with Dassault Electronique, a multi-billion dollar French company. Both companies will work together in producing multi-chip modules and electronic systems relying upon the extensive design capabilities of Dassault and the production and design capabilities of White Technology. White has been a supplier to Dassault over the past several years and this agreement significantly strengthens the relationship between these two companies.
 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)
 March 31, Sept. 30,
 1992 1991
 (Unaudited)
 Assets
 Current Assets
 Cash $113 $87
 Accounts receivable, net 3,687 4,640
 Inventories 3,527 3,450
 Prepaid expenses 441 387
 Total current assets 7,768 8,564
 Property, plant and equipment, net 1,686 1,594
 Other assets 1,161 875
 Assets held for sale 1,661 ---
 Net assets of discontinued
 operations --- 1,321
 Total Assets $12,276 $12,354
 Liabilities and Shareholders' Equity (Deficit)
 Current Liabilities
 Notes payable $1,537 $1,588
 Current portion of long-term debt 1,326 336
 Accounts payable 1,198 2,363
 Accrued expenses 1,792 1,953
 Total current liabilities 5,853 6,240
 Long-term debt 8,620 8,814
 Total liabilities 14,473 15,054
 Shareholders' equity (deficit) (2,197) (2,700)
 Total liabilities and
 shareholders' equity (deficit) $12,276 $12,354
 BOWMAR INSTRUMENT CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (unaudited)
 (in thousands of dollars except share data)
 Three months ended Six months ended
 March 31, March 31,
 1992 1991 1992 1991
 Net sales $5,764 $6,780 $12,281 $12,927
 Cost of sales 3,805 5,207 8,294 9,732
 Gross margin 1,959 1,573 3,987 3,195
 Expenses:
 Selling, general and
 administrative 1,348 1,265 2,639 2,511
 Product development 86 41 229 106
 Interest expense, net 337 306 701 662
 Other (income)
 expense, net (87) (83) (117) (123)
 Total expenses 1,684 1,529 3,452 3,156
 Profit before
 income taxes 275 44 535 39
 Provision for
 income taxes 19 0 49 2
 Net profit $256 $44 $486 $37
 Profit per
 common share $0.04 $0.01 $0.08 $0.01
 Primary common
 shares outstanding 6,333,500 6,122,956 6,303,400 6,114,577
 -0- 5/4/92
 /CONTACT: Thomas K. Lanin of Bowmar Instrument Corp., 602-957-0271/
 (BOM) CO: Bowmar Instrument Corp. ST: Arizona IN: CPR SU: ERN


CH-AL -- LA013 -- 5966 05/04/92 11:06 EDT
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