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COMPTEK ANNOUNCES FISCAL 1993 FINANCIAL RESULTS

 BUFFALO, N.Y., May 20 /PRNewswire/ -- Comptek Research, Inc. (AMEX: CTK) today announced financial results for its fourth quarter and full fiscal year, which ended March 31, 1993. As expected, the financial results for both the fourth quarter and year were less than the comparable periods last year.
 Annual net sales for the period ended March 31, 1993, decreased slightly to $64,084,000 from last year's $64,902,000. Net earnings were down 51 percent to $816,000 from $1,653,000 the previous year. On a per-share basis, earnings were $0.18, compared with $0.39 the year before. Fiscal 1993's earnings included a nonoperating gain of $0.11 per share from the sale of real estate.
 Start-up and research and development costs for the company's telecommunications products restricted earnings growth throughout fiscal 1993. Telecommunications R & D costs alone totalled $1,237,035 pre-tax, or approximately $0.17 per share after tax. Net interest expense increased 69 percent to $452,000 from $267,000 for fiscal 1993 compared with fiscal 1992. The increase was due in part to product-related spending on R & D, building inventory, and a higher debt level at the beginning of the fiscal year.
 For the fiscal fourth quarter, Comptek had net sales of $16,109,000, and incurred a net loss of $127,000, or $0.03 per share. In the previous year, the company recorded fourth quarter sales of $17,957,000 and net earnings of $492,000, or $0.11 per share.
 "We are developing enhanced defense products and services and new products for commercial applications," stated John Cummings, Comptek's chairman. "Research and development expenditures, including those for expanding the DataMover's capabilities to meet customer demand, increased approximately 350 percent in fiscal 1993 over a year ago."
 Cash provided by operating activities increased 637 percent for fiscal 1993 to $1,967,000, compared with $267,000 for fiscal 1992, primarily as a result of improved collection of accounts receivable. Comptek's balance sheet at March 31, 1993, continued to be strong. At fiscal year-end, the company's current ratio was 2.8 to 1 and working capital was $13.7 million. Shareholders' equity was $16.2 million, or $3.79 per share. At March 31, 1993, long-term debt decreased 31 percent to $4.3 million, compared with $6.2 million at the end of fiscal 1992, and accounted for 21 percent of total capital.
 Contract backlog at March 31, 1993, was $42 million, down from $58 million at the end of the previous year. At March 31, 1993, the backlog for DataMover units was 672.
 Cummings continued, "Comptek is optimistic about both its defense and commercial businesses. On the defense side, we received two major contract awards in April which were predicated upon our software expertise. As previously announced, Comptek Federal Systems is installing a Range Airspace Management System for $3 million over an 18- month period at Nellis Air Force Base. Moreover, the recent continuation of our contract for support of the SLQ-32 Electronic Warfare System for U. S. combatant ships strengthens the sales base for fiscal 1994 and has a five-year potential of $12 million." The company also reported substantial progress in the development of DataMover distribution channels both overseas and domestically. Through its affiliate Bison Data, relationships with major telecommunications industry participants such as MCI and NYNEX have been established.
 Comptek Research, Inc., with thirteen offices and subsidiary locations in the United States, is a domestic and international supplier of technically advanced electronics and data communication systems to government and industry.
 COMPTEK RESEARCH, INC.
 SUMMARY FINANCIAL DATA
 Three Months Ended March 31, 1993 March 31, 1992
 Net Sales $ 16,109,000 $ 17,958,000
 Operating earnings (loss) (147,000) 971,000
 Earnings (loss) before income
 taxes and equity in net earnings
 (loss) of affiliate (259,000) 835,000
 Net earnings (loss) $ (127,000) $ 492,000
 Earnings (loss) per share $(0.03) $0.11
 Weighted average number of
 common shares and common
 share equivalents outstanding 4,484,000 4,400,000
 Twelve Months Ended March 31, 1993 March 31, 1992
 Net sales $ 64,084,000 $ 64,903,000
 Operating earnings 902,000 2,959,000
 Earnings before income taxes
 and equity in net earnings
 (loss) of affiliate 1,230,000 2,692,000
 Net earnings $ 816,000 $ 1,653,000
 Earnings per share $0.18 $0.39
 Weighted average number of
 common shares and common
 share equivalents outstanding 4,480,000 4,262,000
 -0- 5/20/93
 /CONTACT: Christopher A. Head, executive vice president, Comptek Research, Inc., 716-842-2700; or Douglas A. Fox or William K. Hart, investor relations, S.M. Berger & Co., 216-464-6400, for Comptek Research, Inc./
 (CTK)


CO: Comptek Research Inc. ST: New York IN: ARO SU: ERN

AR -- CL020 -- 0928 05/20/93 16:31 EDT
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Date:May 20, 1993
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