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ELECTROMAGNETIC SCIENCES ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS

ELECTROMAGNETIC SCIENCES ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS
 ATLANTA, July 20 /PRNewswire/ -- Electromagnetic Sciences, Inc. (NASDAQ: ELMG) today reported consolidated net earnings of $855,000, or $.11 per share, for the second quarter of 1992.
 Consolidated net earnings for the second quarter of 1992 were approximately the same as earnings from continuing operations for the second quarter of the previous year, excluding the company's gain on the April 1991 LXE public offering of common stock. For the second quarter of 1991, the company reported earnings from continuing operations of $4.5 million (including a $3.6 million after-tax gain on the LXE offering) and a $2.7 million after-tax loss accrued for the disposal of the company's Gamma-f subsidiary, which resulted in consolidated net earnings of $1.8 million, or $.24 per share. Consolidated net sales for the second quarter were $18.4 million in 1992, compared with $20.0 million in 1991.
 During the second quarter of 1992, the company's microwave operations received orders for a total of over $13 million in new business, with one contract providing for customer options, exercisable over the next two years, for an additional $12 million. Most of the new orders were received at the end of the quarter and did not contribute significantly to second quarter revenues. The backlog of firm orders at June 30 for the company's microwave operations was $24 million, compared with $18 million at the beginning of the second quarter.
 Consolidated net earnings for the first six months of 1992 were $1,731,000, or $.21 per share, which were approximately the same as earnings from continuing operations for the first six months of the previous year, excluding the company's gain on the April 1991 LXE public offering of common stock. For the first six months of 1991, the company reported earnings from continuing operations of $5.2 million (including a $3.6 million after-tax gain on the LXE offering), a $2.7 million after-tax loss accrued for the disposal of the company's Gamma-f subsidiary, and a $370,000 cumulative benefit from adoption of Statement of Financial Accounting Standards No. 96, "Accounting for Income Taxes," which resulted in consolidated net earnings of $2.9 million, or $.38 per share. For the six months ended June 30, consolidated net sales were $36.3 million, compared with $36.4 million for the first six months of 1991.
 Electromagnetic Sciences, Inc. designs and produces microwave systems, antennas, subsystems and components for communications, surveillance, radar, and countermeasures applications in satellite, airborne and surface environments. Through its LXE subsidiary, the company designs and produces wireless data communications systems for real-time transaction processing in materials handling operations.
 ELECTROMAGNETIC SCIENCES, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (In thousands, except earnings per share)
 Qtr. ended 6 mos. ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Net sales $ 18,425 $ 20,012 $ 36,284 $ 36,395
 Cost of sales 10,550 13,021 20,891 23,733
 Selling, general and
 administrative exps. 4,234 4,233 8,248 7,549
 Research and dev. exps. 2,098 1,406 4,026 2,750
 Operating income 1,543 1,352 3,119 2,363
 Gain on initial public
 offering of LXE common stk. --- 5,867 --- 5,867
 Interest and other income 220 241 422 395
 Interest expense (15) (43) (36) (87)
 Earnings from cont. opers.
 before income taxes, LXE
 minority interest and
 acctg. change 1,748 7,417 3,505 8,538
 Income taxes 645 2,819 1,305 3,245
 LXE minority interest 248 138 469 138
 Earnings from continuing
 operations before
 acctg. change 855 4,460 1,731 5,155
 Loss from discontinued
 operations (net of income
 tax benefit) --- (2,667) --- (2,675)
 Earns. bef. acctg. change 855 1,793 1,731 2,480
 Cumulative effect of change
 in acctg. for inc. taxes --- --- --- 370
 Net earnings $ 855 $ 1,793 $ 1,731 $ 2,850
 Earnings per common and common equivalent share (adjusted
 for potentially dilutive effect of LXE stock options):
 From cont. operations $ .11 $ .59 $ .21 $ .69
 From discont. operations --- (.35) --- (.36)
 From cumulative effect of
 change in accounting for
 income taxes --- --- --- .05
 Net earnings per common and
 common equiv. share $ .11 $ .24 $ .21 $ .38
 Wtd. avg. common and common
 equivalent shares 7,526 7,606 7,615 7,519
 Condensed Consolidated Balance Sheet
 June 30, 1992
 (in thousands)
 Cash and investments $ 15,239 Current liabilities $ 9,831
 Receivables 22,198 Long-term debt 1,024
 Inventories 8,482 Other liabilities 5,588
 Net property, plant Minority interest in
 and equipment 27,025 LXE 6,558
 Other assets 3,526 Stockholders' equity 53,469
 Total $ 76,470 Total $ 76,470
 -0- 7/20/92
 /CONTACT: Don T. Scartz, vice president - Finance, for Electromagnetic Sciences, 404-263-9200, ext. 4273/
 (ELMG) CO: Electromagnetic Sciences, Inc. ST: Georgia IN: CPR SU: ERN


BN-BR -- AT011 -- 0730 07/20/92 12:21 EDT
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