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GALAGRAPH REPORTS FIRST QUARTER RESULTS

 GALAGRAPH REPORTS FIRST QUARTER RESULTS
 TEL AVIV, Israel, May 21 /PRNewswire/ -- Galagraph Limited


(NASDAQ: units - GALUF; shares - GALAF) (Bulletin Boards: warrants - GALWF) today reported results of operations for the first quarter ended March 31, 1992.
 Galagraph reported that it had recorded a net profit of $318,567 on sales of $1,831,607 for the first quarter of 1992, as compared with a net profit of $36,494 on sales of $363,382 for the same period in 1991.
 Israel Ofen, managing director and chief financial officer of Galagraph, stated, "The substantial increase in sales and net profit for the first quarter of 1992 is primarily due to the inclusion of the operations of the company's heat exchanger division, which was acquired as of Dec. 31, 1991, from TAT-Aero Equipment Industries, the principal shareholder of the company. The results for the first quarter of 1991 do not include the operations of the heat exchanger division."
 Galagraph operates principally in two industries: heat exchangers and computer systems. The heat exchanger division specializes in the manufacturing of high technology, compact heat exchangers, primarily for use in aircrafts and airborne systems. The computer systems division specializes in graphics and video systems, display simulation and testing and transportation systems.
 -0- 5/21/92
 /CONTACT: Shlomo Ostersetzer, chairman of Galagraph, in Tel Aviv, 972-3-455-563/
 (GALAF) CO: Galagraph Limited ST: IN: CPR SU: ERN


GK-TS -- NY032 -- 2745 05/21/92 10:58 EDT
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Publication:PR Newswire
Date:May 21, 1992
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