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HEI ANNOUNCES EARNINGS

 HEI ANNOUNCES EARNINGS
 MINNEAPOLIS, Dec. 16 /PRNewswire/ -- HEI, Inc. (NASDAQ: HEII)


announced unaudited net earnings of $164,062, or $.06 per share, for the first quarter of its 1992 fiscal year, compared to a net loss of $(68,076), or $(.05) per share, for the same period last year. Revenue for the current first quarter was $2,770,337, compared to $2,207,696 for the same period in fiscal 1991.
 According to Jerald Mortenson, HEI vice president of Finance and Administration, the improved earnings resulted from corrective measures implemented over the past several months, and from increased revenues. "HEI has been able to fund this recent growth with internal cash flow, and we anticipate continuing operations at this increased revenue level through the second fiscal quarter," said Mortenson.
 HEI, Inc. is a Minnesota-based company specializing in ultra- miniature microelectronic packaging and high technology products incorporating microelectronics. The company's stock trades on the NASDAQ over-the-counter system under the symbol HEII.
 HEI, INC.
 CONDENSED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
 11/30/91 12/01/90
 Net sales $2,770,337 $2,207,696
 Cost of sales 1,904,136 1,637,539
 Gross profit 866,201 570,157
 Expenses:
 General and administrative 294,709 259,479
 Selling 222,571 177,742
 Research, development and engineering 152,257 156,897
 Interest 39,691 53,576
 Other income, net (19,089) (22,216)
 Equity in net loss of unconsolidated
 affiliate -- 7,755
 Total expenses 690,139 633,233
 Income (loss) before income taxes 176,062 (63,076)
 Income tax provision (benefit) 12,000 5,000
 Net income (loss) $164,062 $(68,076)
 Net income (loss) per common share $.06 $(.05)
 Weighted average number of common and
 common equivalent shares outstanding:
 Primary 2,915,699 1,480,134
 Fully diluted 2,915,699 1,480,134
 HEI, INC.
 BALANCE SHEETS
 11/30/91 8/31/91
 (Unaudited)
 Assets
 Current assets:
 Cash $152,613 $168,594
 Accounts receivable 1,454,033 1,507,019
 Inventories 1,318,901 1,196,865
 Prepaid expenses 125,396 83,988
 Total current assets $3,050,943 $2,956,466
 Investment in affiliate -- --
 Property and equipment:
 Land 184,163 184,163
 Building and improvements 1,031,054 1,028,166
 Fixtures and equipment 3,881,110 3,812,199
 Property under capital leases 96,860 96,860
 Accumulated depreciation and
 amortization (3,772,667) (3,702,991)
 Net property and equipment $1,420,520 1,418,397
 Other assets 17,074 19,123
 Total assets 4,488,537 4,393,986
 Liabilities and Shareholders' Equity
 Current liabilities:
 Current maturities of long-term debt $602,666 $693,649
 Current obligations under capital leases 5,436 12,998
 Note payable to bank 803,762 953,762
 Accounts payable 761,894 661,337
 Accrued liabilities 516,953 438,476
 Total current liabilities 2,690,711 2,760,222
 Long term debt, less current maturities -- --
 Shareholders' equity:
 Undesignated shares; 5 million shares
 authorized, none issued
 Common stock, $.05 par; 10 million shares
 authorized, 2,915,699 shares issued and
 outstanding 145,785 145,785
 Paid-in capital 4,645,005 4,645,005
 Accumulated deficit (2,992,964) (3,157,026)
 Total shareholders' equity 1,797,826 1,633,764
 Total liabilities and shareholders'
 equity $4,488,537 $4,393,986
 -0- 12/16/91
 /CONTACT: Jerald H. Mortenson, chief financial officer of HEI, 612-443-2500/
 (HEII) CO: HEI, Inc. ST: Minnesota IN: SU: ERN


AL -- MN017 -- 2660 12/16/91 16:36 EST
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Date:Dec 16, 1991
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