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HEI EARNINGS UP

 HEI EARNINGS UP
 MINNEAPOLIS, June 16 /PRNewswire/ -- HEI (NASDAQ: HEII) announced


unaudited net earnings of $677,000, or $.20 per share, for its third fiscal quarter ended May 31, 1992. For the same period last year, HEI reported earnings of $12,271, or $.01 per share. Revenues for the current quarter were approximately $4,025,000, compared to $2,252,000 for the third quarter of the previous fiscal year.
 Net earnings reported for the first nine months of the current fiscal year were $1,114,000, or $.35 per share, on revenues of $10,198,000. This compared to a net loss of $188,000, or $.11 per share, on revenues of $6,371,000 for the first nine months of fiscal year 1991.
 The company stated that the improvement in earnings was due to general strength in orders and shipments of the company's products, including hybrid microelectronic devices for computers. According to Jerald Mortenson, HEI vice president of finance and administration, increased profitability resulted from significantly higher shipment volumes without a corresponding increase in fixed costs. "While we continue the policy of tight expense controls necessary for this business, we are selectively adding capital equipment and technical support staff to meet the demands of this higher level of activity," he said.
 HEI is a Minnesota-based company specializing in ultra-miniature microelectronics 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 Nine Months Ended
 5/30/92 6/1/91 5/30/92 6/1/91
 Net sales $4,025,297 $2,251,821 $10,198,341 $6,371,295
 Cost of sales 2,691,917 1,585,509 6,990,020 4,674,543
 Gross profit 1,333,380 666,312 3,208,321 1,696,752
 Expenses:
 General and
 administrative 300,487 251,329 890,468 739,920
 Selling 181,614 191,761 596,174 555,245
 Research, development
 and engineering 130,701 169,445 441,928 480,312
 Interest 12,037 48,147 82,330 148,575
 Other (income)
 expense, net (26,104) (11,317) (27,055) (62,417)
 Equity in net loss
 of unconsolidated
 affiliates -- 176 -- 15,275
 Total expenses 598,735 649,541 1,983,845 1,876,910
 Income (loss) before
 income taxes 734,645 16,771 1,224,476 (180,158)
 Income tax provision 58,000 4,500 110,500 8,000
 Net income (loss) $676,645 $12,271 $1,113,976 $(188,158)
 Net income (loss)
 per common share:
 Primary $.20 $.01 $.35 $(.11)
 Fully diluted $.20 $.01 $.34 $(.11)
 Weighted average number
 of common and common
 equivalent shares
 outstanding:
 Primary 3,404,958 2,028,758 3,193,138 1,638,988
 Fully diluted 3,404,958 2,028,758 3,304,729 1,638,988
 BALANCE SHEETS
 5/30/92 8/31/91
 (Unaudited)
 ASSETS
 Current assets:
 Cash $250,397 $168,594
 Accounts receivable 1,443,090 1,507,019
 Other receivable 95,000 --
 Inventories 1,110,950 1,196,865
 Prepaid expenses 31,764 83,988
 Total current assets 2,931,201 2,956,466
 Property and equipment:
 Land 184,163 184,163
 Building and improvements 1,051,028 1,028,166
 Fixtures and equipment 4,246,194 3,812,199
 Property under capital leases -- 96,860
 Accumulated depreciation and
 amortization (3,746,900) (3,702,991)
 Net property and equipment 1,734,485 1,418,397
 Other assets -- 19,123
 Total assets $4,665,686 $4,393,986
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Current maturities of long-
 term debt $166,656 $693,649
 Current obligations under
 capital leases -- 12,998
 Note payable to the bank -- 953,762
 Accounts payable 518,723 661,337
 Accrued liabilities 883,081 438,476
 Total current liabilities 1,568,460 2,760,222
 Long-term debt, less current
 maturities 264,556 --
 Shareholders' equity:
 Undesignated shares;
 5,000,000 shares authorized,
 none issued -- --
 Common stock, $.05 par;
 10,000,000 shares authorized,
 3,150,110 shares issued and
 outstanding 157,505 145,785
 Paid-in capital 4,718,215 4,645,005
 Accumulated deficit (2,043,050) (3,157,026)
 Total shareholders' equity 2,832,670 1,633,764
 Total liabilities and
 shareholders' equity $4,665,686 $4,393,986
 -0- 6/16/92
 /CONTACT: Jerald H. Mortenson of HEI, 612-443-2500/
 (HEII) CO: HEI, Inc. ST: Minnesota IN: CPR SU: ERN


KH -- MN010 -- 0627 06/16/92 11:26 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jun 16, 1992
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