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HEI EXPANDING PRODUCTION

 MINNEAPOLIS, Jan. 4 /PRNewswire/ -- HEI (NASDAQ: HEII) announced financial results for the company's first quarter ended Nov. 28, 1992.
 Net income for the quarter was $560,000, or $.15 per share, compared to a net income of $164,000, or $.06 per share, reported for the same period last year. Revenues for the first quarter were $4,169,000, compared to $2,770,000 for the first quarter last year.
 The company indicated that income tax expense for the first quarter of fiscal 1993 is based on the expected effective rate for the full year, and assumes that all remaining net operating loss carryforwards will be utilized during the current year. Income before income taxes for the first quarter was $849,000, compared to $176,000 for the same period of fiscal 1992.
 According to Jerald Mortenson, vice president of Finance and Administration, all aspects of the company's operations have contributed to continued strength in revenues and earnings. "We are fortunate that our activities with the computer market segment have been concentrated in the expanding disk drive area, rather than other parts of that industry that recently have been forced to cut back."
 The company stated that it is in the process of expanding and upgrading the thick film fabrication and assembly facilities in its Victoria, Minn. plant, and strengthening supporting resources. "The new facilities will significantly refine our capability to manufacture highest quality products efficiently and in increased quantities. We believe our prospects will be enhanced by the improvements," said Mortenson.
 HEI is a Minnesota-based company specializing in the design and manufacture of ultra-miniature thick film microelectronic devices, and high technology products incorporating those devices. The company's stock trades on the NASDAQ Small Cap Market under the symbol HEII.
 HEI, INC.
 Statements of Operations
 (Unaudited)
 Three Months Ended
 11/28/92 11/30/91
 Net sales $4,169,408 $2,770,337
 Cost of sales 2,659,654 1,904,136
 Gross profit 1,509,754 866,201
 Operating expenses:
 Selling, general and administrative 520,070 517,280
 Research, development and engineering 139,925 152,257
 Operating income 849,759 196,664
 Interest 13,495 39,691
 Other income, net (13,216) (19,089)
 Income before income tax expense 849,480 176,062
 Current income tax expense 340,200 70,425
 Benefit arising from utilization
 of net operating loss carryforwards (51,000) (58,425)
 Net income $560,280 $164,062
 Net income per common share $.15 $.06
 Weighted average number of common
 and common equivalent shares
 outstanding:
 Primary 3,705,959 2,973,632
 Fully diluted 3,718,576 2,988,902
 HEI, INC.
 Balance Sheets
 (Unaudited)
 ASSETS 11/28/92 8/31/92
 Current assets:
 Cash and cash equivalents $936,188 $645,831
 Short term investments 303,051 300,000
 Accounts receivable 2,050,359 1,644,106
 Inventories 1,290,147 1,340,534
 Prepaid expenses and other 172,489 123,391
 Total current assets 4,752,234 4,053,862
 Property and equipment:
 Land 184,163 184,163
 Building and improvements 1,120,454 1,076,699
 Fixtures and equipment 4,265,523 3,991,588
 Property under capital leases 138,330 138,330
 Accumulated depreciation
 and amortization (3,682,165) (3,594,875)
 Net property and equipment 2,026,305 1,795,905
 Total assets $6,778,539 $5,849,767
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Current maturities of
 long-term debt $166,656 $166,656
 Current obligations under
 capital leases 42,616 41,914
 Accounts payable 629,505 707,481
 Accrued liabilities 882,923 843,858
 Accrued income taxes 407,140 146,940
 Total current liabilities 2,128,840 1,906,849
 Long-term debt, less
 current maturities 181,228 222,892
 Obligations under capital leases,
 less current obligations 83,243 85,228
 Shareholders' equity:
 Undesignated shares; 5,000,000 shares
 authorized, none issued -- --
 Common stock, $.05 par; 10,000,000
 shares authorized; 3,320,310 shares
 issued and outstanding at
 Nov. 28, 1992 166,016 158,865
 Paid-in capital 4,953,422 4,770,422
 Accumulated deficit (734,210) (1,294,489)
 Total shareholders' equity 4,385,228 3,634,798
 Total liabilities and shareholders'
 equity $6,778,539 $5,849,767
 -0- 1/4/93
 /CONTACT: Jerald H. Mortenson, CFO of HEI, 612-443-2500/
 (HEII)


CO: HEI, Inc. ST: Minnesota IN: CPR SU: ERN

AL -- MN002 -- 1272 01/04/93 11:21 EST
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