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HERLEY INDUSTRIES EXPECTS FISCAL 1992 EARNINGS TO DOUBLE FOR SECOND STRAIGHT YEAR

 HERLEY INDUSTRIES EXPECTS FISCAL 1992 EARNINGS TO DOUBLE
 FOR SECOND STRAIGHT YEAR
 LANCASTER, Pa., April 21 /PRNewswire/ -- Herley Industries, Inc. (NASDAQ: HRLY), expects to report profits for its fiscal third quarter ending April 30, 1992, to be in line with analysts' projections of approximately 15 cents per share, nearly doubling the previous year's results, on a greater number of shares outstanding, Lee N. Blatt, chairman and chief executive officer, announced today. Profits for the full fiscal year ending July 31, 1992, will also about double for the second straight year, he said. For the fiscal year ended July 31, 1991, Herley reported earnings of $1.0 million, equal to 33 cents per share. Earnings were $385,000, or 14 cents per share, in fiscal 1990.
 Blatt also announced that Herley Industries has received an award for range safety transponders from the General Dynamics Space Systems Division for its Atlas and Titan/Centaur Programs, making Herley the principal source for such products in the U.S. space launch program.
 "In pursuit of the business plan we developed in 1986," Blatt said, "we have achieved the dominant position in radar transponders for U.S. space launch vehicles. Using that strong position as a springboard, we are now carrying out plans to expand into other flight instrumentation products for this growing market -- specifically, telemetry and flight termination receivers. We are now undergoing a major enlargement of our engineering staff for that purpose.
 "Our expansion into these new product areas is being facilitated by a recent agreement with Societe Anonyme de Telecommunications (SAT) of France, the supplier of flight instrumentation products of Europe's Ariane space launch vehicle. We will soon establish a joint research and development undertaking in Lancaster, Pa."
 Herley expects to receive its first contract award for flight termination receivers within 30 days, Blatt said.
 According to Blatt, a key to Herley's success in space flight instrumentation has been its internal development and manufacture of high reliability magnetrons. Magnetrons are a miniature source of short bursts of high-power microwave energy, and are used as the transmitter in range safety transponders, command and control transponders, weather radar, and radar fuze systems. "Herley magnetrons provide longer life and better frequency stability than any others now available," he said.
 Gerald I. Klein, Herley's chief operating officer, indicated that the company has increased its production rate of magnetrons to a level which will now support all of its internal requirements. Herley is also providing magnetrons for other users, he said, and is building up its production capability to provide for larger outside sales.
 Herley Industries, Inc., is a manufacturer of flight instrumentation products sold to the U.S. government and to aerospace companies. In addition, Herley designs a broad range of sophisticated flight instrumentation products for the commercial space launch vehicle industry. The company also produces flight instrumentation products for the targets used on military training ranges and command and control systems for the unmanned airborne vehicle (UAV) programs used for reconnaissance and mapping.
 -0- 4/21/92
 /CONTACT: Lee N. Blatt, chairman and chief executive officer of Herley, 717-397-2777/
 (HRLY) CO: Herley Industries, Inc. ST: Pennsylvania IN: AIR SU: ERP


GK-LR -- NY082 -- 0729 04/21/92 13:53 EDT
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Date:Apr 21, 1992
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