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HUMPHREY INC. SIGNS MERGER AGREEMENTWITH REMEC INC., 3RD QTR EARNINGS REPORTED

 SAN DIEGO, Oct. 25 /PRNewswire/ -- On Thursday, Oct. 21, 1993, Paul E. Humphrey, president and chairman of the board of Humphrey Inc. (NASDAQ: HUPH), and Ronald E. Ragland, chairman and chief executive officer of REMEC Inc., signed an Agreement providing for the previously announced merger of the two companies.
 The effective date will be determined after approval by shareholders at a special meeting of the shareholders, expected to be held in December 1993.
 Under the terms of the Agreement, Humphrey Inc. will become a wholly owned subsidiary of REMEC Inc. and will continue to operate under the name Humphrey Inc.
 Earnings Report
 Concurrent with the merger agreement announcement, Humphrey Inc. today reported third quarter and nine months 1993 results of operations.
 For the three months ended Sept. 30, 1993, there was a profit after taxes of $306,158 on net revenues of $5,476,507, or 31 cents a share. This compares to a 1992 third quarter profit of $145,744 on net revenues of $5,846,660, or 15 cents a share.
 For the nine months ended Sept. 30, 1993, there was a profit after taxes of $1,037,279 on net revenues of $18,653,691, or $1.04 a share. This compares to a profit of $57,895 on net revenues of $15,456,650, or 6 cents a share, in the comparable nine months of fiscal 1992.
 There were 1,000,000 shares outstanding at the end of both periods.
 According to P.E. Humphrey, president, "The performance is exceptional this year, and it is the result of several years of major contracts development. Considerable costs were absorbed in prior years which barely showed profits. These contracts started showing improved manufacturing costs this year, and shipments volume remained high.
 "As a result of the pending merger with REMEC, we will gain the benefit of their facilities and technology. This will help in furthering developments in new products such as a new version of the reference measuring unit and new digital output instruments."
 Humphrey Inc. is a leading supplier of gyroscopes and electromechanical devices to the aerospace, defense, petroleum, and mining industries with sales and representation worldwide. Annual revenues are approximately $24 million, and employees number approximately 290.
 REMEC Inc. is a privately held defense electronics company with annual revenues of over $30 million and over 525 employees, all located in San Diego.
 -0- 10/25/93
 /CONTACT: D.J. Streed, Humphrey Inc., 619-565-6631/


CO: Humphrey Inc.; REMEC Inc. ST: California IN: ARO SU: ERN TNM

LS-NC -- SD004 -- 6169 10/25/93 09:30 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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