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HUMPHREY REPORTS EARNINGS

 SAN DIEGO, March 10 /PRNewswire/ -- Humphrey Inc. (NASDAQ: HUPH) today reported decreased net earnings on slightly decreased revenues for the year 1992. Earnings were $134,165 on total revenues of $21,858,213.00. This compares to the year 1991 when earnings were $394,705 on total revenues of $21,898,492.00.
 Per share earnings of 13 cents in 1992 compares to 39 cents in 1991 based on 1,000,000 shares outstanding for both years.
 P.E. Humphrey, president and chairman of the board, sums up the year's activities, saying, "It was a rough year, with a number of spurious events causing shipping delays and re-scheduling. Despite the difficulties we managed to almost equal the previous year's record revenues. The lower profits resulted from excess costs on three major programs. One, the RMU reference measurement unit has emerged from cost over-runs to a gross profit; the other, a complex vertical gyro system for tank stabilization, still has some qualifying to pass before a new negotiated contract is awarded for follow-on production.
 "The Paveway III gyro program is our most promising for future business. The program was delayed due to unsuccessful production testing on one model of the two gyros. The problem has now been fixed, and the customer is satisfied.
 "We are still in a reasonably good position for the near future; and longer term when the Paveway III gyros are completely qualified. This program is scheduled for five more years.
 "At the same time international markets will continue to be the target for adding balance and potential for growth."
 Backlog as of this date is approximately $26 million; this compares to $20.3 million last year at this time.
 Humphrey Inc. is a leading supplier of gyroscopes and electromechanical devices to the aerospace and defense industries with sales and representation worldwide.
 -0- 3/10/93
 /CONTACT: D.J. Streed of Humphrey, 619-565-6631/
 (HUPH)


CO: Humphrey Inc. ST: California IN: ARO SU: ERN

JB-LS -- SD001 -- 4836 03/10/93 09:30 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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