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Hi-Shear Announces Higher Net Income for Third Quarter.

TORRANCE, Calif. -- Hi-Shear Technology Corporation (NYSE Amex:HSR), today announced that net income for its third quarter ended February 28, 2009 increased 18% to $910,000 or $0.13 per share, as compared to $769,000, or $0.11 per share, for the same period last year. The growth in net income reflects efficiencies in manufacturing processes that resulted in product margin growth. Revenues recognized during the quarter were $5,587,000 compared to the $6,299,000 for the same quarter last year. Delays by several customers in releasing their production requirements to the Company resulted in the reduced revenues during the quarter compared to the third quarter last year. The Company attributes these delays to the current national banking crisis and expects these delays to be temporary as Hi-Shear's product is necessary for the successful completion of scheduled satellite launches.

Net income for the nine months ended February 28, 2009 grew 21% to $3,916,000 or $0.57 per share as compared to $3,225,000, or $0.47 per share, for the same period last year. The growth in net income was the result of gross margin improvement and lower general and administrative expense during the nine month period. Revenues of $18,699,000 increased slightly from the revenues of $18,526,000 recognized for the same nine month period last year as efforts were expended on a wide range of customer backlog.

Hi-Shear Technology provides pyrotechnic, mechanical, and electronic products to the aerospace and defense market in applications where safety, performance and high reliability are essential. It develops and produces advanced systems and products that are primarily used worldwide in space satellites, launch vehicles, national defense, and government programs.

This release, as it relates to product announcements and other Company matters, contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks related to market acceptance of and demand for the Company's products, dependence on the uncertainty of government budgetary issues, primary government contracts, and intellectual property rights.

The Company's Form 10-Q was filed with the Securities and Exchange Commission on or about April 14, 2009. The 10-Q will be available through Edgar or can be downloaded through Hi-Shear's website at, or contact Linda A. Nespole at (310) 784-7821.
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Publication:Business Wire
Article Type:Financial report
Date:Apr 14, 2009
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