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M-WAVE, INC. REPORTS RESULTS

 BENSENVILLE, Ill., Feb. 24 /PRNewswire/ -- M-WAVE, Inc. (NASDAQ: MWAV) today reported its earnings for the fourth quarter and year ended Dec. 31, 1992.
 Earnings:
 Revenues for the quarter ended Dec. 31, 1992, decreased 18 percent to $3,014,555 from $3,683,130 for the same period in 1991. Net income decreased 67 percent to $268,228 from $815,501. Earnings per share decreased to $.10 from $.41 for the last quarter.
 Revenues for the year ended Dec. 31, 1992, decreased 26 percent to $10,657,931 from $14,418,391 for the same period in 1991. Net income decreased 65 percent to $1,050,359 from $3,011,696. Earnings per share decreased to $.40 from $1.51 for the year ended Dec. 31, 1992.
 Net income for the fourth quarter and full year ended Dec. 31, 1991, included extraordinary credits of $66,667 or $.03 per share, and $246,208 or $.13 per share, respectively, from the income tax benefit of an operating loss carryforward.
 M-WAVE INC.
 Periods Ended Fourth quarter Year
 December 31, 1991 1992 1991 1992
 Net sales $3,683,130 3,014,555 14,418,391 10,657,931
 Gross profit 1,439,035 720,507 5,688,915 2,615,049
 Operating income 1,225,660 441,893 4,648,880 1,667,921
 Income before
 taxes and
 extraordinary
 credit 1,220,044 438,411 4,505,696 1,716,778
 Net income 815,501 268,228 3,011,696 1,050,359
 Net income per share .41 .10 1.51 .40
 Revenues were down during the fourth quarter and the year ended Dec. 31, 1992, due to slower shipments to the company's larger customers.
 M-WAVE, Inc. manufactures microwave frequency components (MFC) and high frequency circuit boards (HFCB) on Teflon based laminates (TBL). The company's MFC and HFCB are used in wireless communication systems and other devices and equipment operating in the microwave frequency spectrum of 800 Mhz and above, such as cellular telephone, direct broadcast satellite television, global positioning satellite systems, personal communication networks and military smart weapons and antenna systems.
 The company received notification from the United States Patent Office that its "Flexlink Process" will be granted a patent in March 1993. Flexlink combines High Frequency Circuit Boards (HFCB) with heat sinks; this process is critical to microwave power amplification in applications such as cellular infrastructure and other communication systems.
 The company's stock is traded on the NASDAQ national market system under the symbol "MWAV."
 -0- 2/24/93
 /CONTACT: Paul H. Schmidt of M-Wave, 708-860-9542/
 (MWAV)


CO: M-Wave, Inc. ST: Illinois IN: CPR SU: ERN

LD -- NY080 -- 0146 02/24/93 18:47 EST
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Date:Feb 24, 1993
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