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MICROWAVE LABORATORIES, INC. ANNOUNCES THIRD QUARTER RESULTS

 MICROWAVE LABORATORIES, INC. ANNOUNCES THIRD QUARTER RESULTS
 RALEIGH, N.C., March 2 /PRNewswire/ -- 1992 Microwave Laboratories, Inc. (NASDAQ: MWVL) announced today that the sales for the third quarter and nine months ended Jan. 31, 1992, amounted to $1,706,293 and $4,225,004, respectively. This is an increase of 146 percent and 141 percent over sales of $692,350 and $1,755,670 for the comparable periods a year ago.
 Operations for the third quarter resulted in a profit of $10,774 or $0.002 per share as compared to a loss of $(748,413) or $(0.20) per share for the year ago period. Operations for the nine months resulted in a loss of $(112,796) or $(0.02) per share as compared to a loss of $(1,458,565) or $(0.46) per share for the year ago period.
 Per share computations for the third quarter and nine months of the current year were based on 6,209,021 and 6,025,660 shares respectively. Per share computations for the same periods a year ago were based on 3,712,951 and 3,147,478 shares. Per share computations are based on the weighted average shares outstanding for each period.
 At Jan. 31, 1992, the company had a production backlog of $9.7 million of which approximately $1.0 million related to the Band 8 tube production contract and approximately $7.3 million related to two production contracts for the Band 7 tubes.
 On July 31, 1991, the Navy awarded a contract, totalling approximately $447,000, to the Company for the repair of 30 Band 7 tubes originally manufactured by Teledyne MEC.
 On Dec. 23, 1991, Martin Marietta Energy Systems, Inc. which manages Oak Ridge National Laboratories for the Department of Energy, signed a license agreement with the Company. The license agreement provides for the Company to manufacture and sell variable frequency microwave heating ovens. The Company and Martin Marietta expect these ovens to have many applications in the medical, scientific and industrial fields. The first oven is in the final stage of completion and the company anticipates testing of the oven to begin in mid-March. The Company anticipates sales of the oven to begin in October of this year.
 An agreement has been entered into with a West Coast company to develop a high voltage power supply for the Company. The power supply will be used in conjunction with the company's high power traveling wave tubes in a device known as a Traveling Wave Tube Amplifier (TWTA). The development of the TWTA will allow the Company to enter into the industrial microwave testing, commercial communications, TV uplink and electromagnetic testing markets. Sales of the TWTA's are expected to begin in October of this year.
 The development of the TWTA and the variable frequency microwave oven are the first significant steps in the Company's effort to move its microwave productions into the commercial market.
 On Feb. 20, 1992 Loral International awarded the company an additional $2.2 million contract for continued production of traveling wave tubes used in Loral's Rapport 3 System. The Rapport 3 System is primarily sold to foreign countries. This additional contract increased the Company's existing backlog to $11.9 million.
 Microwave Laboratories, Inc. was notified on Feb. 28, 1992 by the National Association of Securities Dealers (NASD) that the Company's trading symbol changed from MWAV to MWVL.
 -0- 3/2/92
 /CONTACT: Gary Allen, Microwave Laboratories, Inc., 919-781-4260/
 (MWVL) CO: Microwave Laboratories, Inc. ST: North Carolina IN: ARO SU: ERN


JZ -- CH001 -- 3825 03/02/92 10:02 EST
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Date:Mar 2, 1992
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