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OPTICAL RADIATION REPORTS RESULTS

 OPTICAL RADIATION REPORTS RESULTS
 AZUSA, Calif., May 27 /PRNewswire/ -- Optical Radiation


Corporation (NASDAQ: ORCO) today reported net income of $1,859,000, equal to $.28 per share, for the third fiscal quarter ended April 30, 1992. The company had net income of $2,903,000, or $.44 per share, for the same period a year ago.
 Sales for the third quarter advanced to $41,270,000, from $37,392,000 for the corresponding prior year period.
 For the nine-months ended April 30, 1992, net income amounted to $3,964,000, equal to $.61 per share, which included a non-recurring after-tax charge in the first quarter of $1,800,000, or $.28 per share, in connection with the downsizing of the company's Cinema Digital Sound project. Net income totaled $9,308,000, or $1.41 per share, for the comparable prior year period, which included a non- recurring after-tax gain of $1,100,000, or $.17 per share, from a litigation settlement.
 Sales for the year-to-date period advanced to $119,010,000 from $105,698,000 last year.
 Richard D. Wood, president and chief executive officer, said results for the third quarter, as with the preceding second quarter, continued to be impacted by the company's Ophthalmic Surgical Product division, which again experienced pricing pressures and lower sales volume. He said the Consumer Optical Group had a strong sales gain for the quarter, due primarily to contributions from Opti-Craft, which was acquired in September 1991. Operating profits for the group, however, were below the prior year, reflecting higher cost of sales, driven in part by recent expansions.
 During the quarter, Optical Radiation announced that its board of directors had approved a plan to spin off the Consumer Optical Group to shareholders as a free-standing, publicly held company, subject to receipt of a favorable Internal Revenue Service ruling that the transaction will be a tax free distribution. Wood said the company has not yet received such notification, and pending receipt, anticipates the transaction will be consummated later than the originally planned date of July 31, 1992.
 Optical Radiation designs and manufactures a wide range of precision optical components and systems for medical, industrial and scientific applications.
 OPTICAL RADIATION CORP.
 Comparative Income Statement
 Nine Months Ended April 30, 1992
 (In thousands except for share data)
 Three Months Ended Nine Months Ended
 April 30, April 30,
 1992 1991 1992 1991
 Sales $41,270 $37,392 $119,010 $105,698
 Net income 1,859 2,903 3,964(a) 9,308(b)
 Average shares 6,583 6,602 6,545 6,602
 Earnings per
 share $0.28 $0.44 $0.61 $1.41
 (a) Includes a non-recurring charge of $1,800,000 relating to the downsizing of the company's Cinema Digital Sound project.
 (b) Includes a non-recurring credit of $1,100,000 relating to a litigation settlement.
 -0- 5/27/92
 /CONTACT: Richard D. Wood of Optical Radiation, 818-969-3344; or Roger S. Pondel of Pondel Parsons & Wilkinson 310-207-9300, for Optical Radiation/
 (ORCO) CO: Optical Radiation Corporation ST: California IN: MTC SU:


CH -- LA021 -- 4391 05/27/92 16:03 EDT
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Publication:PR Newswire
Date:May 27, 1992
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