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RADIATION SYSTEMS REPORTS 26 PERCENT INCREASE IN THIRD QUARTER NET INCOME

 RADIATION SYSTEMS REPORTS 26 PERCENT INCREASE
 IN THIRD QUARTER NET INCOME
 STERLING, Va., April 27 /PRNewswire/ -- Radiation Systems, Inc. (NASDAQ-NMS: RADS), today announced that net income in the third quarter of its 1992 fiscal year grew by 26 percent compared to the same period last year. For the three months ended March 31, 1992, net income was $2.6 million on sales of $31.8 million, compared to net income of $2.1 million on sales of $26.7 million in the same period last year. On a per share basis, the company said it earned 31 cents versus 25 cents in the third quarter of last year.
 The third quarter results continue the growth pattern the company has reported throughout the year. For the first nine months of the 1992 fiscal year, the company's net income has grown by 30 percent, from $5.9 million last year to $7.6 million in the current year. Revenue for the first nine months has increased by 22 percent, from $79.6 million to $97.0 million. The company has earned 91 cents per share for the first nine months of fiscal year 1992, compared to 71 cents per share for the same period last year, a growth of 28 percent.
 Company Chairman and Chief Executive Officer Richard E. Thomas said the improvement has come as the result of both growth of revenues and improvement in profit margins. The company's pretax operating margin for the third quarter was 12.9 percent, compared to 12.2 percent in the same quarter last year, while net margin increased from 7.7 percent to 8.1 percent.
 "The growth of revenues and profit margins is the result of our efforts over the past year to provide turnkey communications systems to the worldwide market as opposed to being a communications subsystem antenna supplier," Thomas said. "At the same time, the booking of new orders is occurring in a flow that is slower than expected compared to prior periods." He said that the bookings of $25.4 million for the third quarter did not meet the company's expectations, however, no significant programs were lost but have simply been slowed due to apprehension in the economy. These delays resulted in backlog declining from $162.0 million at Dec. 31, 1991, to $155.6 million at March 31, 1992.
 Thomas said: "Although certain contracts have developed slower than expected, we believe that the backlog and order stream are sufficient to maintain Radiation Systems' growth path. Both the commercial and the government markets for our products are strong. We are engaged in new business opportunities that are larger and require lengthier, more comprehensive marketing efforts than those programs with which we have traditionally been involved."
 Radiation Systems, Inc., designs, manufactures and installs a broad range of antenna turnkey systems and components for radar, air traffic control, tactical military, satellite communications, terrestrial microwave and broadcast and other specialized uses throughout the world.
 RADIATION SYSTEMS, INC.
 Comparative Highlights
 (Unaudited)
 (In thousands, except per share amounts and percentages)
 Three Months Ended Nine Months Ended
 March 31, March 31,
 1992 1991 Pct. 1992 1991 Pct.
 change change
 Sales $31,799 $26,716 19 $96,980 $79,591 22
 Earnings
 Before Tax 4,107 3,295 25 12,239 9,460 29
 Income Taxes 1,518 1,238 23 4,613 3,587 29
 Net Earnings 2,589 2,057 26 7,626 5,873 30
 Earnings
 Per Share $0.31 $0.25 24 $0.91 $0.71 28
 Average and
 Equivalent
 Shares
 Outstanding
 During the
 Period 8,391 8,252 8,368 8,241
 Investment
 Income
 Net of
 Interest
 Expense
 (Pretax) (4) 27 135 (120)
 Operating
 Margins
 (Pretax) 12.9 pct. 12.2 pct. 12.5 pct. 12.0 pct.
 Effective
 Tax Rate 37.0 pct. 37.6 pct. 37.7 pct. 37.9 pct.
 Net Earnings
 as a Percent
 of Sales 8.1 pct. 7.7 pct. 7.9 pct. 7.4 pct.
 -0- 4/27/92
 /CONTACT: Richard E. Thomas, chairman and CEO, or Mark D. Funston, chief financial officer, Radiations Systems, 703-450-5680/
 (RADS) CO: Radiation Systems, Inc. ST: Virginia IN: CPR SU: ERN


DC-TW -- DC016 -- 3085 04/27/92 11:24 EDT
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Date:Apr 27, 1992
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