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SPECIAL DEVICES INC. ANNOUNCES FIRST QUARTER 1992 EARNINGS

 SPECIAL DEVICES INC. ANNOUNCES FIRST QUARTER 1992 EARNINGS
 NEWHALL, Calif., March 11 /PRNewswire/ -- Special Devices Inc. (NASDAQ: SDII) today announced the results of operations for its first quarter ended Jan. 26, 1992.
 Net sales for the first quarter ended Jan. 26, 1992, increased to $6,482,000 from $4,487,000 for the same period in 1991, an increase of $1,995,000. Net income for the first quarter ended Jan. 26, 1992, was $183,000, or $0.03 per share, as compared to net income, after proforma income tax adjustment, of $83,000, or $0.02 per share, for the comparable 1991 quarter.
 The increase in sales for the three-month period is primarily from a $1,680,000 increase in Automotive Products Division revenues. This increase is due, in part, to a large shipment of initiators to TRW in January 1992, which had been held in inventory since October 1991. In addition, there were increased revenues from supplying initiators to more potential airbag system manufacturers than in the comparable 1991 quarter, for use in their development and testing of new airbag systems as well as for their evaluation of the initiators for use in their products. The increase in Aerospace Division revenues resulted primarily from the timing of shipments during 1992 as compared to 1991 and is not necessarily an indication of a trend or change in business activity for the division.
 Net income, after proforma income tax adjustment, for the quarter ended Jan. 26, 1992, increased 220 percent over the comparable 1991 quarter while earnings per share increased 150 percent. This is because of the increase in the number of shares outstanding resulting from the company's initial public offering completed in August 1991.
 The company is a leader in the design and manufacture of highly reliable pyrotechnic devices used by the aerospace industry, primarily in tactical missile systems, and by the automotive industry as initiators in airbag systems.
 SPECIAL DEVICES INC.
 Summary of Financial Information
 (In thousands, except for per share data)
 Three Months Ended
 Jan. 26, Jan. 27,
 1992 1991
 Net sales:
 Aerospace $4,082 3,767
 Automotive 2,400 720
 Total $6,482 4,487
 Gross profit:
 Aerospace $961 909
 Automotive (27) (154)
 Total $934 755
 Operating income:
 Aerospace $686 550
 Automotive (390) (345)
 Total $296 205
 Net income after proforma
 income tax adjustment $183 83
 Net income per share after
 proforma income tax adjustment $.03 .02
 Weighted average common shares
 outstanding 5,759 4,155
 -0- 3/11/92
 /CONTACT: Robert W. Benson, CFO of Special Devices, 805-259-0753/
 (SDII) CO: Special Devices Inc. ST: California IN: ARO SU: ERN


EH-JL -- LA014 -- 7173 03/11/92 08:30 EST
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Publication:PR Newswire
Date:Mar 11, 1992
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