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SPECIAL DEVICES INC. ANNOUNCES FIRST QUARTER 1993 EARNINGS

 NEWHALL, Calif., March 11 /PRNewswire/ -- Special Devices Inc. (NASDAQ: SDII) announced the results of operations for its first quarter ended Jan. 31, 1993.
 Net sales for the first quarter ended Jan. 31, 1993, increased $162,000 to $6,644,000 as compared to $6,482,000 for the same period in 1992. Automotive Products Division revenues for the 1993 quarter increased $2,364,000 to $4,764,000 as compared to $2,400,000 for the 1992 quarter. This increase is because of a significant increase in initiator shipment volume to TRW Inc. during the 1993 quarter. Pursuant to the company's supply agreement with TRW Inc., the company expects TRW to continue to be a significant customer.
 Aerospace Division revenues for the 1993 quarter decreased $2,202,000 to $1,880,000 as compared to $4,082,000 for the 1992 period. This revenue decrease is primarily because of the decrease in orders placed during the third and fourth fiscal quarters of 1992 which will impact the amount of shipments during the first half of fiscal 1993 as compared to 1992. As previously disclosed, the decrease in orders placed was primarily because of the uncertainty regarding the outcome of the November national elections. However, the Areospace Division has seen some improvement after the election as firm orders received in the first three months of fiscal 1993 were $4,500,000 as compared to $3,500,000 for the 1992 period. Consequently, although the company expects the Aerospace Division revenues to be lower in fiscal 1993 as compared to 1992, the first quarter results are not necessarily indicative of the magnitude of change in the business activity for the division.
 Net income for the first quarter ended Jan. 31, 1993, was $88,000, or $0.02 per share, as compared to $183,000, or $0.03 per share, for the comparable 1992 quarter. This decrease is primarily because of the change in the mix of revenues noted above. Automotive Products Division revenues were 72 percent of the total revenues for the 1993 quarter as compared to 37 percent in the 1992 period. The Automotive Products Division gross margins improved from a loss in the 1992 period to a positive 8 percent in the 1993 quarter as a result of the increased volumes noted above. Continued improvement in the Automotive Division gross margin will be dependent upon the increased volumes expected from TRW Inc. for car model year 1994 pursuant to the company's long-term agreement with TRW Inc.
 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 Financial Information
 (In thousands, except for per share data)
 Three Months Ended
 Jan. 31, Jan. 26,
 1993 1992
 Net sales:
 Aerospace $1,880 4,082
 Automotive $4,764 2,400
 Total $6,644 6,482
 Gross profit:
 Aerospace $374 961
 Automotive $409 (27)
 Total $783 934
 Operating income:
 Aerospace $119 686
 Automotive $90 (390)
 Total $209 296
 Net income $88 183
 Net income per share $.02 .03
 Weighted average common shares
 outstanding 5,759 5,759
 -0- 3/11/93
 /CONTACT: Robert W. Benson, CFO and VP-finance of Special Devices, 805-259-0753 or 818-365-3171/
 (SDII)


CO: Special Devices Inc. ST: California IN: ARO SU: ERN

KJ-LS -- LA008 -- 5298 03/11/93 17:30 EST
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Publication:PR Newswire
Date:Mar 11, 1993
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