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SPECIAL DEVICES INC. ANNOUNCES SECOND QUARTER 1993 EARNINGS

 NEWHALL, Calif., June 8 /PRNewswire/ -- Special Devices Inc. (NASDAQ: SDII) announces the results of operations for its second quarter ended May 2, 1993.
 Net sales for the three and six months ended May 2, 1993, were $8,471,000, and $15,115,000 as compared to $7,036,000 and $13,518,000 for the same periods in 1992. Automotive Products division sales increased $2,382,000 to $5,131,000 for the three months ended May 2, 1993, and increased $4,747,000 to $9,895,000 for the six months ended May 2, 1993. This is primarily because of higher shipment volume for the Automotive Products division during the 1993 periods as compared to the comparable 1992 periods.
 Aerospace Division sales decreased $947,000 to $3,340,000 for the three months ended May 2, 1993, and $3,150,000 to $5,220,000 for the six months ended May 2, 1993. The sales decrease for the six-month period is due primarily to the decrease in orders placed during the third and fourth fiscal quarters of 1992 which significantly impacted the first quarter of fiscal 1993 as compared to 1992. The decrease in orders received was primarily because of the uncertainty regarding the outcome of the November national elections. The decrease in sales for the second quarter ended May 2, 1993, is generally because of the effects of the uncertainty surrounding defense spending. Consequently, the company continues to expect Aerospace division sales to be lower in fiscal 1993 as compared to 1992.
 Net income for the three and six months ended May 2, 1993, was $206,000, or $0.04 per share, and $294,000, or $0.05 per share, as compared to net income of $302,000, or $0.05 per share, and $485,000, or $0.08 per share, for the comparable 1992 periods. The decrease in earnings per share is partially because of the increasing percentage of automotive products sales, which are currently at a lower gross margin than aerospace sales and a decrease in Aerospace division gross margins. Continued improvement in the Automotive Products 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 per share data)
 Three Months Ended Six Months Ended
 May 2, April 26, May 2, April 26,
 1993 1992 1993 1992
 Net Sales:
 Aerospace $3,340 4,287 5,220 8,370
 Automotive 5,131 2,749 9,895 5,148
 Total $8,471 7,036 15,115 13,518
 Gross Profit:
 Aerospace $713 1,233 1,087 2,195
 Automotive 377 96 786 68
 Total $1,090 1,329 1,873 2,263
 Operating Income:
 Aerospace $431 843 555 1,530
 Automotive (27) (338) 58 (729)
 Total $404 505 613 801
 Net income $206 302 294 485
 Net income per share $.04 .05 0.05 0.08
 Weighted average common
 shares outstanding 5,759 5,759 5,759 5,759
 -0- 6/8/93
 /CONTACT: Robert W. Benson, VP-Finance and CFO of Special Devices, 805-259-0753/
 (SDII)


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

JB-MS -- LA022 -- 6588 06/08/93 13:25 EDT
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Publication:PR Newswire
Date:Jun 8, 1993
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