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SURGE OF ORDERS BOOSTS EAI'S BACKLOG AND EXPECTATIONS; PREVIOUSLY ANNOUNCED SECOND QUARTER LOSS IS FINALIZED

 SURGE OF ORDERS BOOSTS EAI'S BACKLOG AND EXPECTATIONS;
 PREVIOUSLY ANNOUNCED SECOND QUARTER LOSS IS FINALIZED
 WEST LONG BRANCH, N.J., July 30 /PRNewswire/ -- A previously announced second quarter loss was reported by Electronic Associates, Inc. (NYSE: EA). A surge of sales orders in June, meanwhile, advanced the company's backlog to its highest level in more than a year.
 For the three months ended June 30, EAI reported sales of $8.125 million and a net loss of $646,000 or $.25 per share in 1992, versus sales of $11.586 million and net income of $100,000 or $.04 per share in 1991. EAI said in May it expected the second quarter loss because of the deferral of shipments by customers from the second quarter to later quarters and because a significant contract was not renewed.
 For the six months ended June 30, EAI had sales of $17.275 million and a net loss of $626,000 or $.24 per share in 1992 versus sales of $19.156 and a net loss of $78,000 or $.03 per share in 1991.
 Much of the now higher backlog is scheduled for delivery in this year's third and fourth quarters. "This should result in a good total year performance," said Richard G. Rogers, EAI president and chief executive.
 More than $10 million in contract manufacturing orders in June boosted EAI's total backlog at June 30, 1992 to $28.1 million. The backlog was 13 percent higher than a year earlier and 19 percent higher than at the end of 1991.
 Electronic Associates, Inc. is engaged in three related business lines, serving users and producers of electronic products and systems. In contract manufacturing, EAI provides manufacturing services for products designed and marketed by customers. In Field Service, the company offers independent maintenance of electronic equipment, with technicians across the United States and in Japan. In Product Engineering, EAI provides simulation computer products plus design and engineering services to private industry and government agencies.
 ELECTRONIC ASSOCIATES, INC.
 Condensed Consolidated Statement of Operations
 (In thousands, except per share date, Unaudited)
 Second quarter Six months
 Period ended June 30 1992 1991 1992 1991
 Sales $8,125 $11,586 $17,275 $19,156
 Cost of sales 6,796 9,319 14,074 15,211
 Selling, gen. & admin. exp. 2,264 2,193 4,083 4,107
 Total 9,060 11,512 18,157 19,318
 Income (loss) from operations
 before nonrecurring items (935) 74 (882) (162)
 Nonrecurring items -- (126) -- (126)
 Inc. (loss) from operations (935) 200 (882) (36)
 Other (inc.) expense - net 45 48 67 82
 Inc. (loss) before provision
 (benefit) for taxes (980) 152 (949) (118)
 Inc. tax provision (benefit) (334) 52 (323) (40)
 Net inc. (loss) (646) 100 (626) (78)
 Earnings (loss) per common
 share $(0.25) $0.04 $(0.24) $(0.03)
 Avg. shares outstg. 2,604 2,583 2,596 2,589
 NOTE: Results of operations for periods of less than a year are not necessarily indicative of results for the full year.
 ELECTRONIC ASSOCIATES, INC.
 Condensed Consolidated Balance Sheet
 (In thousands, Unaudited)
 June 30 Dec. 31
 1992 1991
 Assets:
 Current assets $12,261 $14,644
 Fixed assets - net 3,182 2,540
 Other assets 924 187
 Total 16,367 17,371
 Liabilities and shareholders' equity:
 Current liabilities 5,988 7,585
 Noncurrent liabilities 6,017 4,649
 Shareholders' equity 4,362 5,137
 Total 16,367 17,371
 Shares outstanding 2,646 2,588
 -0- 7/30/92
 /CONTACT: Louis J. Tedeschi, 908-229-1100, ext. 655; or Paul Finkel, 201-740-0090, both of EAI/
 (EA) CO: Electronic Associates, Inc. ST: New Jersey IN: CPR SU: ERN


SH-LR -- NY075 -- 5185 07/30/92 14:44 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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