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THE DIANA CORPORATION ANNOUNCES FOURTH QUARTER AND FISCAL YEAR-END RESULTS

 MILWAUKEE, May 28 /PRNewswire/ -- The Diana Corporation (NYSE: DNA), Milwaukee, Wis., today reported the results of fiscal 1993 and its fourth quarter.
 Net earnings for the fiscal year ended April 3, 1993 were $3,175,000, or $.96 per share as compared to a loss of 1,013,000, or $.29 per share in fiscal 1992. Operating earnings for the year ended April 3, 1993 were $1,982,000, or $.60 per share, as compared to a loss of $1,981,000, or $.58 per share in fiscal 1992. Operating earnings improved because of the inclusion of C&L Communications, Inc.'s ("C&L") operating results for the entire year and Atlanta Provision Company Inc.'s ("APC") improved operating earnings. Net sales for fiscal 1993 increased by $60,647,000 or 37.5 percent over fiscal 1992. Net sales improved because of the inclusion of C&L's net sales for the entire year and a 28.2 percent increase in APC's sales.
 Net earnings for the fourth quarter ended April 3, 1993 were $345,000, or $.10 per share as compared to $705,000, or $.21 per share for the same period in the prior year. Fiscal 1992 fourth quarter earnings included a gain of $756,000 on the sale of real estate. Net sales for the fourth quarter of fiscal 1993 increased by $13,128,000 or 29.3 percent as compared to the same period in the prior year. The increase in sales is attributable to APC.
 THE DIANA CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Fiscal Year Ended
 April 3, March 28,
 1993 1992
 Net sales $222,254,000 $161,607,000
 Other income 1,471,000 1,077,000
 Total 223,725,000 162,684,000
 Cost of sales 213,309,000 157,607,000
 Selling and administrative
 expenses 8,434,000 7,058,000
 Operating earnings (loss) 1,982,000 (1,981,000)
 Non-operating income 718,000 1,059,000
 Interest expense 738,000 341,000
 Earnings (loss) before items
 noted below 1,962,000 (1,263,000)
 Equity in earnings of
 unconsolidated subsidiaries 69,000 104,000
 Minority interest (174,000) 146,000
 Earnings (loss) before
 extraordinary items 1,857,000 (1,013,000)
 Extraordinary items 1,318,000 ---
 Net earnings (loss) $ 3,175,000 $ (1,013,000)
 Earnings (loss) per common an
 common equivalent share:
 Earnings (loss) from
 continuing operations $ .56 $ (.29)
 Extraordinary items .40 ---
 Net earnings (loss) $ .96 $ (.29)
 Weighted average number of
 common and common equivalent
 shares outstanding 3,293,000 3,442,000
 THE DIANA CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Fourth Quarter Ended
 April 3, March 28,
 1993 1992
 Net sales $ 57,984,000 $ 44,856,000
 Other income 682,000 194,000
 Total 58,666,000 45,050,000
 Cost of sales 56,178,000 42,818,000
 Selling and administrative
 expenses 2,158,000 2,070,000
 Operating earnings 330,000 162,000
 Non-operating income 333,000 756,000
 Interest expense 278,000 130,000
 Earnings before items noted
 below 385,000 788,000
 Equity in losses of
 unconsolidated subsidiaries (29,000) (2,000)
 Minority interest (11,000) (81,000)
 Net earnings $ 345,000 $ 705,000
 Net earnings per common and
 common equivalent share $ .10 $ .21
 Weighted average number of
 common and common equivalent
 shares outstanding 3,293,000 3,319,000
 -0- 5/28/93
 /CONTACT: Richard Y. Fisher of The Diana Corporation, 414-289-9797/
 (DNA)


CO: The Diana Corporation ST: Wisconsin IN: TLS SU: ERN

AR -- CL005 -- 3348 05/28/93 11:08 EDT
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Publication:PR Newswire
Date:May 28, 1993
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