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THE DIANA CORPORATION REPORTS 89.0 PERCENT INCREASE IN FIRST QUARTER FISCAL 1994 OPERATING EARNINGS; 16.4 PERCENT INCREASE IN NET SALES

 MILWAUKEE, Aug. 25 /PRNewswire/ -- Richard Y. Fisher, chairman of The Diana Corporation (NYSE: DNA), said, "OPERATING EARNINGS for the sixteen weeks ended July 24, 1993, were $860,000, or $.26 per share as compared to $455,000, or $.14 per share for the same period last year, an increase of 89.0 percent." As previously reported, in the first quarter of fiscal 1994, the litigation reserve (a NON-OPERATING ITEM) was increased by $1,500,000. The LOSS BEFORE EXTRAORDINARY ITEM for the sixteen weeks ended July 24, 1993, was $972,000, or $.30 per share as compared to earnings of $579,000, or $.18 per share for the first quarter of fiscal 1993.
 NET SALES increased by 16.4 percent to $72,819,000 in fiscal 1994 from $62,534,000 in fiscal 1993. The increase is attributable to an improvement in Atlanta Provision Company, Inc.'s ("APC") sales.
 Fisher said, "APC continues a trend of improved results which began in the fourth quarter of fiscal 1992. This is a reflection of hard work by APC's management in obtaining new customers. In addition APC has been diligent in reducing its operating expenses. C&L Communications, Inc. ("C&L") had a slow start in the beginning of fiscal 1994, however, sales have rebounded in the second quarter. The acquisition of The Hollis Group, completed in June, has contributed to the sales increases that C&L is now experiencing. In addition, C&L has been strengthening its sales force by the addition of highly qualified individuals.
 C&L distributes telecommunications equipment used in digital networks for integrated voice and data communications systems. Newbridge Networks Corporation has acknowledged C&L as being the largest of their authorized U.S. distributors.
 THE DIANA CORPORATION AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 16 Weeks Ended
 July 24, July 18,
 1993 1992
 NET SALES $ 72,819,000 $ 62,534,000
 Other income 577,000 217,000
 73,396,000 62,751,000
 Cost of sales 70,213,000 59,929,000
 Selling and administrative expenses 2,323,000 2,367,000
 OPERATING EARNINGS 860,000 455,000
 Interest expense 346,000 140,000
 NON-OPERATING ITEMS (1,500,000) 292,000
 Earnings (loss) before items (986,000) 607,000
 noted below
 Minority interest (35,000) (63,000)
 Equity in earnings of
 unconsolidated subsidiaries 49,000 35,000
 EARNINGS (LOSS) BEFORE (972,000) 579,000
 EXTRAORDINARY ITEM
 Extraordinary item --- 693,000
 Net earnings (loss) $ (972,000) $ 1,272,000
 Per common share:
 Earnings (loss) before
 extraordinary item $ (.30) $ .18
 Extraordinary item --- .21
 Net earnings (loss) $ (.30) $ .39
 Weighted average number of common
 shares outstanding 3,293,000 3,295,000
 -0- 8/25/93
 /CONTACT: Keith R. Steffel of The Diana Corporation, 414-289-9797/
 (DNA)


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

KL -- CL012 -- 5816 08/25/93 15:28 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
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