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TRANSTECHNOLOGY ANNOUNCES SECOND QUARTER EARNINGS

 TRANSTECHNOLOGY ANNOUNCES SECOND QUARTER EARNINGS
 UNION, N.J., Oct. 26 /PRNewswire/ -- TransTechnology Corporation


(NYSE: TT) announced today that earnings for its fiscal second quarter were $1,002,000 or $.20 per share as compared to a loss from continuing operations, restated as a result of divestitures made last fiscal year, for the second quarter of last year of $2,005,000 or $.39 per share and a net loss that quarter of $7,220,000 or $1.42 per share after recognizing a loss from discontinued operations of $5,215,000 or $1.03 per share. For the six months ended Sept. 27, 1992, net income was $2,417,000 or $.48 per share, while the prior year showed a six month loss of $1,036,000 or $.20 from continuing operations, restated as a result of divestitures last fiscal year, and a net loss of $6,373,000 or $1.25 per share.
 Revenues for the quarter were $24,359,000, up 6 percent from $23,037,000 in the prior fiscal year's second quarter. For the six months, revenues of $49,415,000 were up 11 percent from $44,464,000 in the first half of last year. The Aerospace Products group showed a revenue gain of 8 percent, or $983,000 over the same quarter last year, while the Industrial Products group posted a 3 percent revenue gain over the same period, or $276,000. Operating income in the aerospace group increased significantly over the prior year, primarily due to the continuing improvement in manufacturing efficiencies at the company's Breeze-Eastern and Electronics units. Industrial Products group operating income was slightly lower for the quarter, primarily the result of reduced shipments by the company's tear gas operation. Each of the company's six operating divisions was profitable for the quarter and the six months ended Sept. 27, 1992. Corporate expenses were higher than expected by the company, as a result of the contested election of directors at the company's recent shareholders meeting which resulted in a new board of directors being elected. The proxy contest cost the company, which paid or reimbursed the expenses for both slates of directors, approximately $700,000. As a result, an after tax charge of $550,000, or $.07 per share, was recognized in the second quarter with the remainder having been reserved for in the first quarter. In the prior year's second quarter the company had recognized a pre-tax charge of $2.6 million relative to the relocation of its corporate office and a reduction in corporate office personnel.
 Michael J. Berthelot, recently elected chairman and chief executive officer, said "We are very pleased with the results of this quarter, which show us clearly on track for our goal of $1 per share for the fiscal year, and also reflect the fourth consecutive profit from continuing operations. We believe that the recent board election and the resulting elimination of uncertainty as to the company's management and its focus in the future will be reflected in future results. Company morale is excellent, and we, as a team, are ready to resume the course we had charted prior to the recent unpleasantness."
 Patrick K. Bolger, recently elected chief operating officer, said that progress continues in the attempted sale of the company's Belfort Instrument division, and that it is expected that a sale will be consummated soon.
 Results for the second quarter and six months were as follows:
 (Prior year data has been restated to reflect discontinued operations.)
 TRANSTECHNOLOGY CORPORATION
 (Dollars in thousands, except share data)
 Period ended Second quarter Six months
 9/27/92 9/30/91 9/27/92 9/30/91
 Revenues from cont. opers. $24,359 $23,037 $49,415 $44,464
 Income (loss) from cont.
 opers. before income taxes 1,518 (3,149) 3,662 (1,596)
 Provision (credit) for
 income taxes 516 (1,144) 1,245 (560)
 Income (loss) from
 continuing operations 1,002 (2,005) 2,417 (1,036)
 Loss from discont. opers.(A) -- (5,215) -- (5,337)
 Net income (loss) 1,002 (7,220) 2,417 (6,373)
 Earnings (loss) per share:
 Income (loss) from
 continuing operations 0.20 (0.39) 0.48 (0.20)
 Loss from discont. opers. -- (1.03) -- (1.05)
 Net income (loss) 0.20 (1.42) 0.48 (1.25)
 Number of shares issued
 in computation of per
 share information 5,084,000 5,080,000 5,084,000 5,080,000
 (A) -- Loss from discontinued operations is net of tax benefit of $1,347 and $1,430 for the quarter and six months ended Sept. 30, 1991.
 TransTechnology Corporation is a diversified manufacturer of industrial and aerospace products.
 -0- 10/26/92
 /CONTACT: Michael J. Berthelot, chairman and chief executive officer of TransTechnology Corporation, 908-964-5666/
 (TT) CO: TransTechnology Corporation ST: New Jersey IN: SU: ERN


TS-OS -- NY091 -- 4961 10/26/92 15:20 EST
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Date:Oct 26, 1992
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