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TRANSTECHNOLOGY SPECIAL CHARGES SUBSTANTIALLY INCREASE SECOND QUARTER LOSS

            TRANSTECHNOLOGY SPECIAL CHARGES SUBSTANTIALLY
                    INCREASE SECOND QUARTER LOSS
    LOS ANGELES, Nov. 8 /PRNewswire/ -- TransTechnology Corp. (NYSE: TT) today reported a loss from continuing operations for the second quarter ended Sept. 30, 1991, of $2,381,000 or $.47 per share, on revenues of $40,528,000, as compared to a second quarter 1990 profit of $741,000, or $.14 per share, on revenues of $43,756,000. Discontinued operations yielded a second quarter 1991 loss of $4,839,000, or $.95 per share vs. the $1,486,000 loss ($.29 per share) reported in the same period last year.  Total net losses for the second quarter 1991 amounted to $7,220,000 or $1.42 per share compared to the 1990 loss of $745,000 or $.15 per share.
    For the six months ended Sept. 30, 1991, the company reported a loss from continuing operations of $1,249,000, or $.24 per share on revenues of $77,533,000, while the prior year yielded income of $1,160,000, or $.23 per share on revenues of $84,847,000. Discontinued operations for the six months of 1991 resulted in a loss of $5,124,000, or $1.01 per share, while 1990 results showed a loss of $1,611,000 or $.32 per share.  Combined results for 1991's first half were a net loss of $6,373,000 or $1.25 per share and $451,000 or $.09 per share for the same period of 1990.
    1991 second quarter and first half results were greatly impacted by the previously announced special charge of $2.6 million for costs associated with the relocation and reduction of personnel at the corporate office.  These actions are expected to reduce corporate office expenses by more than $3 million per year starting next fiscal year.  Additionally, significant charges were recognized in this quarter relative to a product liability claim and certain costs associated with the reorganization of the chairman's office. Interest expense has been reduced more than 35 percent from the comparable prior periods as a result of the company's continuing efforts to reduce its outstanding debt.  The loss from discontinued operations resulted from the previously announced decision to discontinue the manufacture of Command, Control, Communication, and Intelligence graphic controllers and high-resolution displays.
    Michael J. Berthelot, vice chairman, stated "We are pleased with the progress we are making in reallocating our resources of personnel, money, and management to a more focused and rational program of growth and value realization."
    Results for the second quarter and six months were as follows: (Prior year data has been restated to reflect discontinued operations.  Dollars shown in thousands.)
             TRANSTECHNOLOGY SUMMARY OF FINANCIAL RESULTS
    Quarter ended Sept. 30                   1991          1990
    Revenues from continuing operations    $40,528        $43,756
    Income (loss) from continuing
     operations before income taxes         (3,719)         1,176
    Income taxes (benefit)                  (1,338)           435
    Net income (loss) from
     continuing operations                  (2,381)           741
    Loss from discontinued operations(a)    (4,839)       (1,486)
    Net loss                                (7,220)         (745)
    Earnings per share:
     Income (loss) from continuing
      operations                              (.47)           .14
     Loss from discontinued operations        (.95)         (.29)
     Net loss                                (1.42)         (.15)
    Number of shares used in computation
     of per share information             5,080,000     5,080,000
    For the six months ended Sept. 30        1991          1990
    Revenues from continuing operations     $77,533       $84,847
    Income (loss) from continuing
     operations before income taxes         (1,922)         1,841
    Income taxes (benefit)                    (673)           681
    Net income (loss) from continuing
     operations                             (1,249)         1,160
    Loss from discontinued operations(a)    (5,124)       (1,611)
    Net loss                                (6,373)         (451)
    Earnings per share:
     Income (loss) from continuing
      operations                              (.24)           .23
     Loss from discontinued operations       (1.01)         (.32)
     Net loss                                (1.25)         (.09)
    Number of shares used in computation
     of per share information            5,080,000      5,099,000
    (a)  Loss from discontinued operations is net of tax benefits of $1,248 and $1,321 for the quarter and year ended in 1991, and $945 and $871 for the quarter and year ended 1990.
    TransTechnology Corp. is a diversified company manufacturing a wide range of aerospace products, remittance processing products and industrial products.
    -0-                            11/8/91
    /CONTACT:  Michael J. Berthelot of TransTechnology, 818-990-5920/
    (TT) CO:  TransTechnology Corp. ST:  California IN: SU:  ERN EH-SE -- LA007 -- 2490 11/08/91 09:30 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 8, 1991
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