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WAVEMAT INC. REPORTS RESULTS FOR ITS THIRD QUARTER AND NINE MONTHS ENDED SEPT. 30, 1993

 PLYMOUTH, Mich., Nov. 23 /PRNewswire/ -- Wavemat Inc. (WVMT) announced results for its third quarter and nine months ended Sept. 30, 1993. The Company is pleased to report that it recognized operating income for the third quarter ended Sept. 30, 1993, compared to a significant operating loss during the third quarter of fiscal 1992. For the 1993 third quarter, the Company recognized net income compared to a significant net loss for the same period in 1992. For the fiscal 1993 nine month period, the Company reported a significant decline in both operating loss and net loss.
 Dr. Richard Dexter, Wavemat's president and chief operating officer, said, "The improvement in the operating performance of the Company was attributable to significant increases in operating revenue due to substantial increases in microwave processing system sales to an affiliate. We continue to maintain tight controls on expenses along with improving production efficiencies resulting in improved gross margins for the quarter."
 The Company previously announced that it had shipped its first production-oriented chemical-vapor deposition ("CVD") diamond thin film system to the Norton Diamond Film Division. This order is believed to be the first such production-oriented diamond CVD system ever commissioned. The technology is based on Wavemat's patented internally- tuned microwave cavity, invented at Michigan State University. Due to the growing demand for CVD diamond products, Norton Diamond Film completed the first commercial-scale manufacturing facility of its kind in October of this year.
 In addition, the Company also announced last week at the American Vacuum Society (A.V.S.) Annual Conference held in Orlando, Fla., that it is investigating the opportunity to sell CVD systems in close connection with Norton Diamond Film.
 WAVEMAT INC.
 CONDENSED STATEMENTS OF OPERATIONS
 (Unaudited)
 For the Three Months For the Nine Months
 Ended Sept. 30, Ended Sept. 30,
 1993 1992 1993 1992
 Operating revenue $735,813 $286,129 $1,092,224 $714,004
 Operating income (loss) $5,117 ($238,262) ($348,681) ($621,803)
 Net income (loss) $6,630 ($237,309) ($342,011) ($632,704)
 Net income (loss) per
 share of common stock --- ($0.05) ($0.08) ($0.22)
 Weighted average
 number of common
 shares outstanding 4,372,364 4,372,364 4,372,364 2,926,135
 Wavemat Inc. designs, manufactures and markets proprietary microwave equipment for the processing of advanced materials. Products range from standard modules for process research and development, to production integration and turnkey development systems incorporating Wavemat's patented technology.
 -0- 11/23/93
 /CONTACT: Yvonne L. Marschner-Bova, investor relations director of Wavemat, 313-873-7800/
 (WVMT)


CO: Wavemat Inc. ST: Michigan IN: SU: ERN

SB-RD -- DE020 -- 7290 11/23/93 13:04 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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