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ZYGO REPORTS THIRD-QUARTER RESULTS

 ZYGO REPORTS THIRD-QUARTER RESULTS
 MIDDLEFIELD, Conn., May 5 /PRNewswire/ -- Zygo Corporation


(NASDAQ: ZIGO) today reported sales of $6,073,000 for the three months ended March 31, 1992, compared to sales of $7,782,000 for the comparable prior year period. Although the company was able to produce a small operating profit at these reduced shipment levels, this profit was more than offset by a $614,000 pre-tax charge to cover the restructuring actions previously announced on March 31, 1992. Including this charge to earnings, the company reported a net loss of $363,000, or a $.14 per share loss, compared to a $343,000, or $.14 per share profit for last year's third quarter.
 The further deterioration of the Japanese economy and the economic uncertainties in Zygo's other major markets were the primary cause of a depressed sales volume in the past quarter, the company said.
 The restructuring actions include a 15 percent reduction in employees, a realignment of the organization to focus resources to more fully serve Zygo's major markets, and the decision to divest the IMAGE product line. The restructuring charge includes the cost of inventory and capital equipment no longer required for continuing operations, termination expenses associated with the reduction in the workforce and miscellaneous other charges, reduced by the anticipated proceeds from the sale of the IMAGE product line and interim sales of IMAGE products. Because divestiture of the IMAGE product line is in its early stages, the eventual proceeds and costs associated with divestiture may differ from that used to establish the net restructuring charge.
 Sales for the first nine months of fiscal year 1992 were $21,116,000 compared to $21,644,000 for the comparable prior year period. Net earnings, including the restructuring charge, amounted to $49,000, or $.02 per share, vs. last year's nine month net earnings of $716,000, or $.29 per share. During the nine months ended March 31, 1992, the backlog has been reduced by $1.5 million and at the end of March was $6 million (excluding IMAGE). Zygo continues to operate in a very cautionary expense mode during these difficult economic times.
 The restructuring actions and refocusing of the company's resources are intended to improve Zygo's future results of operations, while at the same time enabling it to continue investment in new products to enhance future growth and profitability.
 Zygo Corporation designs, develops, manufactures and markets high- performance, laser-based, noncontact electro-optical measuring instruments and accessories and manufactures precision optical components. The firm is based in Middlefield, Conn.
 ZYGO CORPORATION
 (Thousands, except per share amounts)
 Periods ended March 31 Three Months Nine Months
 1992 1991 1992 1991
 Net sales $ 6,073 $ 7,782 $21,116 $21,644
 Net earnings (loss) $ (363) $ 343 $ 49 $ 716
 Net earnings (loss)
 per share $ (.14) $ .14 $ .02 $ .29
 Weighted average common
 shares and dilutive
 equivalents outstanding 2,539 2,519 2,601 2,496
 -0- 5/5/92
 /CONTACT: Clarence H. Thiesen, CFO of Zygo Corporation, 203-347-8506, ext. 103/
 (ZIGO) CO: Zygo Corporation ST: Connecticut IN: SU: ERN


TQ -- NY040 -- 6467 05/05/92 10:49 EDT
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Publication:PR Newswire
Date:May 5, 1992
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