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HEI, Inc. Announces Results for the Second Quarter Fiscal 2008
Date:4/10/2008

MINNEAPOLIS, April 10 /PRNewswire-FirstCall/ -- HEI, Inc. (Pink Sheets: HEII; http://www.heii.com) today announced its financial results for its second quarter of fiscal year 2008, which ended March 1, 2008.

Net sales for the second quarter were $9,968,000, compared to $9,906,000 for the second quarter of fiscal year 2007. The Company generated a net loss of ($45,000) for the second quarter of fiscal year 2008 compared to a net loss of ($1,571,000) for the same period of fiscal year 2007. Net sales for the first six months of fiscal year 2008 were $19,960,000, compared to $22,012,000 for the same prior year period. We generated a net income of $209,000 through the second quarter of the current fiscal year compared to a net loss of ($3,179,000) for the first six months of the prior fiscal year.

HEI CEO, Mark B. Thomas, commented: "We are on track with our internal objectives to strengthen operations and improve overall effectiveness. Our investments in personnel, equipment and commitment to operational excellence have allowed us to attract new customers and new products for each of our three operating divisions. In addition, our more stable operating results appear to be building confidence with current and new customers, such that we have entertained relationship opportunities not previously available. Our results are still not where we would like them to be, but the trend on a comparative basis shows that we have gotten our operations in line with our current revenues and we will continue to seek to improve gross margins and operating results. Our primary focus remains on the sales effort and to improve operations at all three of our operating divisions. Our balance sheet continues to improve and continued sales improvements should strengthen our balance sheet even further."

HEI, Inc. designs, develops and manufactures microelectronics, subsystems, systems, connectivity and software solutions for OEMs engaged for the medical equipment and medical device, hearing, communications, and industrial markets. HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional, cost effective and manufacturability product utilizing innovative design solutions and by the application of state-of-the-art materials, processes and manufacturing capabilities.

Headquarters & Microelectronics Division

PO Box 5000, 1495 Steiger Lake Lane, Victoria, MN 55386

-Advanced Medical Division

4801 North 63rd Street, Boulder, CO 80301

-High Density Interconnect Division

610 South Rockford Drive, Tempe, AZ 85281

FORWARD LOOKING INFORMATION

Information in this news release, which is not historical, includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. You can identify these statements by forward-looking words such as "may," "will," "expect," "anticipate," "believe," "intend," "estimate," "continue," and similar words. Statements contained in this press release, including the implementation of business strategies, growth of specific markets, improved results and the estimated HEI revenue, cash flow and profits, are forward looking statements. All of such forward-looking statements involve risks and uncertainties including, without limitation, continuing adverse business and market conditions, the ability of HEI to secure and satisfy customers, the availability and cost of materials from HEI's suppliers, our ability to satisfy financial or other obligations or covenants set forth in our financing agreements, adverse competitive developments, change in or cancellation of customer requirements, collection of receivables and outstanding debt, HEI's ability to control fixed and variable operating expenses, and other risks detailed from time to time in HEI's SEC filings. We undertake no obligation to update these statements to reflect ensuing events or circumstances, or subsequent actual results. See the risk factor section in annual report on Form 10K for year ended September 1, 2007.

HEI, Inc.

Summary Financial Statements - Unaudited

Consolidated Statements of Operations

Three Months Ended Six Months Ended

March 1, March 3, March 1, March 3,

2008 2007 2008 2007

(In thousands except (In thousands except

per share and share per share and share

data) data)

Net sales $9,968 $9,906 $19,960 $22,012

Cost of sales 8,298 9,218 16,310 19,992

Gross profit 1,670 688 3,650 2,020

Operating expenses:

Selling, general and

administrative 1,221 1,301 2,561 3,121

Research, development and

engineering 315 609 640 1,319

Total operating expenses 1,536 1,910 3,201 4,440

Operating income (loss) 134 (1,222) 449 (2,420)

Other income (expenses):

Interest expense, net (176) (409) (371) (769)

Other income (expense), net (3) 19 131 26

Income (loss) from continuing

operations (45) (1,612) 209 (3,163)

Income (loss) from

discontinued operations - 41 - (16)

Net income (loss) $(45) $(1,571) $209 $(3,179)

Income (loss) per share -

basic and diluted:

Income (loss) per share

from continuing operations ($0.00) $(0.17) $0.02 ($0.33)

Income (loss) per share

from discontinued

operations $0.00 $0.00 $0.00 ($0.00)

Net income (loss) per share ($0.00) $(0.17) $0.02 ($0.33)

Weighted average shares

outstanding - basic and

diluted 9,543,000 9,509,000 9,543,000 9,543,000

Consolidated and Condensed Balance Sheets

March 1, 2008 September 1, 2007

(In thousands except per share and

share data)

Assets

Current assets:

Cash and cash equivalents $18 $177

Accounts receivable, net 4,391 4,449

Inventories 4,207 3,260

Deferred income taxes 528 528

Other current assets 408 321

Total current assets 9,552 8,735

Net property and equipment 5,449 5,891

Other long-term assets 1,040 1,076

Total assets $16,041 $15,702

Liabilities and Shareholders' Equity

Current liabilities:

Checks issued in excess of cash in bank $583 $191

Current maturities of long-term debt 730 848

Accounts payable 2,689 3,215

Accrued liabilities 2,695 1,493

Total current liabilities 6,697 5,747

Total long-term liabilities, less

current maturities 5,718 6,595

Total liabilities 12,415 12,342

Shareholders' equity:

Convertible preferred stock and

common stock 480 480

Paid-in capital 27,816 27,763

Accumulated deficit (24,670) (24,883)

Total shareholders' equity 3,626 3,360

Total liabilities and shareholders'

equity $16,041 $15,702


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SOURCE HEI, Inc.
Copyright©2008 PR Newswire.
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