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Herley Reports 1st Quarter Results
Date:12/16/2008

LANCASTER, Pa., Dec. 16 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) today reported financial results for the First Quarter of Fiscal Year 2009.

A Conference Call has been scheduled for 9:00 a.m. Eastern Time on Wednesday, December 17, 2008. Interested parties may join the conference by dialing: (888) 425-4188 referencing Conference ID # 77420347.

Replay of the conference call is scheduled to begin on December 17, 2008, two hours after completion of the call, and end on December 24 at 11:59 p.m. Eastern Time. To listen to the replay dial: 1 (800) 642-1687 (U.S.) or 1 (706) 645-9291 (International), and Conference ID # 77420347.

This conference call will be broadcast live over the Internet and can be accessed by interested parties through URL: http://www.videonewswire.com/event.asp?id=54095.

To listen to the live call, please go to the Web site at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those who are not available to listen to the live broadcast, a replay will be available shortly after the call on the site.

Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide. Based in Lancaster, PA, Herley has eight manufacturing locations and approximately 1000 employees. Additional information about the company can be found on the Internet at http://www.herley.com .

Safe Harbor Statement -- Except for the historical information contained herein, this release may contain forward-looking statements. Such statements are inherently subject to risks and uncertainties. When used in this report, words such as "anticipated," "believes," "could," "estimates," "expects," "may," "plans," "potential" and "intends" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the belief of the Company's management, as well as assumptions made by and information currently available to the Company's management. The Company's results could differ materially based on various factors, including, but not limited to, cancellation or deferral of customer orders, difficulties in the timely development of new products, difficulties in manufacturing, increased competitive pressures, and general economic conditions. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.

    For information at Herley contact:
    Peg Guzzetti                                Tel:  (717) 735-8117
    Investor Relations                         http://www.herley.com



                   HERLEY INDUSTRIES, INC. AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                      (In thousands, except share data)

                                                      November 2,
                                                         2008        August 3,
                                                     (Unaudited)        2008
                          ASSETS
    Current Assets:
      Cash and cash equivalents                        $11,949        $14,347
      Trade accounts receivable, net                    24,559         27,003
      Income Taxes Receivable                            2,056          2,056
      Costs incurred and income recognized in
       excess of billings on uncompleted
       contracts and claims                             14,703         19,490
      Other receivables                                  1,302          1,286
      Inventories, net                                  62,695         61,559
      Deferred income taxes                             11,991         11,263
      Assets held for sale                              19,633              -
      Other current assets                               1,823          1,276
          Total Current Assets                         150,711        138,280
    Property, Plant and Equipment, net                  34,429         30,552
    Goodwill                                            85,980         73,900
    Intangibles, net of accumulated amortization
     of $5,171 at November 2, 2008 and $7,505
     at August 3, 2008                                  13,586         16,145
    Other Assets                                         1,068            541
          Total Assets                                $285,774       $259,418

                  LIABILITIES AND SHAREHOLDERS' EQUITY
    Current Liabilities:
      Current portion of long-term debt                 $2,332         $1,394
      Current portion of employment settlement
       agreement - (net of imputed interest
       of $122 at November 2, 2008 and $138
       at August 3, 2008)                                1,136          1,119
      Current portion of litigation settlement -
       (net of imputed interest of $29 at
       November 2, 2008 and $46 at August 3, 2008)         971            954
      Accounts payable and accrued expenses             24,240         27,546
      Billings in excess of costs incurred and
       income recognized on uncompleted contracts          199            613
      Income taxes payable                                  94             43
      Accrual for contract losses                        2,805          2,994
      Accrual for warranty costs                         1,016          1,142
      Advance payments on contracts                      7,772          8,120
      Liabilities of business held for sale              4,633              -
          Total Current Liabilities                     45,198         43,925
    Long-term Debt                                      34,727          7,092
    Long-term Portion of Employment Settlement
     Agreement - (net of imputed interest of $339
     at November 2, 2008 and $387 at August 3, 2008)     2,792          3,074
    Long-term Portion of litigation settlement -
     (net of imputed interest of $93 at
     November 2, 2008 and $108 at August 3, 2008)          907            892
    Other Long-term Liabilities                          1,993          1,652
    Deferred Income Taxes                                8,941          8,839
    Accrued Income Taxes Payable                           509            509
          Total Liabilities                             95,067         65,983
    Commitments and Contingencies
    Shareholders' Equity:
      Common stock, $.10 par value; authorized
       20,000,000 shares; issued and outstanding
       13,526,402 at November 2, 2008,
       and 13,521,902 at August 3, 2008                  1,352          1,352
      Additional paid-in capital                       101,608        101,403
      Retained earnings                                 87,719         89,058
      Accumulated other comprehensive income                28          1,622
          Total Shareholders' Equity                   190,707        193,435
          Total Liabilities and Shareholders'
           Equity                                     $285,774       $259,418



                   HERLEY INDUSTRIES, INC. AND SUBSIDIARIES
         CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                     (In thousands except per share data)

                                                      Thirteen weeks ended
                                                   November 2,     October 28,
                                                       2008           2007

    Net sales                                        $35,344        $32,538
    Cost and expenses:
      Cost of products sold                           28,741         23,226
      Selling and administrative expenses              7,323          7,075
      Gain on sale of assets                            (618)             -
      Litigation costs                                   558            513
      Litigation settlement                                -          6,042
                                                      36,004         36,856

      Operating loss                                    (660)        (4,318)
    Other (expense) income:
      Investment income                                   18            417
      Interest expense                                  (223)           (25)
      Foreign exchange transactions (losses) gains      (360)           146
                                                        (565)           538

      Loss from continuing operations before
       income taxes                                   (1,225)        (3,780)
      Income taxes benefit                              (342)        (1,551)

      Loss from continuing operations                  $(883)       $(2,229)
    Discontinued operations (Note 3):
      Loss from operations of discontinued
       subsidiary                                       (734)          (539)
      Income taxes benefit                              (278)          (177)
      Loss from discontinued operations                $(456)         $(362)

    Net loss                                         $(1,339)       $(2,591)

    Loss per common share - Basic and Diluted
      Loss from continuing operations                  $(.07)         $(.16)
      Loss from discontinued operations                 (.03)          (.03)
      Net loss - basic and diluted                     $(.10)         $(.19)

    Basic and diluted weighted average shares         13,525         13,965



                   HERLEY INDUSTRIES, INC. AND SUBSIDIARIES
         CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                                (In thousands)

                                                        Thirteen weeks ended
                                                    November 2,    October 28,
                                                         2008           2007
    Cash flows from operating activities:
      Net Loss                                        $(1,339)       $(2,591)
      Adjustments to reconcile net loss to net
       cash provided by (used in) operating activities:
        Depreciation and amortization                   2,148          1,846
        Gain on sale of fixed assets                     (618)             -
        Loss from goodwill impairment of
         discontinued subsidiary                        1,000              -
        Stock-based compensation costs                    148            247
        Excess tax benefit from exercises of
         stock options                                    (19)           (13)
        Litigation settlement costs                         -          5,942
        Imputed interest related to employment
         settlement liability                              96             80
        Foreign exchange transactions losses (gains)      360           (146)
        Inventory valuation reserve charges               400            481
        Reduction in accrual for contract losses            -           (826)
        Warranty reserve charges                          343            348
        Deferred tax benefit                             (620)        (1,742)
        Changes in operating assets and liabilities:
          Cash of discontinued subsidiary                (712)             -
          Trade accounts receivable                       896          2,379
          Costs incurred and income recognized in
           excess of billings on uncompleted
           contracts and claims                         4,786         (3,047)
          Other receivables                               399            463
          Inventories, net                               (375)        (2,173)
          Other current assets                           (579)          (791)
          Accounts payable and accrued expenses        (4,093)         1,687
          Billings in excess of costs incurred and
           income recognized on uncompleted
           contracts                                      252            542
          Income taxes payable                             70           (208)
          Accrual for contract losses                     (55)           151
          Employment settlement agreement                (330)          (302)
          Advance payments on contracts                  (117)           (45)
          Other, net                                     (920)          (188)
            Total adjustments                           2,460          4,685
        Net cash provided by operating activities       1,121          2,094
    Cash flows from investing activities:
      Acquisition of business, net of cash
       acquired of $417                               (30,010)             -
      Capital expenditures                             (2,044)          (966)
        Net cash used in investing activities         (32,054)          (966)
    Cash flows from financing activities:
      Borrowings under bank line of credit             20,000          4,900
      Borrowings - other                               10,000              -
      Proceeds from exercise of stock options              38             34
      Excess tax benefit from exercises of
       stock options                                       19             13
      Payments of long-term debt                         (441)          (425)
      Payments under bank line of credit               (1,000)        (4,900)
      Purchase of treasury stock                            -         (1,288)
        Net cash provided by (used in)
         financing activities                          28,616         (1,666)
    Effect of exchange rate changes on cash               (81)             -
        Net decrease in cash and cash equivalents      (2,398)          (538)
    Cash and cash equivalents at beginning of period   14,347         35,181
    Cash and cash equivalents at end of period        $11,949        $34,643


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SOURCE Herley Industries, Inc.
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