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Herley Reports 4th Quarter and Year-End Results
Date:10/11/2007

hanges in operating assets

and liabilities:

Trade accounts receivable 2,542 (3,342) 2,590

Income Taxes Receivable (819) - -

Costs incurred and income

recognized in excess of

billings on uncompleted

contracts and claims (522) 2,132 (1,626)

Other receivables (2,047) 645 (576)

Inventories, net (189) (2,794) (2,515)

Other current assets 118 157 (430)

Accounts payable and

accrued expenses (3,246) (2,357) 350

Billings in excess of costs

incurred and income recognized

on uncompleted contracts (456) 17 (1,596)

Income taxes payable 379 338 2,306

Accrual for contract losses (251) (175) (500)

Employment settlement

agreement (3,771) - -

Advance payments on contracts 3,840 1,435 (4,827)

Other, net 327 136 221

-------- -------- --------

Total adjustments 12,557 4,974 2,177

-------- -------- --------

Net cash provided by operating

activities 15,675 15,328 12,958

-------- -------- --------

Cash flows from investing activities:

Acquisition of businesses, net of

cash acquired - - (51,407)

Acquisition of technology l
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SOURCE Herley Industries, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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