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Herley Reports Fourth Quarter and Year-End Results
Date:10/15/2009

LANCASTER, Pa., Oct. 15 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) today reported financial results for the Fourth Quarter and Fiscal Year ended August 2, 2009.

Fourth Quarter of Fiscal 2009

Net sales for the fourth quarter of fiscal 2009 were $43.0 million compared to $37.9 million in the fourth quarter of fiscal 2008. In the fourth quarter of fiscal 2009, the Company recorded several significant charges (see below) aggregating $66.9 million, including a non-cash impairment charge for goodwill and other intangible assets of $44.2 million. As a result, the loss from continuing operations for that quarter was $44.4 million, or $3.26 per diluted share, compared to a loss from continuing operations of $1.5 million, or $.11 per diluted share, last year. Income from discontinued operations that resulted from the sale of the ICI business in November 2008 was $1.2 million, or $ .09 per diluted share, last year. Net loss for the quarter was $44.4 million, or $3.26 per diluted share, compared to a net loss of $.3 million, or $.02 per diluted share, last year.

In the fourth quarter of fiscal 2009, the Company reported a revenue increase of $5.1 million compared to last year, which primarily resulted from the inclusion of revenues from Eyal that was acquired early in fiscal 2009. Operating results for the fourth quarter of fiscal 2009 were impacted by several significant charges, as follows: (a) approximately $44.2 million related to the impairment of goodwill and other intangible assets; (b) approximately $10.6 million related to employment agreement settlements with two former officers of the Company; (c) approximately $4.3 million to cost of products sold related to the settlement of litigation with a customer; (d) approximately $2.8 million to net sales and $.3 million to cost of products sold r
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SOURCE Herley Industries, Inc.
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