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

elated to the settlement of a claim for equitable adjustment for unpriced change orders; (e) approximately $3.1 million to cost of products sold related to the transition of the Farmingdale, NY manufacturing operation, including contract losses of approximately $1.1 million and inventory write-offs of approximately $2.0 million; (f) approximately $1.3 million to cost of products sold for additional inventory adjustments and obsolescence reserves; and (g) approximately $.3 million to selling and administrative expenses related to the abandonment of fixed assets. The non-cash impairment of goodwill and other intangible assets does not affect the Company's cash position, cash flow from operating activities, credit availability or liquidity and none of these charges will have any adverse effect on its future operations.

Of further significance, in July 2009, the Company's Board of Directors appointed new senior management. New management was successful in resolving two litigation/claim matters, resulting in a net cash outflow of $.5 million to the Company and, more importantly, restoring a favorable relationship with these customers.

Richard Poirier, Chief Executive Officer and President, commented, "This has certainly been a very busy and exciting period since David Lieberman and I were appointed. We are pleased with the progress we have made in the resolution of past matters, most of which are ancillary to our operational activities going forward. David and I are committed to reporting substantial profitability in fiscal year 2010, and remain focused on strengthening our management team, improving our sales and production processes and reducing costs. We ended the year with a backlog of $182 million, and bookings have been strong in the first quarter. We believe that we are now well positioned for success in fiscal 2010."

Fiscal Year 2009

Net sales for fiscal 2009 were $160.1 million compared to $136.1 million in fis
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SOURCE Herley Industries, Inc.
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