Navigation Links
Herley Reports Second Quarter Results
Date:3/12/2008

Conference Call Scheduled for Thursday, March 13, 2008

LANCASTER, Pa., March 12 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) today reported financial results for the second quarter ended February 3, 2008.

Net sales for the fourteen weeks ended February 3, 2008 were approximately $34.7 million. Net loss for the period was approximately $3.8 million or $(.28) per share.

Myron Levy, the Company's Chairman and CEO, will host a conference call on March 13, 2008 at 9:00 a.m. Eastern time to discuss financial results for the second quarter ended February 3, 2008. To join the conference call dial 1 (888) 425-4188, referencing Conference ID 37410642.

A taped replay of the call will be available on March 13, 2008 at 11:00 a.m. through March 20, 2008 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 37410642.

In addition, the conference call will be broadcast live over the Internet and can be accessed through the following URL: http://www.videonewswire.com/event.asp?id=46459 . To listen to the live call on the Internet, go to the web site at least 15 minutes early to register, download and install any necessary audio software.

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 985 employees. Additional information about the company can be found on the Internet at http://www.----------

Net (decrease) increase in

cash and cash equivalents (10,373) 1,821

Cash and cash equivalents at

beginning of period 35,181 22,303

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

Cash and cash equivalents at end of

period $24,808 $24,124

========== ==========

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, the effects of the indictment of the Company 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)

February 3,

2008 July 29,

(Unaudited) 2007

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

ASSETS

Current Assets:

Cash and cash equivalents $24,808 $35,181

Trade accounts receivable, net 19,326 28,058

Income Taxes Receivable 819 819

Costs incurred and income

recognized in excess

of billings on uncompleted

contracts and claims 18,779 14,448

Other receivables 2,911 2,816

Inventories, net 54,787 51,815

Deferred income taxes 7,176 4,254

Other current assets 1,878 1,069

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

Total Current Assets 130,484 138,460

Property, Plant and Equipment, net 31,223 29,996

Goodwill 73,885 74,044

Intangibles, net of accumulated

amortization of $6,381 at February

3, 2008 and $5,256 at July 29, 2007 17,276 18,431

Other Assets 586 1,662

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

Total Assets $253,454 $262,593

=========== ===========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:

Current portion of long-term debt $1,372 $1,346

Current portion of employment

settlement agreement - (net of

imputed interest of $163 at

February 3, 2008 and $245

at July 29, 2007) 1,194 1,113

Current portion of litigation

settlement (net of imputed

interest of $18) 1,482 -

Accounts payable and accrued

expenses 20,091 19,049

Billings in excess of costs

incurred and income recognized

on uncompleted contracts 864 99

Income taxes payable 340 3,518

Accrual for contract losses 1,190 1,564

Accrual for warranty costs 1,017 1,106

Advance payments on contracts 6,954 7,163

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

Total Current Liabilities 34,504 34,958

Long-term Debt 5,267 5,951

Long-term Portion of Employment

Settlement Agreement - (net of imputed

interest of $505 at February 3, 2008

and $580 at July 29, 2007) 3,488 4,117

Long-term portion of litigation

settlement (net of imputed interest

of $214) 1,786 -

Other Long-term Liabilities 1,438 1,311

Deferred Income Taxes 7,123 6,615

Accrued Income Taxes Payable 3,244 -

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

Total Liabilities 56,850 52,952

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

Commitments and Contingencies

Shareholders' Equity:

Common stock, $.10 par value;

authorized 20,000,000 shares;

issued and outstanding 13,502,677

at February 3, 2008, and

13,977,115 at July 29, 2007 1,350 1,398

Additional paid-in capital 100,734 107,094

Retained earnings 92,973 99,404

Accumulated other comprehensive

income 1,547 1,745

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

Total Shareholders' Equity 196,604 209,641

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

Total Liabilities and

Shareholders' Equity $253,454 $262,593

=========== ===========

HERLEY INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share data)

(Unaudited)

Twenty- Twenty-

Fourteen Thirteen seven six

Weeks Weeks Weeks Weeks

Ended Ended Ended Ended

February January February January

3, 2008 28, 2007 3, 2008 28, 2007

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

Net sales $34,661 $37,997 $69,794 $78,113

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

Cost and expenses:

Cost of products sold 29,668 28,010 54,808 57,841

Selling and administrative

expenses 9,098 7,398 17,918 16,420

Litigation settlement - - 6,042 -

Employment contract settlement

costs - - - 8,914

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

38,766 35,408 78,768 83,175

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

(Loss) income from operations (4,105) 2,589 (8,974) (5,062)

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

Other income (expense):

Investment income 379 263 808 479

Interest expense (238) (222) (263) (365)

Foreign exchange transactions

(loss) gain (194) 266 (48) 283

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

(53) 307 497 397

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

(Loss) income before income taxes (4,158) 2,896 (8,477) (4,665)

(Benefit) provision for income taxes (318) 1,223 (2,046) (327)

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

Net (loss) income $(3,840) $1,673 $(6,431) $(4,338)

======= ======= ======= =======

(Loss) earnings per common share -

Basic $(.28) $.12 $(.47) $(.31)

======= ======= ======= =======

Basic weighted average shares 13,617 13,902 13,791 13,882

======= ======= ======= =======

(Loss) earnings per common share -

Diluted $(.28) $.12 $(.47) $(.31)

======= ======= ======= =======

Diluted weighted average shares 13,617 14,405 13,791 13,882

======= ======= ======= =======

HERLEY INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In thousands)

Twenty-seven Twenty-six

weeks weeks

ended ended

February 3, January 28,

2008 2007

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

Cash flows from operating activities:

Net Loss $(6,431) $(4,338)

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

Adjustments to reconcile net loss

to net cash provided by operating

activities:

Depreciation and amortization 3,718 3,507

Stock-based compensation costs 513 225

Excess tax benefit from

exercises of stock options (47) (212)

Employment contract

settlement costs (includes

$196 of stock option

modification costs) - 5,914

Litigation settlement costs 5,942 -

Imputed interest 226 111

Deferred tax benefit (2,391) (2,307)

Loss (gain) on sale of fixed

assets 8 (107)

Foreign exchange transaction

losses (gains) 48 (68)

Inventory valuation reserve

charges 859 424

Reduction in accrual for

contract losses (826) (664)

Warranty reserve charges 566 634

Changes in operating assets

and liabilities:

Trade accounts receivable 8,638 2,162

Costs incurred and income

recognized in excess of

billings on uncompleted

contracts and claims (4,331) 920

Other receivables (95) (888)

Inventories (3,914) (1,499)

Other current assets (809) (315)

Accounts payable and

accrued expenses 1,042 (5,266)

Billings in excess of

costs incurred and income

recognized on

uncompleted contracts 765 146

Income taxes payable 113 1,774

Accrual for contract losses 452 (321)

Employment settlement

payments (705) (130)

Litigation settlement

payments (2,500) -

Advance payments on contracts (209) 1,517

Other, net (462) 201

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

Total adjustments 6,601 5,758

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

Net cash provided by

operating activities 170 1,420

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

Cash flows from investing activities:

Acquisition of technology license - (179)

Proceeds from sale of fixed

assets - 202

Capital expenditures (2,886) (2,235)

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

Net cash used in investing

activities (2,886) (2,212)

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

Cash flows from financing activities:

Borrowings under bank line of

credit 9,400 8,500

Borrowings - other - 1,746

Proceeds from exercise of stock

options 170 1,087

Excess tax benefit from exercises

of stock options 47 212

Payments of long-term debt (733) (440)

Payments under bank line of credit (9,400) (8,500)

Purchase of treasury stock (7,138) -

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

Net cash (used in) provided

by financing activities (7,654) 2,605

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

Effect of exchange rate changes on cash (3) 8

----------
'/>"/>

SOURCE Herley Industries, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Herley Reports 4th Quarter and Year-End Results
2. Herley Industries, Inc. Receives a $5 Million Award from EDO for Electronic Components for IEDs
3. Herley Industries Announces the Passing of Its Former President
4. Herley Industries, Inc. Second Quarter Earnings Release and Conference Call Notice
5. New Study Reports High Injury Rates for Hotel Workers, Even Higher Rates for Women and Nonwhites
6. Haemacure Reports Third Quarter 2007 Results
7. First-Ever List of the 5,000 Fastest-Growing Businesses Reports Total Revenue of $194.5 Billion
8. Consumer Reports Analysis: Drugs for Nerve Pain, Fibromyalgia Effective, But Not Always Best
9. MDS Reports Third Quarter 2007 Results
10. Allied Healthcare Reports Strong Fourth Quarter, Flat Net Income for Fiscal 2007 vs. 2006
11. AtriCure Reports First Human Implant of the Cosgrove-Gillinov Left Atrial Appendage Occlusion System
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... , ... February 05, 2016 , ... US Sports ... Studio in Dover, NH to direct high-performance kids yoga training. ChildLight Yoga Studio is ... just one hour from Boston. , ChildLight Yoga Studio founder Lisa Flynn expresses her ...
(Date:2/5/2016)... (PRWEB) , ... February 05, 2016 , ... The American ... technology, such water may be safer than regular municipal or well water. The recent ... radio host Sharon Kleyne, could go a long way toward increasing public acceptance of ...
(Date:2/5/2016)... , ... February 05, 2016 , ... Give To ... users to search for and donate to Give To Cure’s campaign that is crowdfunding ... that lets users make and share payments through a smart device. In 2015 alone, ...
(Date:2/5/2016)... ... February 05, 2016 , ... Pivot Point ... Best in KLAS: Software & Services for HIT Implementation Support & Staffing report ... independently ranks vendor performance by healthcare executives, managers and clinicians representing over 4,500 ...
(Date:2/5/2016)... ... 05, 2016 , ... Dr. Justin Scott and Dr. Lydia Muccioli of ... Day to individuals in need. The event is scheduled to take place on February ... is to provide dental care to community members in need. Each patient will be ...
Breaking Medicine News(10 mins):
(Date:2/5/2016)... 2016  Aralez Pharmaceuticals Inc. ("Aralez") today announced the ... Tribute Pharmaceuticals Canada Inc. ("Tribute") following approval of the ... The combined company will operate under Aralez Pharmaceuticals Inc. ... Canada , Ireland ... Under the terms of the Agreement and Plan of ...
(Date:2/5/2016)... New York , February 5, 2016 ... new Transparency Market Research report states that the global ... in 2014 and is predicted to reach US$185.9 bn ... CAGR of 6.50% from 2014 to 2020. The title ... (Branded/Generic/Over-the-counter, Chemical/Biological, Captive/Contract Manufactured, by Geography, and by Therapeutic ...
(Date:2/5/2016)... -- Henry Schein, Inc. (NASDAQ: HSIC ), the world,s largest ... dental, animal health and medical practitioners, announced today that ... majority ownership interest in Dental Cremer S.A., a distributor ... . --> ... dental distribution business of Cremer S.A. With 2015 sales ...
Breaking Medicine Technology: