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Herley Industries, Inc. (HRLY) Reports Increase in Net Income and Sales

|Includes: Herley Industries, Inc. (HRLY)

Herley Industries, Inc. reported an increase in net income and sales in the third fiscal quarter of 2010 ending 5/2/2010. The company also reported strong bookings during the quarter and an improved backlog.

Herley Industries, Inc. reported net income of $2.6 million, or $0.19 per diluted share, in the third fiscal quarter of 2010, compared to $2.4 million, or $0.18 per diluted share, in the corresponding quarter of fiscal 2009.

Herley Industries, Inc. reported sales of $45.4 million in the quarter that just ended, compared to $41.8 million in the same quarter of fiscal 2009. The company ended the quarter with a backlog of $184.1 million.

Herley Industries, Inc. improved its balance sheet, and ended the quarter with cash and cash equivalents of $19.4 million, and total debt of $12.8 million.

Richard F. Poirier, the CEO of Herley Industries, Inc., said, “In our third quarter, we experienced year-over-year improvement in net sales, net income and gross profit margins.”

Herley Industries, Inc. attributed the increase in net income and sales to higher deliveries of product under contract, improvements in manufacturing operations and an acceleration of the accounting recognition of certain contracts.

Herley Industries, Inc. is based in Pennsylvania and manufactures microwave equipment for sale to the medical and military industries.

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