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Herley Announces $6 Million in Contract Awards

Backlog at Record Level, Over $40 Million

Lancaster, PA September 26, 1997 ­ Herley Industries, Inc. (NASDAQ­HRLY), a leading producer of flight instrumentation products for space launch and unmanned airborne vehicles, announced that it has received over $6 million in contract awards. The contracts, primarily from Lockheed-Martin and Northrop Grumman, are for range safety transponders to be used in satellite space launches, altimeters, range instrumentation and microwave integrated systems.

Lee N. Blatt, CEO stated, "We are pleased at the steady order flow of orders received at the beginning of our new fiscal year. With these awards, our backlog is now over $40 million, up from $37 million at the beginning of this fiscal year and up significantly from $24 million at this time last year."

Herley Industries is a technology company providing communication data links and flight instrumentation systems to a global market. The Company designs and manufactures a broad range of products for the commercial space launch industry and the unmanned airborne vehicle (UAV) programs used for training targets, reconnaissance and mapping.

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. 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, and general economic conditions.


Record Year End Results for Revenues, Profits, Backlog

Year End Operating Income of $5,148,262, up 53% over Prior Year

Fourth Quarter Operating Income $1,716,564 Up 66%; Net Income up 103%

Backlog of $37,000,000, up 55% over Prior Year

Record Earnings Per Share were $1.35, before 4 for 3 Stock Split

Lancaster, PA September 11, 1997 ­ Herley Industries, Inc. (NASDAQ-HRLY), reported record net income of $4,803,659 for the fiscal year ended August 3, 1997, an increase of 31% over the prior period.

Mr. Lee N. Blatt, Chairman and CEO stated, "We are pleased to report record results for the past fiscal year. We met or exceeded the goals we had set for ourselves one year ago. We enter fiscal 1998 with a record backlog of almost $37,000,000, up 55% from a year ago, and over 15% above all of last year's revenues. We hope that our efforts to increase our international business through our Global Security Systems division will add to that backlog."

Herley reported record year end revenues of $32,195,168, an increase of 11% when compared with $29,001,404 in the previous year. Year end operating income was $5,148,262, up 53% as compared with $3,370,882 in 1996. Net income for the year was $4,803,659, an increase of 31%, as compared to $3,668, 956 in 1996. Earnings per share for the fiscal year ended August 3, 1997 were $1.35, as compared to $1.15 for the prior year, before the 4 for 3 stock split, and $1.01 per share, as compared to $.86 for the prior year after giving effect to the pending stock split on September 15, 1997.

For the last quarter of fiscal 1997, Herley reported revenues of $9,115,009, an increase of 21% when compared with $7,505,195 for the comparable period in the previous year. Operating income was $1,716,564, up 66%, as compared with $1,033,378 in 1996. Net income for the quarter was $1,701,785 as compared to $838,499 for the comparable period in the previous year. Earnings per share for the quarter ended August 3, 1997 were $.49 as compared to $.26 for the comparable prior year period, before the 4 for 3 stock split, and $.37 as compared to $.19 for the comparable prior year period after giving effect to the stock split.

Herley Industries is a technology company providing communication data links and flight instrumentation systems to a global market. The Company designs and manufactures a broad range of products for the commercial space launch industry and the unmanned airborne vehicle (UAV) programs used for training targets, reconnaissance and mapping.

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. 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, and general economic conditions


A 4:3 Stock Split

Lancaster, PA September 4, 1997 ­ The Board of Directors of Herley Industries, Inc. (NASDAQ:HRLY) announced today that it has declared a stock split on its Common Stock payable in Common Stock at the rate of four shares for each three shares of Common Stock. The stock split is payable on September 29, 1997 to stockholders of record on September 15, 1997.

Herley Industries is a technology company providing communication data links and flight instrumentation systems to a global market. The Company designs and manufactures a broad range of products for the commercial space launch industry and the unmanned airborne vehicle (UAV) programs used for training targets, reconnaissance and mapping.


Record Revenues in Excess of $32 Million
for Fiscal Year End

Preliminary Forecast of Profits and Backlog also set Records

Global Revenues Expected to Rise

Lancaster, PA August 20, 1997 -- Herley Industries, Inc. (NASDAQ­HRLY), a leading producer of flight instrumentation products for space launch and unmanned airborne vehicles, and its Chairman and CEO, Lee N. Blatt reported on Herley's preliminary financial results for the fiscal year ending August 3, 1997.

Mr. Blatt stated, "Our revenues will exceed $32 million, as compared with $29 million last year. We earned a record $1.15 per share a year ago, and we expect to exceed that figure when our final year end financials are released. Backlog a year ago was $27 million, and we are now up significantly at $39 million. We had set a goal for ourselves of increasing our international business, and recent awards from Singapore and Australia, and expected near term awards from South Korea, Japan, and Taiwan will help us towards that goal."

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. 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, and general economic conditions.


Completes Metraplex Acquisition
Forecasts Record Revenues for Y/E August 3, 1997
Earnings and Backlog Rising

Lancaster, PA July 22, 1997 -- Herley Industries, Inc. (NASDAQHRLY), a leading producer of flight instrumentation products for space launch and unmanned airborne vehicles, and its Chairman and CEO, Lee N. Blatt announced that Herley has acquired Metraplex Corporation for 234,940 shares of its common stock. Metraplex Corporation of Frederick, Maryland, is a manufacturer of PCM encoder systems and multiplexers. Herley had previously announced the agreement to acquire Metraplex on July 8, 1997.

Mr. Blatt stated, "We are so close to the end of our fiscal year that forecasting becomes relatively simple. We have already exceeded the revenues of any previous year in the Company's history. We believe, based on preliminary results, that earnings will continue to rise in the next fiscal year over those reported previously. Bookings are strong and we have a larger number of significant contract proposals in negotiation than at any time in recent history. These are all positive signs for the upcoming year."

"Metraplex brings a technical capability in Pulse Code Modulation (PCM) encoders that we need to enter the data link business. Our existing customer base is the first market we will approach. Herley is now in a position to offer a complete telemetry data link package to the target community."

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. 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, and general economic conditions.


Herley Industries comprises three operating divisions: Herley Vega Systems in Lancaster, Pennsylvania; Herley-MDI, in Woburn, Massachusetts; and Stewart Warner Electronics in Chicago, Illinois. Herley Vega Systems ("HVS") designs and manufactures range safety and flight instrumentation equipment which it sells to aerospace companies, the U. S. government and foreign governments. This division's main product line consists of a range of transponders which are used to track missiles and unmanned air vehicles (UAVs) during test and training operations. Herley-MDI ("MDI") builds microwave subsystems which are used in missiles, aircraft and other delivery platforms, such as smart bombs and cruise missiles. Stewart Warner Electronics ("SWE") manufactures communication equipment and IFF interrogators which are used as silent sentries to guard remote coastlines and outlying islands.



For information at Herley contact:
Lee N. Blatt, Chairman (717) 397-2777