Hi Shear Tech (HSR)

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HSR Starting to move.Last 2.59 on 12,700 vol.Thinly traded but big moves! Hi-Shear Reports 2002 Year-End Results
8/29/2002 4:34:00 PM
TORRANCE, Calif., Aug 29, 2002 (BUSINESS WIRE) -- Hi-Shear Technology Corporation, Torrance, CA (HSR) today announced results for its fiscal year ending May 31, 2002. Net Income of $1,121,000 or $0.17 per share was reported as compared to net loss of $988,000 or $0.15 per share reported for fiscal year 2001. Revenue for the year was $15,372,000 as compared to $12,065,000 for the same period last year.

A consistent quarterly revenue flow during the year supported by increased customer requirements for Hi-Shear military, satellite and launch vehicle components resulted in a 27% revenue growth over fiscal 2001. Productivity improvements and production efficiencies also contributed to both the increase in revenues and lower costs. Gross Margin increased to $4,034,000 or 26% of revenues as compared to $2,672,000 or 22% of revenues in fiscal year 2001. Net Income of $1,121,000 reflected the higher volume of product revenue, lower interest costs and the write off of unamortized negative goodwill.

Mr. George W. Trahan, President & CEO, commented, "We are pleased to note that space and defense activity has increased during the year and a resurgence of demand was evident through growing orders received. The strength of our aerospace and defense related business, bolstered by the nation's renewed focus on defense and homeland security, remains the nucleus for future growth in revenues and profits."

Hi-Shear Technology Corporation provides aerospace and defense products in applications where safety, performance and high reliability are essential. It develops and produces advanced systems and products that are primarily used worldwide in space satellites, launch vehicles, and government programs.