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To: GARY P GROBBEL who wrote (19937)	4/19/2004 3:36:01 PM
From: GARY P GROBBEL	Respond to of 120405

HTEK .90/1.05: From 10k Markets Our products serving the following major markets are sold primarily to original equipment manufacturers (“OEMs”): Military/Aerospace – telemetry, communications, guidance systems, control circuitry and avionics. Geophysical Exploration – seismic data acquisition and geophysical measurement equipment. Medical Instrumentation – Instrument motor controls and diagnostic devices. Satellite Systems – power monitoring and control circuits. Industrial Electronic Systems – measurement and diagnostics on rotating machinery. Opto-Electronics – sub-miniature temperature controls and laser diode drivers for data transmission. During fiscal 2003, approximately 58% of our net revenues were derived from commercial and industrial private sector programs, as compared to approximately 40% in fiscal 2002. During fiscal 2003. approximately 42% of our net revenues were derived from the military/aerospace and government sector, as compared to approximately 60% in fiscal 2002. While domestic defense and military-related spending programs had been declining during past years, U. S. defense budgets were increased in the past several years. The on-going military conflicts in the Middle-East along with new homeland defense initiatives lead us to believe that there will be additional opportunities for growth in this sector in the future. During fiscal 2003, we continued to expand our participation in the medical device and medical instrumentation markets and are currently producing custom hybrid devices for medical instrument applications and diagnostic applications. The medical instrumentation market accounted for approximately 22% and 15% of total net revenues in fiscal 2003 and 2002, respectively. We are continuing our efforts to further expand into this market.