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Technology Stocks : Vari-L (VARL) -- Ignore unavailable to you. Want to Upgrade?

To: Robert Sheldon who wrote (917)	4/13/1999 8:28:00 AM
From: JakeStraw	Read Replies (1) \| Respond to of 2702

Vari-L Company Announces Record First Quarter Results Net Sales Increase 31% to $5.3 Million, Net Income Advances 30% to $754,000; International and Military/Aerospace Customer Orders Suggest Further Strong Growth DENVER, April 13 /PRNewswire/ -- Vari-L Company, Inc. (Nasdaq: VARL - news), a leading provider of advanced components for the wireless telecommunications industry, today announced record sales and earnings for its fiscal 1999 first quarter ended March 31, 1999. First quarter net sales were up 31% to $5,313,000 compared with net sales of $4,045,000 in the first quarter of 1998. Net income increased 30% to $754,000, or 14 cents per basic and diluted share, versus year-ago net income of $579,000, or 11 cents per basic and diluted share. ''We are extremely pleased with our financial results, especially since the first quarter is historically one of the slowest quarters of our year,'' said Dave Sherman, president and CEO. ''The strong increases in sales and earnings reflect continuing demand for our products in both the commercial and military/aerospace market segments.'' Sherman said the surge in first quarter sales was notable for two additional reasons: First, it was achieved notwithstanding continued delays in shipments to certain foreign customers due to government-mandated export restrictions on military/aerospace products; and, second, it included initial shipments against an 840,000-unit order for VCOs to be used in subscriber devices manufactured by the Wireless Access division of Glenayre Technologies, Inc. (Nasdaq: GEMS - news). ''The outlook for 1999 is very bright,'' Sherman added. ''We are experiencing a significant increase in quotation activity from traditional customers in the commercial wireless and military/aerospace market segments. In addition, we are very optimistic about increasing demand from the subscriber marketplace, particularly in the second half of the year.'' Vari-L experienced a strong resurgence during the first quarter in firm customer orders from international markets and military/aerospace markets. Compared with the first quarter of 1998, international orders increased 93% to $1.5 million and military/aerospace orders increased 43% to $1.0 million. Overall order flow still favored domestic markets (62% domestic vs. 38% international) and commercial markets (75% commercial vs. 25% military/ aerospace), but the Company is heartened by the renewed vigor in these other markets. The Company ended the first quarter with an order backlog of $16.8 million. Through its headquarters in Denver, Vari-L designs, manufactures and markets a wide range of radio and microwave frequency signal source and processing components used in the wireless telecommunications industry for both commercial and military applications. Vari-L serves a diverse customer base comprised of some of the world's leading technology companies, including California Microwave, Ericsson, Harris, Hughes, IBM, Lockheed Martin, Lucent Technologies, Mitsubishi, Motorola, NEC, Nokia, Northrup Grumman, Raytheon, Samsung, Siemens, Stanford Telecom and Wireless Access.