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Herley Industries, Inc. News

Herley Adds $1.2 Million to Contract Award for Complex Integrated Microwave Assemblies for U.S. Electronic Attack Aircraft

LANCASTER, Pa., March 14 PRNewswire-FirstCall — Herley Industries, Inc. (Nasdaq: HRLY) announced today that its Herley New England division in Woburn, Massachusetts, has received an additional award of approximately $1.2 million from a major U.S. defense contractor for the manufacture of complex Integrated Microwave Assemblies (IMA) for an electronic attack aircraft for the U.S. Navy. Herley announced a $9.8 million contract in February for this customer. The additional award brings the total value of the contract to $11 million, the largest award ever received by the Woburn division.

Herley Chairman and CEO, Myron Levy, said, "Herley New England has provided these multi-function Integrated Microwave Assemblies for U.S. electronic attack aircraft for a number of years. These awards demonstrate that our customers know that they can depend on Herley New England products."

Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide. Based in Lancaster, PA, Herley has eight manufacturing locations and approximately 985 employees. Additional information about the company can be found on the Internet at http://www.herley.com

For information at Herley contact: Peg Guzzetti Tel: (717) 735-8117 Investor Relations http://www.herley.com

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. When used in this report, words such as "anticipated," "believes," "could," "estimates," "expects," "may," "plans," "potential" and "intends" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the belief of the Company's management, as well as assumptions made by and information currently available to the Company's management. 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, the effects of the indictment of the Company and general economic conditions. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.

SOURCE Herley Industries, Inc.

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