Herley Industries, Inc. (Nasdaq: HRLY) announced today that its Herley Israel operation has received contract awards totaling approximately $2.6 million from international customers to supply highly integrated microwave packages for electronic warfare systems.
Herley Israel will supply oscillators and integrated microwave assemblies to military customers in the United States, United Kingdom, Israel, France and South Korea.
Yonah Adelman, General Manager of Herley Israel stated, "We have experienced strong growth in all our product markets and we expect to continue this organic growth rate for the next several years. Since Herley's acquisition of General Microwave in January 1999, revenues have grown from $5 million annually to approximately $10 million in fiscal 2002."
Adelman continued, "In addition to our revenue growth and future growth prospects, we have been successful in expanding margins and increasing profitability. We have been directed by Herley management to continue to expand our facility and technical resources to take advantage of the increasing opportunities in the global marketplace."
John Kelley, Executive Vice President said, "Historically, international sales have generated high margins and we expect to sustain these high margins as we increase our level of international business."
Based in Lancaster, PA, Herley has six locations and approximately 600 employees worldwide.
Published by Globes [online] - www.globes.co.il - on 17 October 2002