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August 7, 2000

Anaren Reports Record Fiscal 2000 Fourth Quarter And Year End Results

COMPANY PRESS RELEASE: Anaren Microwave, Inc. today reported record results for the fourth quarter and fiscal year ended June 30, 2000. Net sales for the quarter were $18,817,666, up 52% from net sales of $12,370,977 for the same quarter of the prior fiscal year.

By CBR Staff Writer

Pre-tax income for the fourth quarter was $5,564,704, up 122% from the fourth quarter of the prior fiscal year. Net income for the fourth quarter was $3,751,704, an increase of 43%, over net income of $2,628,366 for the fourth quarter of the prior fiscal year. Diluted earnings per share for the fourth quarter were $0.32. During the fourth quarter of fiscal 1999 the Company reported diluted earnings per share of $0.30 which included a one time tax benefit of $1,000,000 or $0.11 per share.

This was another outstanding quarter and year for the company, said Lawrence A. Sala, Anaren President and CEO. In addition to continued strong revenue growth and improved profitability, new orders for the year were a record $79,616,935. Demand for wireless infrastructure products continued to accelerate during the fourth quarter. Wireless Group net sales were $14.3 million for the fourth quarter ended June 30, 2000, representing real growth of 63% from the fourth quarter of the prior fiscal year.

Robust development activity across all wireless product areas during the fourth quarter. In addition to increased development of new custom assembly, Adrenaline and backplane products for several OEMs, the Wireless Group introduced several new Xingerâ surface mount components addressing 3G, MMDS, Hyper Lan, DBS and other applications. These new Xinger products enable microwave designers to reduce both the size and cost of microwave assemblies.

Record gross margins of 43.4% for the fourth quarter. The capital improvements made during fiscal 2000 have increased production yields and manufacturing efficiency.

Improved customer diversity as a result of strong growth with several OEMs. For the fourth quarter, sales to four customers each exceeded 10% of total net sales with no customer exceeding 20% of total net sales.

Successful integration and strong growth at RF Power subsidiary. The Sales organization has been integrated to leverage jointselling of our power products and RF Power’s manufacturing facility is being expanded by 30%.

For the fiscal year ended June 30, 2000, net sales were a record $60,171,836, up 32% from net sales of $45,738,992 for the fiscal year ended June 30, 1999. Pre-tax income for fiscal 2000 was $14,703,799, up 61% from fiscal 1999, while net income grew to $9,640,799, up 39% from fiscal 1999. Diluted earnings per share for the year were $1.00 compared to $0.80 for the prior fiscal year.

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