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2014
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Measurement Specialties Announces Second Quarter Results

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    FAIRFIELD, N.J., Nov. 14 /PRNewswire-FirstCall/ --
 Measurement Specialties (Amex:   MSS) today announced they have filed their
 Quarterly Report on Form 10Q for the three month period ended September 30,
 2002.  Net sales for the three months ended September 30, 2002 were $32.4
 million, as compared to $25.8 million for the same period last year.  Net
 sales for the six months ended September 30, 2002 increased 13% to $56.1
 million, as compared to $49.5 million for the six months ended September 30,
 2001.  For the six months ended September 30, 2002, net sales were $29.6
 million for the Consumer Products segment and $26.4 million for the Sensor
 segment, a 22.8% and 4.0% increase, respectively, over the same period last
 year.  For the three months ended September 30, 2002, gross profit increased
 $4.0 million, to $10.4 million from $6.4 million for the three months ended
 September 30, 2001.  For the three months ended September 30, 2002, gross
 margin improved to 32.1% from 24.7% for the same period last year.  For the
 six months ended September 30, 2002, gross margin improved to 32.5%, as
 compared to 25.7% for the six month period ended September 30, 2001.
     For the three months ended September 30, 2002, the Company reported a net
 loss of $1.0 million, compared to a net loss of $5.4 million for the three
 months ended September 30, 2001.  Selling, general and administrative expense
 was $9.9 million for the three months ended September 30, 2002 compared to
 $9.4 million for the three months ended September 30, 2001.   For the
 three-month period ended September 30, 2002, non-recurring professional fees
 and expenses totaled approximately $2.7 million.  Restructuring expenses
 associated with the shut-down of the Valley Forge operation totaled
 $0.5 million for the same period.  For the six month period ended September
 30, 2002, the Company had a net loss of $3.2 million, as compared to a net
 loss of $7.5 million for the six months ended September 30, 2001.
     ALL OF THE ABOVE FIGURES REPRESENT RESULTS OF CONTINUING OPERATIONS (the
 figures exclude the results of Terraillon Holdings Limited and Schaevitz-UK,
 classified as discontinued operations).
     "We are not there yet, but we are certainly making solid progress,"
 commented Frank Guidone, CEO.  "The fact that we were able to generate
 positive cash, albeit slight, from operations through the first six months is
 significant considering the seasonal consumer working capital needs during the
 second quarter.  We expect non-recurring expenses to decline, and anticipate
 additional benefits from the restructuring program as those initiatives gain
 traction.  The $9.3 million bridge loan secured two weeks ago through
 Castletop Capital, LP allowed us to satisfy all of the obligations under the
 previous credit agreement, so the Company is no longer in covenant default.
 Now that the second quarter 10Q has been filed, we can turn our attention back
 to securing a long-term revolving credit facility.  Overall, we are satisfied
 that the situation has been stabilized."
 
     The Company will host an investor conference call to answer questions
 regarding the quarterly results on Wednesday, November 20th at 1:00 PM EST.
 US dialers: (800) 288-8976; International dialers: (612) 288-0340.  A
 recording of the call will be available for 30 days by dialing (800) 475-6701
 and entering access code 661142.  International callers should dial (320) 365-
 3844 and enter access code 661142.  The call will be simultaneously broadcast
 over the Internet and available for 30 days thereafter at
 http://www.vcall.com.
 
     Measurement Specialties is a designer and manufacturer of sensors, and
 sensor-based consumer products.  Measurement Specialties produces a wide
 variety of sensors that use advanced technologies to measure precise ranges of
 physical characteristics, including pressure, motion, force, displacement,
 angle, flow, and distance.  Measurement Specialties uses multiple advanced
 technologies, including piezoresistive, application specific integrated
 circuits (ASICs), micro-electromechanical systems (MEMS), piezopolymers, and
 strain gages to allow their sensors to operate precisely and cost effectively.
 
     This release includes forward-looking statements within the meaning of
 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
 Securities and Exchange Act of 1934, as amended, including but not limited to,
 statements regarding declines in non-recurring expenses, benefits from the
 Company's restructuring program, the ability to secure a long-term revolving
 credit facility and the stabilization of the Company.  Forward-looking
 statements may be identified by such words or phases  "intends," "expects,"
 "will," "continue," "anticipate," "estimated," "projected," "may," "we
 believe," "future prospects," "continue to make solid progress," or similar
 expressions.  The forward-looking statements above involve a number of risks
 and uncertainties.  Factors that might cause actual results to differ include,
 but are not limited to, success of any reorganization; ability to raise
 additional funds; the outcome of the class action lawsuits filed against the
 Company; the outcome of the current SEC investigation of the Company;
 conditions in the general economy and in the markets served by the Company;
 competitive factors, such as price pressures and the potential emergence of
 rival technologies; interruptions of suppliers' operations affecting
 availability of component materials at reasonable prices; timely development
 and market acceptance, and warranty performance of new products; success in
 integrating prior acquisitions; changes in product mix, costs and yields,
 fluctuations in foreign currency exchange rates; uncertainties related to
 doing business in Hong Kong and China; and the risk factors listed from time
 to time in the Company's SEC reports.  The Company is involved in an announced
 active disposition program.  Forward-looking statements do not include the
 impact of acquisitions or dispositions of assets, which could affect results
 in the near term.  Actual results may differ materially.  The Company assumes
 no obligation to update the information in this issue.
 
                      Make Your Opinion Count - Click Here
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SOURCE Measurement Specialties

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