Measurement Specialties Announces Update on Filings and AMEX Hearing

Oct 23, 2002, 01:00 ET from Measurement Specialties

    FAIRFIELD, N.J., Oct. 23 /PRNewswire-FirstCall/ --
 Measurement Specialties (Amex:   MSS) today announced they intend to file their
 Annual Report on Form 10-K for the fiscal year ended March 31, 2002 this week,
 and file their Quarterly Report on Form 10-Q for the three-month period ending
 June 30, 2002 immediately thereafter.  Additionally, the Company announced the
 hearing with the American Stock Exchange to appeal the AMEX determination that
 the Company is no longer eligible for listing on the exchange, originally
 scheduled for 10/22/02, has been postponed to 10/31/02.  A conference call to
 review the financial information will be scheduled for next week.
     "This has been a long and painful process," commented Frank Guidone, CEO.
 "Due to the restatement, and subsequent re-audit of FY01, the challenges
 associated with sorting through the financial issues were substantial.  While
 we are terribly disappointed with the results, we believe the restructuring
 efforts have largely addressed the cost and debt issues, and have positioned
 the company for a successful turnaround.  The shutdown of the Schaevitz-UK
 operation, the sale of the ICS wafer fab and closure of the Valley Forge
 facility (and associated reductions in headcount), have reduced operating
 expenses; second quarter sales are strong, gross margins are recovering, and
 we anticipate net income will follow.  While the Company is still incurring
 substantial professional fees associated with the restructuring efforts, on an
 operating basis, we are cash flow neutral.  We fully expect the changes made
 to the organizational, process and financial controls to allow the Company to
 provide more accurate and timely reporting in the future."
     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 the continued production of current product lines.
 Forward looking statements may be identified by such words or phases as
 "intends," "are expected to," "will continue," "is anticipated," "estimated,"
 "projected," "may," "continued listing on the exchange," "we believe," "future
 prospects," "continue to make solid progress," "return the Company to
 profitability" 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; consummation of any contemplated sale of assets; 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.
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SOURCE Measurement Specialties