Herley Industries, Inc. Celebrates 45th Anniversary With Record Revenues for FY 2010 and Solid Backlog Heading Into FY 2011

LANCASTER, Pa., Aug. 10 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) today announced that August 9, 2010 marked Herley's 45th anniversary.

John A. Thonet, Chairman of the Board, commented, "Herley was founded in 1965 by Lee Blatt and Herman Kagan.  Herley's founders can be very proud of the Company that Herley has become in the last 45 years.  What began as a very small business has grown into a successful defense contractor with over 1000 employees at multiple domestic and international locations.  Herley has stood the test of time, and we look forward to continuing the success story begun so long ago."

Mr. Thonet continued, "This has been a year of significant events for Herley that included changes in top management as well as the resolution of significant legal matters with which the company had been dealing since 2006.  The financial results of the Company's first three quarters for FY 2010 demonstrated improvements in performance when compared to the same periods during the past three fiscal years.  At the Annual Meeting of the Shareholders in March, I said I believed Herley could reach record revenues for FY 2010.  While we will not announce our fiscal year results until October, our preliminary financial results indicate that Herley achieved revenues of approximately $185 million, the highest annual revenues in Herley's 45-year history.  Herley's backlog, in excess of $187 million at fiscal year end, remains strong going into the new fiscal year.

"We look forward to FY 2011 with a goal of continuing our trend of improved performance.  With the resolution of Herley's legal entanglements, we look forward to the coming year without the uncertainties and significant costs associated with this litigation.  We will be celebrating the Company's 45th anniversary year by hosting our first Annual Analyst Day and Investor Conference on October 21, 2010.  The Conference will be held in Woburn, Massachusetts, and interested investors will be invited to tour Herley New England's state-of-the-art manufacturing operation."

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 six manufacturing locations and approximately 1000 employees. Additional information about the company can be found on the Internet at 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. Forward-looking statements involve various important assumptions, risks, uncertainties and other factors which could cause our actual results to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this discussion can be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "plan," "intend," "may," "should" or the negative of these terms or similar expressions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievement. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors including but not limited to, competitive factors and pricing pressures, changes in legal and regulatory requirements, cancellation or deferral of customer orders, technological change or difficulties, difficulties in the timely development of new products, difficulties in manufacturing, commercialization and trade difficulties and current economic conditions, including the potential for significant changes in US defense spending under the current Administration which could affect future funding of programs and allocations within the budget to various programs as well as the factors set forth in this report and in our public filings with the Securities and Exchange Commission.  We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Herley Industries, Inc.

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