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SRA Announces Financial Results for Third Quarter of Fiscal Year 2008- Revenue up 18% year-over-year to $376 million - Operating income up 30% to $29.6 million - Diluted EPS up $0.04 to $0.30 - $503 million of contract awards - $17 million of shares repurchased during the quarter

FAIRFAX, Va., May 6 /PRNewswire-FirstCall/ -- SRA International, Inc. , a leading provider of technology and strategic consulting services and solutions to government organizations, today announced operating results for the third quarter of fiscal year 2008, which ended March 31, 2008.

Revenue for the quarter was $376.0 million, up 18% from $317.6 million in the March 2007 quarter. Operating income for the quarter was $29.6 million, for an operating margin of 7.9%. Net income was $18.0 million, for a net margin of 4.8%. Diluted earnings per share for the quarter were $0.30, up $0.04 year-over-year.

SRA President and CEO Stan Sloane said, "We were pleased to win nearly three times the volume of contract awards that we won in the same quarter last year. Some of these programs will take time to ramp up because of protested award decisions, but they are a positive indicator for future growth."

"We're also enthusiastic about our agreement to acquire Era Corporation, which we announced last week. Era fits nicely into our plan to increase the product-based component of our business and continue to expand our international footprint. We look forward to completing the transaction and joining forces with an air surveillance market leader."

CFO and Executive Vice President for Operations Steve Hughes added, "Third quarter revenue grew 18% year-over-year, while the low-margin rebillable component declined as planned. This improvement in the business mix led to better operating margins. Operating margin increased to 7.9% in the quarter, 70 basis points better than a year ago."

New Business Awards

The Company won new business in the third quarter with potential value of $503 million, if all options are exercised. As of March 31, 2008, the Company's backlog of signed business orders was $3.9 billion, an increase of 11% year-over-year.

Major highlights of competitive contract awards in the quarter include: -- Joint Tactical Radio System (JTRS), Network Enterprise Domain (NED). The Defense Department awarded SRA a five-year, $108 million task order to perform management support services for the JTRS NED program office. A consolidation of work previously being performed separately by SRA and several other contractors, this win represents the second significant expansion of the Company's San Diego presence in the last six months. -- Drug Enforcement Administration (DEA), Enterprise Management Services (EMS). SRA was awarded a five-year, $78 million contract to provide IT infrastructure services to the DEA. This award has been protested by the incumbent contractor, and a decision is expected in the June quarter. -- Department of Defense (DoD), Defense Manpower Data Center (DMDC). The Company won a five-year, $48 million contract to continue supporting the DMDC, which serves as the DoD's human resource information archive for more than 28 million current and former service men and women. Under the contract, SRA will deliver database design and management, software support and identity management solutions. -- Food and Drug Administration (FDA), FDA Adverse Event Reporting System (FAERS). The FDA awarded SRA a five-year, $27 million contract to develop the FAERS system for collecting and monitoring reports of adverse events related to FDA-regulated products. -- Office of Personnel Management (OPM), Network Services. SRA won a 2.5-year, $24 million recompete contract to perform network services for OPM. The contract will involve the full lifecycle of network design, management and operations support.

The Company was also awarded several multiple-award, indefinite delivery/indefinite quantity (ID/IQ) contracts in the March quarter. ID/IQ vehicles are not included in the Company's quarterly bookings total, but they provide a solid foundation for future growth.

-- Environmental Protection Agency (EPA), Office of Research and Development (ORD). SRA was awarded a prime contract on the seven-year, $200 million Software Engineering and Specialized Scientific Support (SES3) blanket purchase agreement (BPA) for the EPA. The Company has since won two task orders under the BPA, with a combined value of $32 million. -- U.S. Army, Program Executive Office Enterprise Information Systems (PEO EIS). PEO EIS named SRA one of five awardees of the Program Management Support Services-2 (PMSS-2) contract, which has a total value of approximately $478 million over five years. The award decision has been protested, and task order activity will not begin until the protest has been resolved. Share Repurchase

In accordance with a repurchase authority established by its Board of Directors in 2007, SRA executed an open market share buyback during the March quarter. The Company repurchased about 754,000 shares of its stock in the quarter, deploying a total of $17.3 million in cash. The average share price for repurchased shares was $22.91. Although the Company's acquisition program remains its top priority for capital deployment, management may elect to continue opportunistic use of its repurchase authority in the future.

Forward Guidance

The Company is updating its forward guidance for the fourth quarter and full fiscal year 2008. The table below represents management's current expectations about the Company's future financial performance, based on information available at this time. The forward guidance in this table does not include any effect for the pending acquisition of Era Corporation or any acquisitions SRA might make in the future.

Measure Quarter Ending Fiscal Year Ending June 30, 2008 June 30, 2008 Revenue (in millions) $370-$390 $1,492-$1,512 Diluted EPS $0.31-$0.33 $1.23-$1.25 Diluted Share Equivalents (in millions) 59.4 59.4

The updated revenue guidance is lower than previously issued guidance primarily because of a reduced direct material revenue forecast. Given the consistent June quarter Diluted EPS range, the implied profit margins are higher in this revised guidance. These changes are consistent with the higher labor services component of revenue in the latest forecast.

Conference Call

SRA senior management will hold a conference call to discuss these operating results and forward guidance today at 5:00 PM Eastern. Interested parties may listen to the conference call by dialing 888-287-9905 (U.S./Canada) or 706-643-7540 (Other) with passcode 42439207. The conference call will be Webcast simultaneously through a link on the SRA Web site (http://www.sra.com/). A replay of the conference call will be available approximately two hours after the conclusion of the call from May 6 through May 20, 2008 by dialing 800-642-1687 (U.S./Canada) or 706-645-9291 (Other) and entering passcode 42439207.

About SRA International, Inc.

SRA is a leading provider of technology and strategic consulting services and solutions -- including systems design, development, and integration; and outsourcing and managed services -- to clients in national security, civil government, and health care and public health markets. The Company also delivers business solutions for contingency and disaster response planning, information assurance, business intelligence, environmental strategies, enterprise architecture, infrastructure management, and wireless integration.

FORTUNE(R) magazine has chosen SRA as one of the "100 Best Companies to Work For" for nine consecutive years. The Company's 6,400 employees serve clients from its headquarters in Fairfax, Virginia, and offices around the world. For additional information on SRA, please visit http://www.sra.com/.

Any statements in this press release about future expectations, plans, and prospects for SRA, including guidance about future financial results and statements about the estimated value of contracts and work to be performed, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: our dependence on our contracts with federal government agencies, particularly within the U.S. Department of Defense, for substantially all of our revenue; our dependence on our GSA schedule contracts and our position as a prime contractor on government-wide acquisition contracts to grow our business; our ability to attract and retain skilled employees; any reductions in or reallocations of the U.S. defense budget or the budgets for civil government agencies; the market price of the company's stock prevailing from time to time; the nature of other investment opportunities presented to the company from time to time; the company's cash flows from operations; and other factors discussed in our latest quarterly report on Form 10-Q filed with the Securities and Exchange Commission on February 7, 2008. In addition, the forward-looking statements included in this press release represent our views as of May 6, 2008. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward- looking statements should not be relied upon as representing our views as of any date subsequent to May 6, 2008.

Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts) Three Months Ended Nine Months Ended 31-Mar-08 31-Mar-07 31-Mar-08 31-Mar-07 Revenue $376,002 $317,586 $1,122,144 $942,665 Operating costs and expenses: Cost of services 276,708 237,684 837,706 710,485 Selling, general and administrative 63,508 51,588 176,498 148,921 Depreciation and amortization 6,230 5,535 18,821 15,585 Total operating costs and expenses 346,446 294,807 1,033,025 874,991 Operating income 29,556 22,779 89,119 67,674 Interest expense (611) (7) (2,216) (27) Interest income 886 1,180 3,374 4,514 Gain on sale of Mantas, Inc. - - - 3,674 Income before taxes 29,831 23,952 90,277 75,835 Provision for income taxes 11,788 8,979 35,784 29,058 Net income $18,043 $14,973 $54,493 $46,777 Earnings per share: Basic $0.31 $0.26 $0.95 $0.83 Diluted $0.30 $0.26 $0.92 $0.80 Weighted-average shares: Basic 57,852,369 56,696,382 57,600,872 56,299,701 Diluted 59,468,955 58,383,305 59,407,213 58,261,389 Condensed Consolidated Balance Sheets (Unaudited) (in thousands) As of 31-Mar-08 30-Jun-07 Current assets: Cash and cash equivalents $136,517 $212,034 Restricted cash 1,126 - Accounts receivable, net 341,450 262,409 Prepaid expenses and other 21,029 26,370 Deferred income taxes, current 10,764 5,860 Total current assets 510,886 506,673 Property and equipment, net 37,875 36,685 Other assets: Goodwill 394,153 256,530 Identified intangibles, net 39,314 30,849 Deferred income taxes, noncurrent 6,266 8,163 Deferred compensation trust 7,650 8,784 Other assets 16,185 - Total other assets 463,568 304,326 Total assets $1,012,329 $847,684 Current liabilities: Accounts payable and accrued expenses $118,699 $110,897 Accrued payroll and employee benefits 85,566 81,711 Billings in excess of revenue recognized 14,224 16,980 Total current liabilities 218,489 209,588 Long-term liabilities: Long-term debt 80,000 - Other long-term liabilities 26,861 12,641 Total long-term liabilities 106,861 12,641 Total liabilities 325,350 222,229 Stockholders' equity 686,979 625,455 Total liabilities and stockholders' equity $1,012,329 $847,684 Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) Nine Months Ended 31-Mar-08 31-Mar-07 Cash flows from operating activities: Net income $54,493 $46,777 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 18,821 15,585 Stock-based compensation 7,322 8,451 Deferred income taxes (1,372) (625) Gain on sale of Mantas, Inc. - (3,674) Loss on disposal of property and equipment 744 - Working capital changes, net of the effect of acquisitions (38,453) 7,708 Net cash provided by operating activities 41,555 74,222 Cash flows from investing activities: Capital expenditures (6,754) (10,289) Sales and maturities of investments - 9,749 Acquisition of Spectrum Solutions Group, net of cash acquired - (8,000) Acquisition of RABA Technologies, net of cash acquired - (94,237) Acquisition of Constella Group, LLC, net of cash acquired (189,714) - Proceeds from sale of Mantas, Inc. - 3,674 Net cash used in investing activities (196,468) (99,103) Cash flows from financing activities: Issuance of common stock 11,916 8,057 Tax benefits of stock option exercises 4,725 6,004 Borrowings (repayments) under credit facility, net of associated financing costs 79,676 - Reissuance of treasury stock 679 1,245 Purchase of treasury stock (17,600) (84) Net cash provided by financing activities 79,396 15,222 Net decrease in cash and cash equivalents (75,517) (9,659) Cash and cash equivalents, beginning of period 212,034 173,564 Cash and cash equivalents, end of period $136,517 $163,905 Supplemental disclosures of cash flow information: Cash paid during the period: Interest $1,885 $27 Income taxes $40,970 $30,820 Cash received during the period: Interest $3,670 $4,617 Income taxes $757 $438 Reconciliation Between Total Revenue Growth and Organic Revenue Growth (Unaudited) (in thousands) Organic revenue growth, as presented, measures revenue growth adjusted for the impact of acquisitions. The Company believes that this non-GAAP financial measure provides useful information because it allows investors to better assess the underlying growth rate of the Company's existing business. This non-GAAP financial measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Three Months Ended 31-Mar-08 31-Mar-07 % Increase Total Revenue, as reported $376,002 $317,586 18.4% Plus: Revenue from acquired companies for the comparable prior year period - 49,604 Organic Revenue $376,002 $367,190 2.4%

SRA International, Inc.

CONTACT: Dave Keffer, Vice President, Investor Relations,
+1-703-502-7731, david_keffer@sra.com, or Steve Hughes, CFO and Executive VP,
Operations, +1-703-502-7732, steve_hughes@sra.com, both of SRA International,
Inc.

Web site: http://www.sra.com/

Expedia, Inc. to Participate in Goldman Sachs Internet Conference

BELLEVUE, Wash., May 6 /PRNewswire-FirstCall/ -- Expedia, Inc. will participate in the Goldman Sachs Global Internet Conference in Las Vegas, Nevada on Wednesday, May 21, 2008. CEO and President Dara Khosrowshahi's presentation will begin at 1:50 p.m. PDT. A live audiocast of the session will be available to the public at http://www.expediainc.com/ir. A replay of the audiocast will be available for approximately 30 days following the conference.

About Expedia, Inc.

Expedia, Inc. is the world's leading online travel company, empowering business and leisure travelers with the tools and information they need to easily research, plan, book and experience travel. Expedia, Inc. also provides in-destination concierge service and activity desks for travelers. The Expedia, Inc. portfolio of brands includes: Expedia.com(R), hotels.com(R), Hotwire(R), Expedia(R) Corporate Travel, TripAdvisor(R), Expedia Local Expert(TM), Classic Vacations(R) and eLong(TM). Expedia, Inc.'s companies operate more than 50 global points of sale with sites in North America, South America, Latin America, Europe, Middle East, Africa and Asia Pacific. Expedia, Inc. is a component of the S&P 500 index. For more information, visit http://www.expediainc.com/ .

Expedia and Expedia.com are either registered trademarks or trademarks of Expedia, Inc. in the U.S. and/or other countries. Other logos or product and company names mentioned herein may be the property of their respective owners.

Expedia, Inc.

CONTACT: Investor Relations, +1-425-679-3555, or Media Relations,
+1-425-679-4317, both of Expedia, Inc.

Web site: http://www.expediainc.com/

RFMD(R) Announces Strategic Restructuring to Leverage Leadership in RF Components and Compound SemiconductorsCompany Expects to Eliminate Approximately $75 Million in Annual Wireless Systems Expenses

GREENSBORO, N.C., May 6 /PRNewswire-FirstCall/ -- RF Micro Devices, Inc. , a global leader in the design and manufacture of high-performance semiconductor components, today announced that effective immediately RFMD(R) is reducing its investments in wireless systems, including cellular transceivers and GPS solutions, in order to focus on core semiconductor component opportunities, including cellular front ends and other components in RFMD's Cellular Products Group (CPG) and the expanding portfolio of semiconductor components in RFMD's Multi-Market Products Group (MPG).

As a result, RFMD currently expects to eliminate product development expenses related to its wireless systems business by approximately $75 million this fiscal year beginning in the June 2008 quarter, with the full benefit expected to be realized in the December 2008 quarter.

Bob Bruggeworth, president and CEO of RFMD, said, "These strategic actions will enable RFMD to deliver more predictable financial results and substantially higher profitability. We are the industry leader in RF components and the world's largest manufacturer of compound semiconductors. We are investing in growing markets where we have a demonstrated track record of success, and we will measure our progress using operating income and return on invested capital (ROIC) as key performance metrics. We anticipate steady financial improvement throughout the year, and we currently forecast at least 10% non-GAAP operating income and double-digit ROIC by the end of the calendar year.

"While this is a difficult decision because of the impact on employees, these actions are the result of a comprehensive strategic review, including extensive market analyses and discussions with key customers and channel partners. We are confident the steps we have taken will increase shareholder value and provide significant long-term benefits to our global customers and stakeholders."

Key Restructuring Actions -- RFMD is eliminating approximately $75 million in annual expenses by reducing investments in wireless systems, including cellular transceivers and GPS solutions. -- RFMD projects approximately $40 million -- $50 million in restructuring charges, approximately two-thirds of which is expected to be non-cash, over the next two quarters with a global workforce reduction of approximately 350 employees. -- RFMD is engaged in discussions with strategic and financial buyers for some of these assets, but is not commenting currently on any potential transactions, including possible proceeds. -- RFMD will fully support cellular transceivers currently in production or commencing production, including POLARIS(R) 2, POLARIS 2 Radio Module, POLARIS 3 and POLARIS 3 Silver(TM).

RFMD anticipates revenue growth in cellular transceivers in fiscal 2009, with transceiver revenue continuing in fiscal 2010.

RF Micro Devices will conduct a conference call at 5:00 p.m. EDT today to discuss today's press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at http://www.earnings.com/ or http://www.rfmd.com/ (under Investor Info). A telephone playback of the conference call will be available approximately one hour after the call's completion by dialing 303-590-3000 and entering pass code 11111145.

About RFMD: RF Micro Devices, Inc. (Nasdaq GS: RFMD) is a global leader in the design and manufacture of high-performance semiconductor components. RFMD's products enable worldwide mobility, provide enhanced connectivity and support advanced functionality in the cellular handset, wireless infrastructure, wireless local area network (WLAN), CATV/broadband and aerospace and defense markets. RFMD is recognized for its diverse portfolio of semiconductor technologies and RF systems expertise and is a preferred supplier to the world's leading mobile device, customer premises and communications equipment providers.

Headquartered in Greensboro, N.C., RFMD is an ISO 9001- and ISO 14001-certified manufacturer with worldwide engineering, design, sales and service facilities. RFMD is traded on the NASDAQ Global Select Market under the symbol RFMD. For more information, please visit RFMD's web site at http://www.rfmd.com/.

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under the federal securities laws. RF Micro Devices' business is subject to numerous risks and uncertainties, including variability in quarterly operating results, the rate of growth and development of wireless markets, risks associated with our planned exit from our wireless systems business, including cellular transceivers and GPS solutions, the risk that restructuring charges may be greater than originally anticipated and that the cost savings and other benefits from the restructuring may not be achieved, risks associated with the operation of our wafer fabrication facilities, molecular beam epitaxy facility, assembly facility and test and tape and reel facilities, our ability to complete acquisitions and integrate acquired companies, including the risk that we may not realize expected synergies from our business combinations, our ability to attract and retain skilled personnel and develop leaders, variability in production yields, our ability to reduce costs and improve gross margins by implementing innovative technologies, our ability to bring new products to market, our ability to adjust production capacity in a timely fashion in response to changes in demand for our products, dependence on a limited number of customers, and dependence on third parties. These and other risks and uncertainties, which are described in more detail in RF Micro Devices' most recent Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

RF MICRO DEVICES(R), RFMD(R) and POLARIS(TM) TOTAL RADIO(TM) are trademarks of RFMD, LLC. All other trade names, trademarks and registered trademarks are the property of their respective owners.

RF Micro Devices, Inc.

CONTACT: Dean Priddy, CFO, +1-336-678-7975, Doug DeLieto, VP, Investor
Relations, +1-336-678-7968, or Jerry Neal, EVP, Marketing and Strategic
Development, +1-336-678-7001

Web site: http://www.rfmd.com/

RFMD(R) Announces Fiscal 2008 Fourth Quarter ResultsCompany To Focus On RF Components, Expects To Eliminate Approximately $75 Million In Annual Wireless Systems ExpensesBusiness Highlights:- March 2008 Quarterly Revenue Totaled $221.9 Million- Quarterly Revenue For RFMD's Multi-Market Products Group (MPG) Was Approximately $51 Million, Or 23% Of Revenue- March 2008 Quarterly GAAP Loss Per Share Was ($0.06)- March 2008 Quarterly Non-GAAP Diluted Earnings Per Share Equaled $0.01- GAAP Gross Margin Was 25.7% And Non-GAAP Gross Margin Improved 140 Basis Points To 31.0%- RFMD Repurchased 30 Million Shares In The March Quarter, Reducing The Total Number Of Shares By Approximately 10%- June 2008 Quarterly Revenue Is Expected To Be In The Range Of Approximately $230 Million To $245 Million

GREENSBORO, N.C., May 6 /PRNewswire-FirstCall/ -- RF Micro Devices, Inc. , a global leader in the design and manufacture of high-performance semiconductor components, today reported financial results for its fiscal 2008 fourth quarter ended March 29, 2008. The financial results include a partial quarter of results from Filtronic Compound Semiconductors Ltd ("Filtronic"), which was acquired by RFMD(R) on February 29, 2008. Quarterly revenue decreased approximately 13.7% year-over-year and approximately 17.2% sequentially to $221.9 million. Operating loss was approximately ($31.6) million on a GAAP basis, and operating loss was approximately ($12.1) million on a non-GAAP basis. Non-GAAP gross margin improved 140 basis points during the quarter, due primarily to the sequential increase in MPG revenue. Consistent with guidance provided on January 31, 2008, RFMD's March 2008 quarterly revenue reflected relative strength in MPG and a mid-quarter increase in demand related primarily to GSM/GPRS cellular front ends.

Separately today, RFMD announced that it is focusing its investments on RF components, including cellular front ends and other cellular handset components in its Cellular Products Group (CPG) and MPG's high-value RF components. RFMD is reducing its expenses in wireless systems, including cellular transceivers and GPS solutions. RFMD will continue to support current generations of POLARIS(R) products, including POLARIS 2 and POLARIS 3, at leading customers. RFMD expects these actions will eliminate approximately $75 million in annual product development expenses related to wireless systems. As a result, RFMD forecasts at least 10% non-GAAP operating income and double-digit return on invested capital (ROIC) by the end of the calendar year. For more details, please see the press release titled, "RFMD Announces Strategic Restructuring To Leverage Leadership In RF Components And Compound Semiconductors," issued today.

RFMD Product Group Highlights CPG -- As a result of the strategic restructuring, RFMD expects to eliminate approximately $75 million in annual product development expenses related to wireless systems -- CPG revenue for the quarter was approximately $171 million, or 77% of total revenue -- RFMD experienced a mid-quarter improvement in GSM/GPRS front end unit volume, related primarily to a major customer platform ramp -- RFMD experienced increased design activity during the March 2008 quarter and estimates channel inventory levels have improved significantly, especially in Asia -- RFMD commenced the production ramp of its industry-leading EDGE front ends at a leading handset original equipment manufacturer (OEM) in the March quarter, resulting in production volume shipments to all five of the world's leading handset OEMs -- RFMD experienced strong bookings and increased design activity in WCDMA, driven by multiple customers -- RFMD previously announced the consolidation of its production test facilities for high volume cellular products and anticipates these actions will improve cash flow and profitability by $3.0 million to $3.5 million per year MPG -- MPG revenue for the quarter was approximately $51 million, or 23% of total revenue -- The sequential increase in MPG revenue contributed to the 140-basis point improvement in non-GAAP gross margin -- RFMD's March 2008 quarterly results included approximately $7 million in annualized operating expense savings, in line with the previously identified "hard synergies" from the Sirenza Microdevices acquisition -- RFMD expanded its industry-leading RF product portfolio to include microwave and millimeter wave components and introduced InGaP HBT power amplifiers for wireless infrastructure applications across all cellular standards and frequencies -- MPG is on track to release more than 100 new products in fiscal 2009 -- MPG is currently booked for double-digit sequential revenue growth in the June quarter and is on track for its fiscal 2009 revenue goal of $250 million

GAAP and non-GAAP financial measures are presented in the tables below, and non-GAAP financial measures are reconciled to the corresponding GAAP financial measures in the financial statement portion of this press release.

GAAP RESULTS (in millions, Q4 Fiscal Q3 Fiscal % Change Q4 Fiscal % Change except percentages 2008 2008 vs. Q3 2007 vs. Q4 and per share data) 2008 2007 Revenue $221.9 $268.2 (17.2)% $257.3 (13.7)% Gross Margin 25.7% 26.2% (0.5)ppt 35.2% (9.5)ppt Operating (Loss) Income $(31.6) $(24.4) 29.2% $21.4 (247.2)% Net (Loss) Income $(16.5) $(15.1) 9.1% $30.1 (154.6)% Diluted (LPS) EPS $(0.06) $(0.06) (3.2)% $0.14 (143.8)%

NON-GAAP RESULTS (excluding share-based compensation, amortization of intangibles, amortization of acquisition-related inventory step-up, acquired in process research and development charge, manufacturing facility relocation and related costs, discontinuation of WLAN chipset development efforts, impairment of intangible license, manufacturing start-up costs, loss on investment, gain on sale of substantially all Bluetooth(R) assets, restructuring charges, and the tax effect on certain non-GAAP adjustments)

(in millions, Q4 Fiscal Q3 Fiscal % Change Q4 Fiscal % Change except percentages 2008 2008 vs. Q3 2007 vs. Q4 and per share data) 2008 2007 Gross Margin 31.0% 29.6% 1.4ppt 35.7% (4.7)ppt Operating (Loss) Income $(12.1) $6.1 (298.2)% $25.7 (147.1)% Net Income $3.0 $15.4 (80.6)% $29.2 (89.7)% Diluted EPS $0.01 $0.06 (82.8)% $0.13 (91.8)% Financial Guidance And Business Outlook -- Revenue in the June 2008 quarter is currently expected to be in the range of $230 million to $245 million, representing 4% to 10% sequential growth -- RFMD forecasts MPG revenue will increase sequentially approximately 15% to 20% in the June 2008 quarter as a result of strength in wireless infrastructure, CATV amplifiers, wireless LAN front ends, RF components for point-to-point digital radio applications and standard, or catalog RF, components -- RFMD forecasts CPG cellular front end revenue will increase 10% to 15% sequentially in the June 2008 quarter, and RFMD expects POLARIS(R) 3 revenue will increase sequentially in the June quarter, driven by new and existing handset models -- RFMD's CPG revenue guidance reflects significantly reduced expectations for transceiver revenue at RFMD's largest POLARIS 2 customer -- RFMD is engaged in discussions with strategic and financial buyers for some of its wireless systems assets, but is not commenting currently on any potential transactions, including possible proceeds -- RFMD projects approximately $40 million - $50 million in restructuring charges, approximately two-thirds of which is expected to be non-cash, over the next two quarters -- GAAP net loss in the June 2008 quarter is currently expected to be in the range of ($0.03) to ($0.04) per diluted share and does not reflect any restructuring charges resulting from today's announcement -- Non-GAAP net income in the June 2008 quarter is currently expected to be in the range of $0.01 to $0.02 per diluted share, excluding estimated share-based compensation expense and amortization of intangibles of approximately $13 million in the aggregate

The methodology used by RFMD to estimate share-based compensation expense does not factor in items such as new grants, terminations or amounts that may be capitalized in inventory, and the methodology used to estimate amortization of intangibles assumes no additional intangible assets are recorded. RFMD does not estimate the impact of share-based compensation expense on gross margin or operating expenses and will provide this information with its June 2008 quarterly results. Accordingly, actual quarterly results may differ from these estimates, and such differences may be material.

Comments From Management

Bob Bruggeworth, president and CEO of RFMD, said, "During the March quarter, RFMD experienced an improved demand environment for our industry-leading RF components. We commenced high volume shipments of our industry-leading GSM/GPRS front ends to a top-five handset OEM for a major new handset platform, and we experienced a rebound in demand among multiple handset customers based in China. Additionally, our diversification efforts continued to pay off as steady execution drove MPG revenue to approximately $51 million and as we introduced multiple high-value products for a customer list numbering in the thousands. In the June quarter, we are positioned for cellular front end market share gains at additional top-five OEMs as new handsets commence production, including a popular music phone for EDGE networks and a highly anticipated WCDMA handset manufactured by a Korea-based OEM.

"Looking forward, RFMD is eliminating all product development expenses related to wireless systems, including cellular transceivers and GPS solutions, and this is expected to unleash the value of a very profitable core RF components business, highlighted by CPG's cellular front ends and other cellular components and MPG's multi-market RF, microwave and millimeter wave components. As a result, we believe RFMD is positioned for the largest increase in profitability in our Company's history. Our RF components business consistently generates superior profitability and financial returns in excess of our cost of capital. We are increasing our focus on this core business and deploying the full force of our assets and resources behind it. We will continue to support our wireless systems currently in production, including POLARIS 2 and POLARIS 3, and we expect these products to contribute significant operating profit and cash flow over their multi-year product lifecycles."

Dean Priddy, CFO and corporate vice president of administration of RFMD, said, "We believe RFMD is at an inflection point for both financial and strategic leverage. RFMD projects materially higher profitability as a result of our focus on compound semiconductors and RF components, where we are the established industry leader. Our progress will be measurable, and we will calculate our success based upon anticipated improvements in operating income and ROIC. We currently expect at least 10% non-GAAP operating income and double-digit ROIC by the end of the calendar year. In conjunction with our share repurchase program, these actions demonstrate RFMD's commitment to improving shareholder value."

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), RFMD's earnings release contains the following non-GAAP financial measures: (i) non-GAAP gross margin, (ii) non-GAAP operating (loss) income, (iii) non-GAAP net income, and (iv) non-GAAP net income per diluted share. Each of these non-GAAP financial measures is adjusted from GAAP results to exclude certain expenses that are outlined in the "Reconciliation of GAAP to Non-GAAP Financial Measures" table on page 10.

In managing RFMD's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce unit costs with the goal of increasing gross margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and marketing programs. In addition, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance excluding the effect of certain non-cash expenses, unusual items and share-based compensation expense, which may obscure trends in RFMD's underlying performance.

We believe that these non-GAAP financial measures offer an additional view of RFMD's operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of RFMD's results of operations and the factors and trends affecting RFMD's business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of RFMD's operations, are outlined below:

Non-GAAP gross margin. Non-GAAP gross margin excludes share-based compensation expense, amortization of intangible assets, an adjustment for amortization of acquisition-related inventory step-up and an adjustment for manufacturing facility relocation and related costs. We believe that exclusion of these costs in presenting non-GAAP gross margin gives management and investors a more effective means of evaluating RFMD's historical performance and projected costs and the potential for realizing cost efficiencies. We believe that the majority of RFMD's purchased intangibles are not relevant to analyzing current operations because they generally represent costs incurred by the acquired company to build value prior to acquisition, and thus are effectively part of transaction costs rather than ongoing costs of operating RFMD's business. In this regard, we note that (i) once the intangibles are fully amortized, the intangibles will not be replaced with cash costs and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time, and (ii) although we set the amortization expense based on useful life of the various assets at the time of the transaction, we cannot influence the timing and amount of the future amortization expense recognition once the lives are established. Similarly, we believe that presentation of non-GAAP gross margin and other non-GAAP financial measures that exclude the impact of share-based compensation expense assists management and investors in evaluating the period-over-period performance of RFMD's ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of RFMD during the period in which the expense is incurred and generally is outside the control of management. Moreover, we believe that the exclusion of share-based compensation expense in presenting non-GAAP gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of share-based compensation to RFMD's gross margins and other financial measures in comparison to both prior periods as well as to its competitors. We also believe that the adjustments to margin related to the acquisition of Sirenza (amortization of acquisition-related inventory step-up and an adjustment for manufacturing facility relocation and related costs), do not constitute part of RFMD's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and gives management and investors a more effective means of evaluating our historical and projected performance.

We believe disclosure of non-GAAP gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

Non-GAAP operating (loss) income. Non-GAAP operating (loss) income excludes share-based compensation expense, amortization of intangible assets, restructuring charges, gain on sale of substantially all Bluetooth(R) assets, acquired in process research and development, amortization of acquisition-related inventory step-up, impairment of intangible license, costs associated with the relocation of a manufacturing facility, manufacturing start-up costs, and adjustments associated with the discontinuation of our WLAN chipset development efforts. We believe that presentation of a measure of operating (loss) income that excludes amortization of intangible assets and share-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross margin. We believe that restructuring charges, as well as the expenses and adjustments associated with the discontinuation of our WLAN chipset development efforts, manufacturing start-up costs, gain on sale of substantially all Bluetooth(R) assets, acquired in process research and development, amortization of acquisition-related inventory step-up, impairment of intangible license, and costs associated with the relocation of a manufacturing facility, do not constitute part of RFMD's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and gives management and investors a more effective means of evaluating our historical and projected performance. We believe disclosure of non-GAAP operating (loss) income has economic substance because the excluded expenses are either non-recurring in nature or do not represent current cash expenditures.

Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of share-based compensation expense, amortization of intangible assets, restructuring charges, manufacturing start-up costs, gain on sale of substantially all Bluetooth(R) assets, acquired in process research and development, amortization of acquisition-related inventory step-up, impairment of intangible license, costs associated with the relocation of a manufacturing facility, adjustments associated with the discontinuation of our WLAN chipset development efforts, loss on investment, and also reflect an adjustment of income tax expense associated with the exclusion of certain of these non-GAAP adjustments. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross margin and non-GAAP operating income. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either non-recurring in nature, do not represent current cash expenditures, or are variable in nature and thus unlikely to become recurring expenses.

Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP gross margin, non-GAAP operating (loss) income, non-GAAP net income and non-GAAP net income per diluted share as compared to the most directly comparable GAAP financial measures of gross margin, operating (loss) income, net (loss) income and net (loss) income per diluted share are (i) they may not be comparable to similarly titled measures used by other companies in RFMD's industry, and (ii) they exclude financial information that some may consider important in evaluating our performance. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross margin, operating (loss) income, net (loss) income and net (loss) income per diluted share.

About RFMD: RF Micro Devices, Inc. is a global leader in the design and manufacture of high-performance semiconductor components. RFMD's products enable worldwide mobility, provide enhanced connectivity and support advanced functionality in the cellular handset, wireless infrastructure, wireless local area network (WLAN), CATV/broadband and aerospace and defense markets. RFMD is recognized for its diverse portfolio of semiconductor technologies and RF systems expertise and is a preferred supplier to the world's leading mobile device, customer premises and communications equipment providers.

RF MICRO DEVICES(R), RFMD(R) and POLARIS(TM) TOTAL RADIO(TM) are trademarks of

RFMD, LLC. All other trade names, trademarks and registered trademarks are

the property of their respective owners. Tables To Follow RF MICRO DEVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 29, 2008(1) March 31, 2007 Total revenue $221,926 $257,270 Costs and expenses: Cost of goods sold 164,961 166,704 Research and development 56,941 47,095 Marketing and selling 17,817 12,963 General and administrative 12,460 8,448 Other operating expense 1,297 625 Total costs and expenses 253,476 235,835 Operating (loss) income (31,550) 21,435 Other income 3,580 2,047 (Loss) Income before income taxes $(27,970) $23,482 Income tax benefit 11,519 6,651 Net (loss) income $(16,451) $30,133 Net (loss) income per share, diluted $(0.06) $0.14 Weighted average outstanding diluted shares 276,085 228,937 (1) Management is currently evaluating the impact, if any, on fiscal 2008 financial results related to the strategic restructuring announced today. Accordingly, financial results shown may be impacted. RF MICRO DEVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Twelve Months Ended March 29, 2008 March 31, 2007 (Unaudited)(1) (Audited) Total revenue $957,552 $1,023,615 Costs and expenses: Cost of goods sold 681,314 666,755 Research and development 207,362 184,979 Marketing and selling 57,330 53,863 General and administrative 42,080 37,301 Other operating expense (income) 19,085 (33,834) Total costs and expenses 1,007,171 909,064 Operating (loss) income (49,619) 114,551 Loss on investment (521) (33,959) Other income 23,512 5,807 (Loss) Income before income taxes $(26,628) $86,399 Income tax benefit (expense) 33,163 (2,983) Net income $6,535 $83,416 Net income per share, diluted $0.03 $0.39 Weighted average outstanding diluted shares 230,450 226,513 (1) Management is currently evaluating the impact, if any, on fiscal 2008 financial results related to the strategic restructuring announced today. Accordingly, financial results shown may be impacted. RF MICRO DEVICES, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except per share data) (Unaudited) Three Months Ended March 29, December 29, March 31, 2008(1) 2007 2007 GAAP operating (loss) income $(31,550) $(24,416) $21,435 Share-based compensation expense 4,645 4,711 3,088 Amortization of intangible assets 7,682 4,706 567 Acquired in process research and development - 13,860 - Gain on sale of substantially all Bluetooth(R) assets - - (67) Amortization of acquisition-related inventory step-up 5,482 3,980 - Restructuring charges related to sale of substantially all Bluetooth(R) assets - - 668 Impairment of intangible license - 1,221 - Restructuring charges related to the integration of Sirenza 975 691 - Manufacturing start-up costs 299 838 - Manufacturing facility relocation and related costs 337 488 - Discontinuation of WLAN chipset development efforts 23 31 26 Non-GAAP operating (loss) income (12,107) 6,110 25,717 GAAP net (loss) income (16,451) (15,077) 30,133 Share-based compensation expense 4,645 4,711 3,088 Amortization of intangible assets 7,682 4,706 567 Acquired in process research and development - 13,860 - Gain on sale of substantially all Bluetooth(R) assets - - (67) Amortization of acquisition-related inventory step-up 5,482 3,980 - Restructuring charges related to sale of substantially all Bluetooth(R) assets - - 668 Impairment of intangible license - 1,221 - Restructuring charges related to the integration of Sirenza 975 691 - Manufacturing start-up costs 299 838 - Manufacturing facility relocation and related costs 337 488 - Discontinuation of WLAN chipset development efforts 23 31 26 Loss on investment - - 94 Tax effect on certain non-GAAP adjustments - - (5,316) Non-GAAP net income 2,992 15,449 29,193 Plus: Income impact of assumed conversions for interest on 1.50% convertible notes - 669 1,015 Non-GAAP net income plus assumed conversion of notes-Numerator for diluted income per share $2,992 $16,118 $30,208 GAAP weighted average outstanding diluted shares 276,085 244,985 228,937 Adjustments: Diluted stock options 1,793 4,408 - Assumed conversion of 1.50% convertible notes - 30,144 - Non-GAAP weighted average outstanding diluted shares 277,878 279,537 228,937 Non-GAAP net income per share, diluted $0.01 $0.06 $0.13 GAAP gross margin percentage 25.7% 26.2% 35.2% Adjustment for amortization of acquisition-related inventory step-up 2.5% 1.5% - Adjustment for share-based compensation 0.2% 0.4% 0.3% Adjustment for manufacturing facility relocation and related costs 0.1% 0.2% - Adjustment for intangible amortization 2.5% 1.3% 0.2% Non-GAAP gross margin percentage 31.0% 29.6% 35.7% (1) Management is currently evaluating the impact, if any, on fiscal 2008 financial results related to the strategic restructuring announced today. Accordingly, financial results shown may be impacted. RF MICRO DEVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 29, March 31, 2008 2007 (Unaudited)(2) (Audited) ASSETS Current assets: Cash and cash equivalents $129,750 $229,034 Short-term investments 99,877 89,678 Accounts receivable, net 115,629 102,307 Inventories 190,753 112,975 Other current assets 61,935 46,445 Total current assets 597,944 580,439 Property and equipment, net 430,237 373,455 Goodwill 720,289 114,897 Long-term investments 27,300 617 Intangible assets, net 205,072 8,486 Other assets 140,156 11,740 Total assets $2,120,998 $1,089,634 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $133,731 $108,929 Current portion - long-term debt 4,523 4,151 Other short-term liabilities, net 283 136 Total current liabilities 138,537 113,216 Long-term debt, net 616,698 245,709 Other long-term liabilities 126,337 11,042 Total liabilities 881,572 369,967 Shareholders' equity: Total shareholders' equity 1,239,426 719,667 Total liabilities and shareholders' equity $2,120,998 $1,089,634 (2) Management is currently evaluating the impact, if any, on fiscal 2008 financial results related to the strategic restructuring announced today, and management is currently evaluating balance sheet classification adjustments related to deferred taxes and purchase accounting adjustments. Accordingly, financial results shown may be impacted.

RF Micro Devices, Inc.

CONTACT: At RFMD(R), Dean Priddy, CFO, +1-336-678-7975, or Doug DeLieto,
VP, Investor Relations, +1-336-678-7968; or At the Financial Relations Board,
Joe Calabrese, +1-212-827-3772

Web site: http://www.rfmd.com/

Maxwell Technologies Reports First Quarter Financial ResultsUltracapacitor Revenue Up 64% as Top Line Grows by 38% vs. Q1 2007CONFERENCE CALL & WEBCAST AT 5 P.M. (EDT) TODAY, MAY 6, 2008 - DETAILS BELOW

SAN DIEGO, May 6 /PRNewswire-FirstCall/ -- Maxwell Technologies, Inc. today reported revenue of $17.3 million for its first quarter ended March 31, 2008, an increase of 38 percent over the $12.6 million recorded in the same period in 2007. Operating loss for the first quarter 2008 was $3.4 million, compared with $4.5 million in the same period last year. First quarter 2008 net loss of $5.6 million, or $0.28 per share, compared with $4.0 million, or $0.24 per share, in the same period last year, was affected by a non-cash negative swing of approximately $2.5 million, or $0.12 per share, in the change in fair value of conversion features of convertible debentures issued in 2005.

BOOSTCAP(R) ultracapacitor revenue for Q108 increased by 64 percent to $5.4 million, compared with $3.3 million for the same period last year. The company's high voltage capacitor and microelectronics product lines also generated increased sales, combining for Q108 revenue of $12.0 million, up 29 percent from the $9.3 million recorded in Q107.

"Heavy transportation and industrial applications that are advancing into production are contributing to a broader, more predictable revenue base for our emerging ultracapacitor product line," said David Schramm, Maxwell's president and chief executive officer. "Growing demand for ultracapacitors and substantial existing backlogs for our high voltage and microelectronics products are driving what we expect to be another strong revenue performance in the second quarter."

Other significant recent developments include: -- Announcement of a development collaboration with the Johnson Controls-Saft lithium-ion battery joint venture (JC-S), through which Maxwell will validate the cost, performance and environmental advantages of its proprietary dry fabrication process in the production of electrodes for lithium-ion batteries for hybrid-electric vehicles. -- Announcement by Maxwell and NessCap Co., Ltd. that the companies have agreed to a framework for settling patent disputes relating to their respective ultracapacitor products and have signed a Memorandum of Understanding including a provision to immediately halt litigation. -- Opening of an ultracapacitor customer support office in Munich, Germany, to service European automakers and global Tier 1 suppliers to the automotive and transportation industries. -- Recognition of Maxwell's high voltage capacitor group in Switzerland as the Siemens Power Transmission & Distribution High Voltage Circuit Breaker division's 2007 Supplier of the Year.

"We are encouraged by the positive trends for our existing product lines, and we believe that leveraging our patented energy storage technology into the large and rapidly growing lithium-ion battery industry represents a new and exciting value-creation opportunity for Maxwell," Schramm said. "The recently announced alliance with JC-S establishes a working relationship with the world's largest producer of automobile batteries, and late last year we announced a product development and outsource manufacturing collaboration with China's largest producer of lithium-ion batteries, the Lishen Battery Company."

Q108 gross margin was 30 percent, compared with 29 percent in Q407, reflecting ongoing improvements in manufacturing costs and production efficiency. Cash, investments in marketable securities and restricted cash totaled $28.6 million as of March 31, 2008, compared with $30.2 million as of December 31, 2007. Complete financial statements will be available with the filing of the company's Quarterly Report on Form 10-Q with the Securities & Exchange Commission within the next few days.

Management will conduct a conference call and simultaneous webcast to discuss first quarter financial results and the outlook for the balance of 2008 at 5 p.m. (EDT) today. The call may be accessed by dialing toll-free, (800) 862-9098 from the U.S. and Canada, or (785) 424-1051 for international callers. The live webcast may be accessed via the following link: http://www.maxwell.com/investors/investor-calendar.asp; subsequent replay may be accessed at the company's Presentation Archive via the following link: http://www.maxwell.com/investors/presentations.asp

Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP(R) ultracapacitor cells and multi-cell modules provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS(R) high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications. For more information, please visit our website: http://www.maxwell.com/.

Forward-Looking Statements -- Statements in this news release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

-- the company's history of losses and uncertainty about its ability to achieve or maintain profitability, or to obtain sufficient capital to finance its operations; -- development and acceptance of products based on new technologies; -- demand for original equipment manufacturers' products reaching anticipated levels; -- general economic conditions in the markets served by the company's products; -- cost-effective manufacturing and the success of outsourced manufacturing; -- the impact of competitive products and pricing; -- risks and uncertainties involved in foreign operations, including the impact of currency fluctuations; -- product liability or warranty claims in excess of reserves.

For further information regarding risks and uncertainties associated with Maxwell's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Maxwell's investor relations department at (858) 503-3233 or at our investor relations website: http://www.maxwell.com/investors/sec-filing.asp. All information in this release is as of May 6, 2008. The company undertakes no duty to update any forward-looking statement to reflect actual results or changes in the company's expectations.

MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2008 2007 Revenues: Products $16,777 $12,193 License fees and service revenue 557 363 Total revenues 17,334 12,556 Cost of sales 12,106 9,143 Gross profit 5,228 3,413 Operating expenses: Selling, general and administrative 5,339 5,055 Research and development 3,207 2,817 Amortization of intangibles 83 19 Loss on sale of equipment - 41 Total operating expenses 8,629 7,932 Loss from operations (3,401) (4,519) Interest expense, net (156) (319) Amortization of debt discount and prepaid debt costs (728) (904) Gain (loss) on embedded derivatives and warrants (993) 1,499 Other income (expense), net (33) 96 Loss from continuing operations before income taxes (5,311) (4,147) Income tax provision (benefit) 246 (99) Net loss $(5,557) $(4,048) Basic and diluted net loss per share $(0.28) $(0.24) Shares used in computing basic and diluted net loss per share 20,164 17,086 MAXWELL TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (Unaudited) March 31, December 31, 2008 2007 ASSETS Current assets: Cash and cash equivalents $15,625 $14,579 Investments in marketable securities 5,024 7,635 Trade and other accounts receivable, net 14,063 13,933 Inventories, net 16,371 14,717 Prepaid expenses and other current assets 1,831 1,657 Total current assets 52,914 52,521 Property and equipment, net 15,883 14,636 Intangible assets, net 3,318 3,154 Goodwill 23,598 21,183 Prepaid pension asset 9,662 8,369 Restricted cash 8,000 8,000 Other non-current assets 326 417 $113,701 $108,280 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $12,094 $9,516 Accrued warranty 809 768 Accrued employee compensation 3,357 2,885 Short-term borrowings and current portion of long-term debt 17,072 16,472 Deferred tax liability - current portion 378 378 Total current liabilities 33,710 30,019 Deferred tax liability, long-term 1,493 1,493 Convertible debentures and long-term debt, excluding current portion 12,060 13,544 Stock warrants 922 577 Other long-term liabilities 580 535 Commitments and contingencies Stockholders' equity: Common stock, $0.10 par value per share, 40,000 shares authorized; 20,795 and 20,417 shares issued and outstanding at March 31, 2008 and December 31, 2007, respectively 2,077 2,042 Additional paid-in capital 176,561 172,899 Accumulated deficit (125,651) (120,094) Accumulated other comprehensive income 11,949 7,265 Total stockholders' equity 64,936 62,112 $113,701 $108,280

Maxwell Technologies, Inc.

CONTACT: Michael Sund of Maxwell Technologies, Inc., +1-858-503-3233

Web site: http://www.maxwell.com/
http://www.maxwell.com/investors/investor-calendar.asp

Sigma-Aldrich to Present at the Baird 2008 Growth Stock Conference on Tuesday, May 13, 2008

ST. LOUIS, May 6 /PRNewswire-FirstCall/ -- Sigma-Aldrich Corporation will be presenting at the Baird 2008 Growth Stock Conference on Tuesday, May 13th at 1:20 PM CT in Chicago.

Interested parties may listen via live audio broadcast over the Internet available at http://ir.sigmaaldrich.com/. Users can click the "Webcast" icon to access this file. For the webcast on http://ir.sigmaaldrich.com/ users will need to have Media Player software, which can be downloaded at http://www.microsoft.com/windows/windowsmedia/9series/player.aspx.

About Sigma-Aldrich: Sigma-Aldrich is a leading Life Science and High Technology company. Our biochemical and organic chemical products and kits are used in scientific and genomic research, biotechnology, pharmaceutical development, the diagnosis of disease and as key components in pharmaceutical and other high technology manufacturing. We have customers in life science companies, university and government institutions, hospitals and in industry. Over one million scientists and technologists use our products. Sigma-Aldrich operates in 36 countries and has 7,900 employees providing excellent service worldwide. We are committed to accelerating our Customers' success through leadership in Life Science, High Technology and Service. For more information about Sigma-Aldrich, please visit our award-winning web site at http://www.sigma-aldrich.com/.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080506/AQTU157
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com Sigma-Aldrich Corporation

CONTACT: Debbie Bockius of Sigma-Aldrich Corporation, +1-314-286-8015,
dbockius@sial.com

Web site: http://www.sigma-aldrich.com/

ESCO Announces Second Quarter Results

ST. LOUIS, May 6 /PRNewswire-FirstCall/ -- ESCO Technologies Inc. today announced its results for the second quarter ended March 31, 2008, and also reaffirmed its full year earnings per share (EPS) guidance.

Within this release, references to "quarters" and "year-to-date" relate to the fiscal quarters and six-month periods ended March 31 for the respective fiscal years noted.

Net earnings and EPS are presented from "Continuing Operations" and "Discontinued Operations." Continuing Operations represent the results of the ongoing businesses of the Company, including the results of Doble for the four-month period subsequent to its November 30, 2007 acquisition. Discontinued Operations represent the results of the filtration portion of Filtertek which was sold on November 25, 2007.

Second Quarter 2008 vs. 2007 Summary - Continuing Operations -- Net sales increased $26.3 million, or 24.2 percent, to $135.2 million. -- EBIT dollars increased $2.1 million, or 19.2 percent, to $12.9 million. -- Total depreciation and amortization expense was $7.0 million compared to $4.3 million. -- Pretax earnings include $3.5 million ($0.08 per share, after tax) of amortization expense related to TWACS NG(TM) software and purchase accounting related assets. -- Pretax earnings were impacted by $3.2 million of interest expense in 2008 compared to $0.2 million of interest income in 2007. -- The effective tax rate was 37.3 percent in the 2008 second quarter compared to 18.5 percent (including the effect of research tax credits) in the second quarter of 2007. -- EPS from Continuing Operations was $0.23 per share (or $0.31 per share adjusted for the $0.08 per share of software and purchase accounting amortization noted above), compared to $0.34 per share in 2007, with the decrease due to higher interest expense and a higher tax rate in 2008. -- Net cash generated during the second quarter was $21.8 million. -- Entered orders were $164.1 million with a book-to-bill ratio of 121 percent. Six Months 2008 Year-to-Date Summary - Continuing Operations -- Net sales increased $80.7 million, or 42.6 percent, to $270.1 million. -- EBIT dollars increased $19.7 million, or 270 percent, to $26.9 million. -- Total depreciation and amortization expense was $12.7 million compared to $7.8 million. -- Pretax earnings include $8.3 million ($0.20 per share, after tax) of amortization expense related to TWACS NG software and purchase accounting related assets. -- Pretax earnings were impacted by $4.5 million of interest expense in 2008 compared to $0.5 million of interest income in 2007. -- The effective tax rate was 37.5 percent in 2008 compared to 2.4 percent (including the effect of research credits and loss in first quarter) in 2007. -- EPS from Continuing Operations was $0.53 per share (or $0.73 per share as adjusted for the $0.20 per share of software and purchase accounting amortization noted above), compared to $0.29 per share in 2007. -- Net cash generated year-to-date was $19.8 million. -- Entered orders were $294.4 million with a book-to-bill ratio of 109 percent. Discontinued Operations Summary

Discontinued Operations had no impact on the 2008 second quarter, and contributed $0.7 million, or $0.02 per share, to the 2007 second quarter.

The sale of Filtertek in the first quarter of 2008 resulted in a year-to-date net loss of $5.1 million, or $0.19 per share, from Discontinued Operations driven by the write-down of the vacated Puerto Rico property and by income tax expense related to its foreign operations.

The divestiture of Filtertek, net of transaction costs, generated $75.5 million of net cash. The Puerto Rico property was sold on March 31, 2008 for $1.4 million with the net cash proceeds of $1.3 million being received on April 1, 2008.

2nd Quarter Year-to-Date Earnings Per Share Summary 2008 2007 2008 2007 Continuing Operations $0.23 0.34 $0.53 0.29 Discontinued Operations -- 0.02 (0.19) 0.02 Net Earnings $0.23 0.36 $0.34 0.31 Sales

Second quarter 2008 sales of $135.2 million were 24.2 percent higher than second quarter 2007 sales of $108.9 million, and year-to-date sales increased 42.6 percent to $270.1 million compared to $189.4 million in 2007. Fiscal 2008 year-to-date sales include the recognition of $20.5 million of revenue in the first quarter related to electric AMI shipments to PG&E which occurred with the delivery of TWACS NG software version 3.0 in December 2007.

Utility Solutions Group sales of $74.6 million increased $25.3 million, or 51.5 percent in the 2008 second quarter compared to the second quarter of 2007, primarily driven by $21.7 million of sales from Doble in the 2008 second quarter. Fixed network RF AMI sales increased $5.1 million, or 43.1 percent, primarily due to higher gas AMI deliveries at PG&E. Fixed network power-line system (PLS) AMI sales decreased $1.8 million, or 5.3 percent, driven by lower sales to IOU customers (primarily in Texas), partially offset by a 22.4 percent increase in deliveries to COOP and public power (Municipal) customers which totaled $29.0 million during the 2008 second quarter. Software sales and sales of digital video security products increased $0.3 million in the second quarter of 2008. Year-to-date 2008 sales of $153.9 million increased $74.6 million, or 94.1 percent, driven by Doble's sales of $31.1 million; an RF AMI sales increase of $16.2 million, or 82.6 percent; and a PLS AMI sales increase of $29.8 million, or 60.2 percent, partially offset by a $2.5 million decrease in sales of digital video security products.

Test segment sales of $33.5 million in the 2008 second quarter decreased slightly from the $34.0 million of sales recognized in the second quarter of 2007. This decrease is a result of the timing of domestic chamber deliveries which are expected to be completed in the second half of fiscal 2008. Year-to-date, Test segment sales increased 5.4 percent, driven by the continued strength of the international end markets.

Filtration segment sales of $27.1 million increased $1.4 million, or 5.5 percent in the second quarter of 2008, primarily driven by the continued strength in the commercial aerospace market. Year-to-date, Filtration sales increased $2.7 million, or 5.6 percent.

Earnings Before Interest and Taxes (EBIT)

On a segment basis, items that impacted EBIT dollars and EBIT as a percent of sales ("EBIT margin") during the second quarter of fiscal 2008 included the following:

In the Utility Solutions Group, EBIT for the 2008 second quarter was $10.5 million (14.0 percent of sales), compared to $6.1 million (12.4 percent of sales) in the 2007 second quarter. The $4.4 million increase in EBIT dollars in the 2008 second quarter was the result of the sales increases within the segment as noted above. The 2008 second quarter also included higher TWACS NG software amortization compared to the 2007 second quarter ($2.9 million compared to $1.8 million). Year-to-date, 2008 EBIT was $23.9 million (15.5 percent of sales) compared to $3.3 million (4.2 percent of sales) with the significant increase driven by the 94 percent increase in year-to-date sales within this segment.

In the Test segment, EBIT was $2.7 million (8.2 percent of sales) and $4.7 million (7.2 percent of sales) for the 2008 second quarter and six months, respectively, compared to the 2007 second quarter and year-to-date EBIT of $4.1 million (12.0 percent of sales) and $6.2 million (10.0 percent of sales), respectively. The 2008 EBIT included approximately $0.7 million of non-recurring costs associated with the facility consolidation in Austin, Texas that was completed in January 2008. Absent these charges, the Test segment margin for the second quarter of 2008 would have been approximately 2.2 percent higher. Additionally, EBIT margins were lower due to changes in sales mix involving additional large chambers and fewer high-margin components sold in the comparable periods.

In the Filtration segment, 2008 second quarter EBIT was $4.9 million (18.1 percent of sales) compared to $5.2 million (20.3 percent of sales) in the prior year second quarter. The decrease in EBIT dollars and margin is due to sales mix changes at VACCO where fewer high margin defense spares were sold in the 2008 second quarter. Year-to-date, 2008 EBIT was $8.6 million (16.9 percent of sales) compared to 2007 EBIT of $6.9 million (14.4 percent of sales) with the increases being driven by the strength of the commercial aerospace market.

Corporate operating costs included in EBIT were $5.2 million and $10.2 million in the second quarter and six months of 2008, respectively, compared to $4.6 million and $9.1 million in the 2007 second quarter and six months, respectively. The 2008 increases are due to lower royalty income and higher amortization expenses related to purchase accounting identifiable intangible assets recorded at Corporate.

Effective Tax Rate

The effective tax rate from Continuing Operations in the second quarter of 2008 was 37.3 percent compared to 18.5 percent in the second quarter of 2007, and 37.5 percent compared to 2.4 percent for the six month periods of 2008 and 2007, respectively. The 2007 tax rates were favorably benefited by research tax credits realized throughout 2007.

New Orders

New orders received in 2008 were $164.1 million for the second quarter, and $294.4 million year-to-date resulting in a backlog at March 31, 2008 of $281.9 million.

New orders received were $99.6 million in the Utility Solutions Group, $32.5 million in Test, and $31.9 million in Filtration during the second quarter of 2008.

During the 2008 second quarter, Aclara Power-Line Systems received $25.1 million in orders from COOP and Municipal customers, and $8.9 million in orders from PREPA.

Orders from PG&E during the 2008 second quarter were $32.3 million, including $4.1 million related to the RF electric AMI order announced in March 2008. Subsequent to the second quarter end, the Company recorded an additional $11.1 million of PG&E orders ($6.1 million RF gas and $4.7 million RF electric) related to its AMI deployment, resulting in year-to-date PG&E orders of $57.6 million. Total PG&E order quantities since inception (1.7 million units, or $112.4 million) are detailed in a separate press release also dated May 6, 2008.

Cash

Net cash provided by operating activities from Continuing Operations was $37.7 million for the six months ended March 31, 2008. At March 31, 2008, the Company had $31 million in cash and $250.5 million of total debt outstanding for a net debt position of $219.5 million.

Doble Purchase Accounting

Management has finalized its purchase accounting valuation related to the identifiable intangible assets for Doble and has reflected these changes in the Balance Sheet at March 31, 2008. Identifiable intangible assets generally include: trade names; customer relationships; patents and proprietary know-how; firm order backlog; non-compete and employment agreements for key managers, and specific software and database applications. These identifiable intangible assets are required to be recorded on the opening Balance Sheet and amortized over their useful lives.

The total amount of Doble's identifiable intangible assets subject to amortization was $56.3 million and the estimated lives for these assets ranged from five years for certain software and database applications to 20 years for certain long-term customer relationships. Other intangible assets identified in the purchase accounting valuation were $192.6 million of non-amortizable goodwill and $112.3 million of indefinite life trade names.

The annual pretax amortization charge related to Doble's identifiable intangible assets is expected to be approximately $3.3 million for five years, decreasing to $2.7 million for the remaining 15 years.

Regarding tangible assets, Doble's finished goods inventory was required to be "stepped up" during purchase accounting by $1.7 million, which results in finished goods inventory being sold with no profit recognized. This results in positive cash flow, but "lost" profit of $1.3 million in fiscal 2008 and $0.4 million in fiscal 2009.

Chairman's Commentary

Vic Richey, Chairman and Chief Executive Officer, commented, "I am very pleased with our second quarter results as we exceeded our internal targets on nearly every operating metric. We came in well above plan on EBIT, cash flow, working capital and entered orders. Our Utility Solutions Group orders were well ahead of plan this quarter, with the bulk of the upside attributable to additional orders received from PG&E for the gas portion of its AMI deployment along with the initial RF electric order announced in March.

"On the AMR/AMI front, I remain very excited about the opportunities that we are addressing in the international marketplace as well as the momentum we are seeing from potential domestic customers as well. The amount of international pilot activity continues to expand, and we are confident that a few of these trials will ultimately lead to initial deployments over the next 12 months.

"Regarding Doble, the early results have been excellent, and after spending more time with the management team in Boston, I am more confident than ever that this acquisition will continue to exceed our original expectations and will be a significant contributor to our stated goal of increasing long-term shareholder value."

Mr. Richey concluded, "The continued market leadership position that our businesses demonstrate with innovative products and reliable services continues to provide us with growth opportunities across all business segments. Based on our current outlook described below, 2008 should be an exciting time for ESCO, both from a customer and shareholder perspective."

Business Outlook

Statements contained in the preceding and following paragraphs are based on current expectations. Statements that are not strictly historical are considered forward-looking, and actual results may differ materially.

The Business Outlook described below excludes the Discontinued Operations of Filtertek and the impact of any future acquisitions or divestitures, and includes: the expected operating results of Doble for the 10 months of operations included in fiscal 2008 since the date of acquisition; the impact of the amortization of identifiable intangible purchase accounting assets related to Aclara Software, Aclara RF, and Doble; the impact of the inventory step-up resulting in "lost" profit, and the amortization of the TWACS NG software.

PG&E Contract

PG&E's ongoing technology assessment activities may impact the timing and/or receipt of future orders from PG&E for its electric deployment, and until PG&E completes this evaluation and determines whether it will modify its AMI project plan, the Company cannot reasonably estimate the timing or total value of equipment orders that may be received. The gas portion of the PG&E contract is continuing to be deployed using Aclara RF's fixed network solution.

Revenue, EBIT Margins, and Earnings Per Share - 2008

Management continues to expect fiscal year 2008 revenues, EBIT margins and EPS to be consistent with the ranges described in detail in the Company's February 7, 2008 release.

Fiscal 2008 EPS is expected to be within the following ranges: EPS - GAAP Continuing Operations $1.80 to 1.90 Add: Intangible Asset Amortization and Inventory Step-Up $0.42 0.42 EPS - Adjusted Basis $2.22 to 2.32

As explained in the February 7, 2008 release, the $0.42 per share noted in the above reconciliation includes TWACS NG software amortization, purchase accounting intangible asset amortization related to the Company's recent acquisitions, and Doble's purchase accounting inventory step-up.

Additionally, interest expense for 2008, which is included in the GAAP EPS amounts noted above, is expected to be in the range of $0.24 to $0.26 per share, and stock option expense is expected to be in the range of $0.08 to $0.10 per share for the year. The effective annual tax rate for fiscal 2008 is expected to be approximately 37.5 percent.

Conference Call

The Company will host a conference call today, May 6, at 4:00 p.m., Central Time, to discuss the Company's second quarter operating results. A live audio webcast will be available on the Company's web site at http://www.escotechnologies.com/. Please access the web site at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the conference call will be available for seven days on the Company's web site noted above or by phone (dial 1-888-203-1112 and enter the pass code 1394569).

Forward-Looking Statements

Statements in this press release regarding the amounts and timing of fiscal 2008 future revenues, results, earnings, sales, EBIT, EPS, sales and EBIT margins, the timing and amounts of amortization charges related to Doble's identified intangible assets, potential future revenues from Doble, the success of international AMR/ AMI pilots and the likelihood of resulting international AMR/AMI deployments, the long-term success of the Company, and any other written or oral statements which are not strictly historical are "forward-looking" statements within the meaning of the safe harbor provisions of the federal securities laws. Investors are cautioned that such statements are only predictions and speak only as of the date of this release, and the Company undertakes no duty to update. The Company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company's operations and business environment including, but not limited to: the risk factors described in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2007, and in Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the three months ended December 31, 2007; actions by the California Public Utility Commission; PG&E's Board of Directors or PG&E's Management impacting PG&E's AMI projects; the outcome of PG&E's evaluation of other technologies to meet their requirements for the electric portion of its service territory; the success of the Company's competitors; changes in or the effect of the Federal Energy Bill; the timing and content of purchase order releases under the PG&E contracts; the Company's successful performance of the PG&E contracts; site readiness issues with Test segment customers; weakening of economic conditions in served markets; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties; unforeseen charges impacting corporate operating expenses; the performance of the Company's international operations; material changes in the costs of certain raw materials including steel and copper; delivery delays or defaults by customers; termination for convenience of customer contracts; timing and magnitude of future contract awards; containment of engineering and development costs; performance issues with key customers, suppliers and subcontractors; labor disputes; changes in laws and regulations including but not limited to changes in accounting standards and taxation requirements; costs relating to environmental matters; uncertainty of disputes in litigation or arbitration; the Company's successful execution of internal operating plans; and the integration of newly acquired businesses.

ESCO, headquartered in St. Louis, is a proven supplier of special purpose utility solutions for electric, gas and water utilities, including hardware and software to support advanced metering applications and fully automated intelligent instrumentation. In addition, the Company provides engineered filtration products to the aviation, space and process markets worldwide and is the industry leader in RF shielding and EMC test products. Further information regarding ESCO and its subsidiaries is available on the Company's web site at http://www.escotechnologies.com/.

ESCO Technologies Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended Three Months Ended March 31, 2008 March 31, 2007 Net Sales $135,159 108,860 Cost and Expenses: Cost of sales 78,263 66,698 SG&A 39,546 28,568 Amortization of intangible assets 4,598 2,792 Interest expense (income), net 3,187 (176) Other (income) expenses, net (137) (10) Total costs and expenses 125,457 97,872 Earnings before income taxes 9,702 10,988 Income taxes 3,620 2,035 Net earnings from continuing operations 6,082 8,953 Earnings from discontinued operations, net of tax expense of $363 - 665 Net earnings $6,082 9,618 Earnings per share: Basic Continuing operations 0.24 0.35 Discontinued operations 0.00 0.02 Net earnings $0.24 0.37 Diluted Continuing operations 0.23 0.34 Discontinued operations 0.00 0.02 Net earnings $0.23 0.36 Average common shares O/S: Basic 25,847 25,895 Diluted 26,250 26,491 ESCO Technologies Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except per share amounts) Six Months Ended Six Months Ended March 31, 2008 March 31, 2007 Net Sales $270,116 189,447 Cost and Expenses: Cost of sales 162,275 122,712 SG&A 73,056 55,191 Amortization of intangible assets 8,195 4,818 Interest expense (income), net 4,546 (497) Other (income) expenses, net (351) (564) Total costs and expenses 247,721 181,660 Earnings before income taxes 22,395 7,787 Income taxes 8,408 185 Net earnings from continuing operations 13,987 7,602 (Loss) earnings from discontinued operations, net of tax expense of $325 and $393, respectively (115) 635 Loss on sale of discontinued operations, net of tax of $4,809 (4,974) - Net (loss) earnings from discontinued operations (5,089) 635 Net earnings $8,898 8,237 Earnings per share: Basic Continuing operations 0.54 0.29 Discontinued operations (0.20) 0.03 Net earnings $0.34 0.32 Diluted Continuing operations 0.53 0.29 Discontinued operations (0.19) 0.02 Net earnings $0.34 0.31 Average common shares O/S: Basic 25,803 25,885 Diluted 26,227 26,477 ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Condensed Business Segment Information (Unaudited) (Dollars in thousands) Three Months Ended Six Months Ended March 31, March 31, 2008 2007 2008 2007 Net Sales Utility Solutions Group $74,571 49,226 153,880 79,260 Test 33,496 33,959 65,561 62,212 Filtration 27,092 25,675 50,675 47,975 Totals $135,159 108,860 270,116 189,447 EBIT Utility Solutions Group $10,466 6,109 23,874 3,327 Test 2,742 4,061 4,732 6,204 Filtration 4,913 5,226 8,562 6,908 Corporate (5,232) (1) (4,584) (2) (10,227) (3) (9,149) (4) Consolidated EBIT 12,889 10,812 26,941 7,290 Interest (expense)/ income (3,187) 176 (4,546) 497 Earnings before income taxes $9,702 10,988 22,395 7,787 Note: Depreciation and amortization expense was $7.0 million and $4.3 million for the quarters ended March 31, 2008 and 2007, respectively, and $12.7 million and $7.8 million for the six-month periods ended March 31, 2008 and 2007, respectively. (1) Includes $1.1 million of amortization of acquired intangible assets. (2) Includes $0.6 million of amortization of acquired intangible assets. (3) Includes $1.9 million of amortization of acquired intangible assets. (4) Includes $1.2 million of amortization of acquired intangible assets. ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands) March 31, September 30, 2008 2007 Assets Cash and cash equivalents $30,973 18,638 Accounts receivable, net 100,575 85,319 Costs and estimated earnings on long-term contracts 9,001 11,520 Inventories 71,670 55,885 Current portion of deferred tax assets 15,934 25,264 Other current assets 15,985 28,054 Current assets from discontinued operations - 35,670 Total current assets 244,138 260,350 Property, plant and equipment, net 72,903 50,193 Goodwill 318,365 124,757 Intangible assets, net 240,540 74,624 Other assets 14,193 10,338 Other assets from discontinued operations - 55,845 $890,139 576,107 Liabilities and Shareholders' Equity Short-term borrowings and current portion of long-term debt $15,474 - Accounts payable 36,814 45,726 Current portion of deferred revenue 17,665 24,621 Other current liabilities 46,328 31,859 Current liabilities from discontinued operations - 16,994 Total current liabilities 116,281 119,200 Long-term portion of deferred revenue 9,240 4,514 Deferred tax liabilities 82,208 18,522 Other liabilities 18,261 15,854 Long-term debt 235,000 - Other liabilities from discontinued operations - 2,534 Shareholders' equity 429,149 415,483 $890,139 576,107 ESCO TECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands) Six Months Ended March 31, 2008 Cash flows from operating activities: Net earnings $8,898 Adjustments to reconcile net earnings to net cash provided by operating activities: Net loss from discontinued operations 5,089 Depreciation and amortization 12,745 Stock compensation expense 2,326 Changes in operating working capital 1,451 Effect of deferred taxes 7,602 Change in deferred revenues and costs, net (859) Other 408 Net cash provided by operating activities - continuing operations 37,660 Net loss from discontinued operations, net of tax (5,089) Net cash provided by discontinued operations 125 Net cash used by operating activities - discontinued operations (4,964) Net cash provided by operating activities 32,696 Cash flows from investing activities: Acquisition of businesses, net of cash acquired (328,829) Proceeds from sale of marketable securities 4,966 Additions to capitalized software (8,004) Capital expenditures - continuing operations (8,673) Net cash used by investing activities - continuing operations (340,540) Capital expenditures - discontinued operations (1,126) Proceeds from divestiture of business, net - discontinued operations 74,370 Net cash provided by investing activities - discontinued operations 73,244 Net cash used by investing activities (267,296) Cash flows from financing activities: Proceeds from long-term debt 275,197 Principal payments on long-term debt (24,723) Debt issuance costs (2,965) Net decrease in short-term borrowings - discontinued operations (2,844) Excess tax benefit from stock options exercised 737 Other 1,533 Net cash provided by financing activities 246,935 Net increase in cash and cash equivalents 12,335 Cash and cash equivalents, beginning of period 18,638 Cash and cash equivalents, end of period $30,973 ESCO TECHNOLOGIES INC. AND SUBSIDIARIES Other Selected Financial Data (Unaudited) (Dollars in thousands) Backlog And Entered Utility Orders-Q2 FY 2008 Solutions Test Filtration Total Beginning Backlog- 12/31/07 continuing operations $111,128 61,280 80,615 253,023 Entered Orders 99,623 32,514 31,935 164,072 Sales (74,571) (33,496) (27,092) (135,159) Ending Backlog-3/31/08 $136,180 60,298 85,458 281,936 Backlog And Entered Utility Orders-Q2 YTD 2008 Solutions Test Filtration Total Beginning Backlog- 9/30/07 continuing operations $123,176 60,038 74,394 257,608 Entered Orders 166,884 65,821 61,739 294,444 Sales (153,880) (65,561) (50,675) (270,116) Ending Backlog-3/31/08 $136,180 60,298 85,458 281,936

ESCO Technologies Inc.

CONTACT: Patricia K. Moore, Director, Investor Relations of ESCO
Technologies Inc., +1-314-213-7277; or media inquiries, David P. Garino,
+1-314-982-0551, for ESCO Technologies Inc.

Web site: http://www.escotechnologies.com/

SGI Reports Third Quarter Fiscal Year 2008 ResultsOrder Momentum Continues; Strong Q4 Start with Significant Wins

SUNNYVALE, Calif., May 6 /PRNewswire-FirstCall/ -- SGI today announced financial results for the third quarter of fiscal 2008, which ended March 28, 2008.

The Company's Webcast and conference call to discuss results is Tuesday, May 6 at 2:00 p.m. PDT. The Webcast and presentation materials will be available on the SGI Investors Relations Web page at the time of the call, at http://www.sgi.com/company_info/investors/.

Third Quarter FY08 Highlights Overall in its third quarter, SGI: -- Grew orders 50 percent over orders received in the third quarter of the prior year -- Grew backlog to $134 million as of March 28, 2008, an 80 percent increase over the beginning of the company's fiscal year on a comparable basis -- Accelerated its software strategy with acquisition of key IP assets formerly owned by Linux Networx

"We have made great strides in continuing to execute on our strategy this quarter," said Bo Ewald, SGI Chief Executive Officer. "We saw a 50 percent increase in orders compared to the third quarter of last year, acquired significant software assets to strengthen our business and accelerate development of our Industrial Strength Linux Environment, announced a new support solutions program to reinforce our services offerings, and continued building on solid traction in our core markets. And with new significant customer wins in April, the fourth quarter is off to a strong start as well."

In this press release, SGI uses certain pro forma financial measures that are not calculated in accordance with GAAP, or non-GAAP financial measures. These measures are referred to as "pro forma" in this press release. In addition, the company uses bookings and backlog to measure performance. Bookings, also referred to as orders, reflect authorized orders for SGI products and professional services accepted in the period that are expected to ship in the next twelve months. Backlog is the cumulative bookings for which the company has not yet recognized revenue. Management believes that these non-GAAP financial measures, bookings and backlog are useful to investors because they facilitate period to period comparisons of SGI performance and because they help investors view the company's results of operations through the eyes of management and the company's lenders. SGI's credit line covenants, management reporting and incentive plans are measured against certain of these non-GAAP financial measures.

GAAP Q3 Results

GAAP revenue for the third quarter was $79.1 million, compared to $90.1 million in the second quarter. The third quarter GAAP operating loss was $40.6 million, compared to $30.8 million in the second quarter of fiscal 2008. GAAP operating expenses were $59.2 million for the third quarter of 2008, as compared to $58.6 million for the second quarter of fiscal 2008.

Pro Forma Q3 Results

Pro forma revenue was $80.9 million in the third quarter of fiscal 2008, compared with $109.1 million in the second quarter of fiscal 2008. Backlog at the end of the third quarter of 2008 grew to $133.9 million compared to $95.8 million at the end of the second quarter of fiscal 2008, the highest backlog level in the past five quarters.

"We are on track with growth in bookings, with much of the growth being attributable to significant wins and large long-term installations," said Kathy Lanterman, SGI Chief Financial Officer. "As we have said, our challenge is the revenue conversion cycle for these long-term orders, where revenue is not recognized for several months or quarters after we receive an order. We expect our operating results to improve as our growing backlog starts converting to revenue over the next two quarters."

Pro forma revenue excludes the impact of fresh-start accounting and the deferral of the company's recognition of revenues for certain of the company's transactions where software is more than incidental to the overall solution pursuant to AICPA Statement of Position 97-2, Software Revenue Recognition ("SOP 97-2"). Pro forma gross margin for the third quarter, which is adjusted for similar items, was 26.9 percent compared with 35.7 percent in the second quarter of fiscal 2008. Pro forma operating expenses, which exclude restructuring and reorganization-related expenses, the non-cash impact of the acquisition of IP assets of Linux Networx, stock-based compensation expense and the impact of fresh start accounting, were $52.7 million in the third quarter of fiscal 2008 compared with $55.3 million in the second quarter of fiscal 2008. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of fiscal 2008, as defined in the company's debt agreements, were a loss of $25.7 million, compared with an $11.0 million loss for the second quarter of fiscal 2008.

A reconciliation of the non-GAAP financial measures used in this press release to the company's GAAP results of operations, including an illustration of the impact of the company's fresh start accounting and the impact of the implementation of SOP 97-2, is attached to this press release and is also available at http://www.sgi.com/company_info/investors.

Strong Start to Fourth Quarter

SGI also reported that it has secured several major domestic and international wins during the fourth quarter to date. These included:

-- NASA chose SGI to supply its next major supercomputer, a 20,480-core, 20TB SGI(R) Altix(R) ICE system, after a competitive evaluation the space agency launched last year. The new supercomputer will support NASA's aeronautics, science, space operations and space exploration initiatives, including its plan to resume manned missions to the moon and eventually manned exploration of Mars. -- SGI entered into a multi-year agreement with total contract payments to SGI expected to be more than $25M with a major national European supercomputing center to equip the institution with high-performance SGI computing and storage solutions. The systems will be used to drive multiple applications and manage massive amounts of data. -- SGI also will provide a large European weather service with an extensive data warehouse solution, which will run Oracle 10g and Oracle Clusterware. The solution incorporates SGI Altix 4700 and SGI Altix 450 servers, and will enable the weather service to analyze more than 30 years of meteorological data -- a challenge that represents 360 terabytes of user data.

"We believe this quarter's wins show significant momentum for SGI across multiple geographies and product lines," added Ewald. "Our ability to prevail in many exceptionally competitive sales situations shows that customers recognize the value of open-standards-based solutions that deliver superior price/performance and leading energy efficiency."

Recent SGI Announcements -- Virtu VN200: A high density, highly scalable visualization system that can fully incorporate leading edge visualization capabilities into the full line of SGI Altix, SGI Altix XE and SGI Altix ICE servers. -- InfiniteStorage 4600: A new flagship RAID storage system that augments the InfiniteStorage product line and helps organizations meet the escalating bandwidth and I/O demands of today's performance-driven applications. -- Virtualized Storage Migration Solution: The new