Starmet Corporation Announces Fourth Quarter Fiscal 1997 Results

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Starmet Corporation Announces Fourth Quarter Fiscal 1997 Results

    CONCORD, Mass., Dec. 30 /PRNewswire/ -- Starmet Corporation (Nasdaq: STMT)
the Concord Massachusetts based manufacturer of specialized metal products,
today announced financial results for the fourth quarter and for the fiscal
year ended September 30, 1997.
    Net Income for the fourth quarter was $571,000 or $0.11 per share on
average shares outstanding of 5,014,305.  Included in earnings is a reduction
of reserves for site remediation and burial costs of $932,000 and a reduction
of inventory reserves of $323,000.  This compares with a net loss of
$(3,633,000) or $(0.76) per share on average shares outstanding of
4,781,928, for the same quarter a year earlier.  (Included in the Company's
fourth quarter of fiscal 1996 loss was a $2,100,000 charge for estimated
losses on production contracts at Starmet CMI, the Company's wholly-owned
subsidiary.)  Sales for the fourth quarter of fiscal 1997 were $8,436,000 as
compared to sales of $5,568,000 for the fourth quarter last year.
    Net income for the fiscal year was $1,482,000, or $0.30 per share compared
with net loss of $(3,037,000) or $(0.64) per share last year.  Included in
earnings for fiscal 1997 is a reduction of reserves for site remediation and
burial costs of $1,750,000, and a reduction of inventory reserves of
$1,000,000.  Sales were $28,062,000 for the twelve-month period ended
September 30, 1997, as compared to $28,694,000 in fiscal 1996.
    Backlog as of September 30, 1997, was $27.7 million as compared to
$23.2 million as of September 30, 1996.

                             FOURTH QUARTER ENDED       TWELVE MONTHS ENDED

                            Sept. 30,   Sept. 30,      Sept. 30,     Sept. 30,
                            1997        1996           1997          1996

    Sales               $8,436,000    $5,568,000  $28,062,000   $28,694,000

    Net Income            $571,000  $(3,633,000)   $1,482,000  $(3,037,000)

    Income/(Loss)Per Share   $0.11       $(0.76)        $0.30       $(0.64)

    Weighted Average Number
     of Common and Common
     Equivalent Shares
     Outstanding         5,014,305     4,781,928    4,958,870     4,778,928

    Backlog                    ---           ---  $27,654,000   $23,248,000

SOURCE Starmet Corporation

http://www.starmet.com CONTACT:
James M. Spiezio, Vice President, Finance and
Administration of Starmet, 978-369-5410
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
632850