Allied Research Corp.

BY THE NUMBERS

May 05, 1992

This Baltimore-based munitions manufacturer posted big gains in first-quarter sales and earnings, but its chairman and chief executive, Reinald W. Carter, warned investors not to expect the rest of the year to be as favorable compared with last year.

"At this time it would be premature to annualize the first-quarter results, since quarterly results will vary," Mr. Carter said. "But we expect 1992 results to be comparable to 1991, if not better."

Allied once had manufacturing operations in the area but now has only four employees at its Baltimore headquarters. Its main operation, in Belgium, has 400 to 500 employees. The company also has operations in Elk Grove Village, Ill.

Three months ended 3/31/92

.. .. .. .. Revenue .. .. .. Net .. .. .. .. Share

'92 . .. ..56,689,000 .. ..5,307,000 .. ..1.24

. .. ..17,574,000 .. ..1,593,000 .. ..0.38

change .. ... +222.6 .. .. .. +233.1 ... +226.3

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