TEMPE, Ariz.--(BUSINESS WIRE)--May 24, 1999--Circuit Research Labs, Inc. (OTC Bulletin Board:CRLI) today announced financial results for the first quarter ended March 31, 1999. Circuit Research Labs, Inc. and Subsidiaries Consolidated Condensed Statements of Operations (Unaudited) Three Months Ended March 31, 1999 1998 ---- ---- Net Sales $374,293 $517,210 Net Income (Loss) $(170,524) 1,002,793 Net Income per Share (Loss) (basic & diluted) $(0.42) $1.68 ------------- ------------- Weighted Shares Outstanding 410,182 597,682 For the first quarter ended March 31, 1999, net sales totaled $374,000. The Company continues to experience slower demand across its product lines domestically and in its international markets. During the first quarter, discounts were increased to move excess inventory and one of the Company's product lines was sold along with the inventory associated with that product line. As a result of these factors, the Company had a net loss of $171,000, or $0.42 per share, compared to net income of $1,000,000, or $1.68 for the same period in 1998. Gary Clarkson, President and CEO of Circuit Research Labs, commented, "During our Annual Meeting held on May 11th, 1999, shareholders passed a proposal to dissolve the Company. However, the dissolution may be revoked by the Board of Directors at any time up to 120 days after its effective date without stockholder action relating to the revocation. The Company is still seeking a qualified buyer." This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Management's anticipation of future events is based upon assumptions regarding levels of competition, research and development results, raw material markets, the markets in which the Company operates, and stability of the regulatory environment. Any of these assumptions could prove inaccurate, and therefore there can be no assurance that the forward-looking information will prove to be accurate.  