Herley Industries is no longer considering a sale of the company

By Lisa Kerner

Charlotte, N.C., April 9 - Herley Industries, Inc. said that while it is continuing to review strategic alternatives, a sale of the company is no longer a "viable alternative" given current economic conditions.

The review process, which began in September 2008, is expected to be completed within the next few months, a company news release said.

In addition, chairman and chief executive officer Myron Levy reaffirmed that he expects Herley's third quarter to be an improvement over its second quarter.

"Our cash flow is also strong, and we are reducing our bank debt on a continuing basis," Levy said, adding that Herley expects to be free or nearly free of debt to its U.S. lenders at fiscal year end.

Lancaster, Pa.-based Herley provides microwave radio frequency and millimeter wave components to defense and commercial customers.

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