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Financial

Isomet Customer Reneges

SPRINGFIELD, Va. -- Isomet Corporation (Nasdaq: IOMT) announced today that approximately $3.6 million of $4.7 million in backlog orders from a customer in the fiberoptic industry have been cancelled due to market conditions affecting the customer for the remainder of 2001. Since a substantial quantity of these orders would not be delivered in a twelve (12) month period, the underlying supply agreement, dated March 29, 2000, has been terminated. Future requirements from this customer, if any, will be procured on an individual order basis.

The Company has delivered approximately $500,000 against the original $4.7 million of orders and is scheduled to deliver an additional $600,000 over the balance of FY2001. This development follows notice from the customer to Isomet in March 2001 of a significant delay in deliveries against these orders, which was recently announced by the Company.

http://www.isomet.com
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