Pulse Engineering

SAN DIEGO — Nature of business: Designs, makes and markets electronic components and modules Total employees: 3,300 In Orange County: None Stock listing in The Times: On NASDAQ “PulseEn” Ticker symbol: “PLSE” Friday’s stock close: $7.25 One-week change: Down $1 Analyst review: “Pulse is in a period of transition. In the past, much of its revenue had come from more traditional data processing areas such as mainframes; but in recent years, more revenue is coming from networking which is rapidly growing industry. Pulse has been smart of enough to recognize that it had to move into growth areas. It is putting more money into R&D; and it would not surprise me if it made an acquisition that would compliment that move. Can it grow at 10%, 20% or 25% a year? Yes, it can, once it gets the other areas growing. In the meantime it has to grapple with the short term. Once Pulse moves out of this transition period, it has the ability to provide good solid growth going forward.” Cecilia Brancato, analyst Oppenheimer & Co. Inc., New York Revenue Chart amount in millions

Fiscal year ending June 29 June 28 June 28 2 qtrs. 2 qtrs. 1990 1991 1992 1992 1993 $48.8 $65.0 $62.2 $31.8 $28.4

Profit Chart amount in millions

Fiscal year ending June 29 June 28 June 28 2 qtrs. 2 qtrs. 1990 1991 1992 1992 1993 $6.0 $7.6 $5.0 $3.8 $2.0

Corporate outlook: “With more than $20 million in cash, exciting new communications products and our strategic position within the computer networking and telecommunications industries, Pulse is ideally poised for outstanding growth.” --David R. Flowers, chairman/CEO 3-YEAR SUMMARY AND YEAR-TO-DATE: RETURN ON STOCKHOLDER INVESTMENT

Fiscal year ending June 29 June 28 June 28 2 qtrs. 2 qtrs. 1990 1991 1992 1992 1993 52-week high* N/A $10.75 $10.25 $10.25 $9.25 52-week low* N/A $8.13 $5.50 $5.50 $5.63 Book value per share $4.57 $6.75 $7.54 $6.21 $6.39 Price per share* N/A $8.50 $8.38 $6.88 $7.75 Net profit per share $1.23 $1.49 $0.73 $0.56 $0.30 Price-to-earnings ratio N/A 6:1 11:1 6:1 13:1 Avg. return on 44% 22% 12% 18% 9% investor equity

* Pulse Engineering sold 2.5 million shares in its initial public offering June, 11, 1991; net proceeds: $14 million. For more information call or write, Pulse Engineering Inc.: 12220 World Trade Drive, San Diego, Calif. 92128 (619) 674-8100 Source: Pulse Engineering Inc.; Bloomberg Business News