CALIFORNIA MICROWAVE &lt;CMIC> TAKES 3RD QTR CHARGE

  California Microwave Inc said
  it will take non-recurring charges of 9.7 mln dlrs to pre-tax
  earnings in the third quarter ended March 31.
      The company said earnings from operations in the second
  half, ending June 30, 1987, excluding the charges, are expected
  to be in the break-even range.
      In the second half of 1986 net earnings were 2,297,000
  dlrs, or 29 cts per share.
      The company said the charges relate to its
  telecommunications products area and three other areas.
      California Microwave previously estimated the write-downs
  in the six to eight-mln-dlr range. It said it will add to that
  a reserve for investment losses in Argo Communications Corp.
      Also to be included in the write-down are charges against
  its advances to an Arizona-based communications electronics
  firm the company has an option to acquire, it said.
      In addition, accruals are being made for costs associated
  with the company's reduction in its Sunnyvale work force.
      California Microwave said the write-downs should have a
  nominal cash impact, as the company already has paid for the
  assets being written down.
  

