LOGIC DEVICES REPORTS FIRST QUARTER OF FISCAL 2003

SUNNYVALE, Calif.--(Jan. 29, 2003)--LOGIC Devices Incorporated (Nasdaq:LOGC - News), today reported revenue and earnings for its first quarter of fiscal 2003. Revenues for the fiscal quarter were $1,322,700, a 25% decrease from the $1,771,200 reported for the first quarter of fiscal 2001. The Company's earnings fell from a loss of $554,200, or 0.08 per share, for the fiscal 2002 quarter, to a loss of $725,500, or ($0.11) per share, for the fiscal 2003 quarter.
"Unfortunately, the economy continues to be slow and the semiconductor industry remains in its longest downcycle in history," stated Bill Volz, president of LOGIC Devices. "This downturn and slow economy has deeply affected our revenues. However, the cost-cutting initiatives put in place the past few years have helped to reduce the effect of these revenue declines. While our fiscal 2003 revenues declined by $448,500 compared to fiscal 2002, the net loss increased by only $171,300."

"Our cost-cutting initiatives have helped LOGIC maintain build a very strong stable balance sheet," continued Volz. "At the end of the first quarter of fiscal 2003, we have $2.5 million of cash on hand, while we had only $202,900 at the end of the first quarter of fiscal 2002. In addition, for the fiscal 2002 quarter, we had $1.1 million of liabilities, while we have only $344,900 of liabilities at the end of the fiscal 2003 quarter. While times are definitely tough and continue to test the mettle of all companies, we feel LOGIC has positioned to withstand the storm," concluded Volz.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Any statements in this press release regarding expectations of future events are "forward-looking statements" involving risks and uncertainties, including, but not limited to, market acceptance risks, the effect of economic conditions and shifts in supply and demand, the impact of competitive products and pricing, product development, commercialization and technological difficulties, availability of capital, and capacity and supply constraints. Please refer to the Management Discussion and Analysis of Financial Condition and Results of Operations (MD&A) for a discussion of risks in the most recent LOGIC Devices Annual Report on Form 10-K and the quarterly report under Form 10-Q.

Established in 1983, LOGIC Devices is a fabless semiconductor manufacturer providing high-performance, function-specific integrated circuits that are utilized in smart weapons systems and in broadcast studio, medical imaging, and digital telecommunications equipment.