LOGIC DEVICES REPORTS THIRD QUARTER OF FISCAL 2002

SUNNYVALE, Calif.--Aug. 8, 2002--LOGIC Devices Incorporated (Nasdaq: LOGC), today reported revenue and earnings for its third quarter of fiscal 2002. Revenues for the fiscal quarter were $1,801,100, a 28% decrease from the $2,490,000 reported in the same quarter of fiscal 2001. The Company's earnings fell from $13,900, or 0.00 per share, for the fiscal 2001 quarter, to a loss of $854,000, or ($0.12) per share, for the fiscal 2002 quarter.

"Order rates from our commercial customers remained very soft during the third quarter. However, orders from defense-related programs provided a 38% increase in revenues over the prior quarter. Unfortunately, because the Company was not allowed to fully recover its costs to produce the chips, these military sales generated low gross margins and did little to help the Company return to profitability. This has confirmed our decision to discontinue supporting military-grade versions of our products, once we complete the last-time buys on existing programs," stated Bill Volz, president of LOGIC Devices.

"In these difficult times, it is essential to maintain strong balance sheet liquidity. As a result of extensive discussion with our customers, we had anticipated certain orders, which allowed us to ship from existing inventory stock. Consequently, the Company incurred minimal additional cash expense to generate these sales. As of June 30, 2002, the Company had total liabilities of only $264,000, resulting in exceptionally strong quick and current ratios of 12.9-to-1 and 51.3-to-1, respectively. Additionally, we continued our progress toward bringing inventory in line with current sales levels, with an additional 7% decrease in inventory during the quarter," 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.