UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 10-Q
(Mark One)

X     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934



For the quarterly period ended March 31, 2007

__    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


For the transition period from _____________________ to ________________________


                          Commission file number 0-6620


                                  ANAREN, INC.
             (Exact name of registrant as specified in its Charter)

               New York                             16-0928561
               --------                             ----------
       (State of incorporation)           (I.R.S Employer Identification No.)

       6635 Kirkville Road                  13057
       East Syracuse, New York            ---------
       -----------------------            (Zip Code)
       (Address of principal
       executive offices)

Registrant's telephone number, including area code: 315-432-8909

--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)

      Indicate by Check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No __

Indicate by check mark whether the Registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of the
Exchange Act).
Check One: Large accelerated filer __ Accelerated filer X
Non-accelerated filer __

      Indicate by check mark whether the Registrant is a shell company (as
defined in Rule 12b-2 of the Act). Yes __ No X

      The number of shares of Registrant's Common Stock outstanding on May 4,
2007 was 17,152,600.


<PAGE>

                                  ANAREN, INC.

                                      INDEX

PART I - FINANCIAL INFORMATION                                          Page No.
                                                                        --------

  Item 1.   Financial Statements

            Consolidated Condensed Balance Sheets as of                     3
            March 31, 2007 and June 30, 2006 (unaudited)

            Consolidated Condensed Statements of Earnings                   4
            for the Three Months Ended March 31,
            2007 and 2006 (unaudited)

            Consolidated Condensed Statements of Earnings                   5
            for the Nine months Ended March 31,
            2007 and 2006 (unaudited)

            Consolidated Condensed Statements of Cash Flows                 6
            for the Nine months Ended March 31,
            2007 and 2006 (unaudited)

            Notes to Consolidated Condensed Financial                       7
            Statements (unaudited)

  Item 2.   Management's Discussion and Analysis                           14
            of Financial Condition and Results of Operations

  Item 3.   Quantitative and Qualitative Disclosures About                 25
            Market Risk

  Item 4.   Controls & Procedures                                          26

PART II - OTHER INFORMATION

  Item 1A.  Risk Factors                                                   27

  Item 2.   Unregistered Sales of Equity Securities and Use                27
            of Proceeds

  Item 6.   Exhibits                                                       27

Officer Certifications                                                   28 - 32


                                       2
<PAGE>

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                                  ANAREN, INC.
                      Consolidated Condensed Balance Sheets
                        March 31, 2007 and June 30, 2006
                                   (Unaudited)
<TABLE>
<CAPTION>

                   Assets                                                                  March 31, 2007             June 30, 2006
                                                                                           --------------             -------------
<S>                                                                                         <C>                       <C>
Current assets:
    Cash and cash equivalents                                                               $  14,231,398             $  15,733,214
    Securities available for sale (note 4)                                                     20,299,973                35,635,000
    Securities held to maturity (note 4)                                                       22,305,020                31,124,733
    Receivables, less allowance of $63,140
      at March 31, 2007 and $84,854 at June 30, 2006                                           19,107,794                16,362,011
    Inventories (note 5)                                                                       26,144,764                21,827,271
    Other receivables                                                                           1,384,795                 1,336,009
    Prepaid expenses                                                                              897,412                   584,321
    Deferred income taxes                                                                         716,287                   716,287
    Other current assets                                                                        1,143,763                   851,863
                                                                                            -------------             -------------
                Total current assets                                                          106,231,206               124,170,709

Securities held to maturity (note 4)                                                           22,522,594                 6,131,425
Property, plant and equipment, net (note 6)                                                    33,042,541                27,635,161
Deferred income taxes                                                                              76,902                    32,902
Goodwill                                                                                       30,715,861                30,715,861
Other intangible assets, net of accumulated amortization
    of $2,913,248 at March 31, 2007
    and $2,684,595 at June 30, 2006 (note 2)                                                      111,718                   340,371
                                                                                            -------------             -------------
                Total assets                                                                $ 192,700,822             $ 189,026,429
                                                                                            =============             =============

      Liabilities and Stockholders' Equity

Current liabilities:
    Accounts payable                                                                        $   6,380,908             $   6,798,793
    Accrued expenses (note 7)                                                                   2,841,617                 3,254,816
    Income taxes payable                                                                          728,492                   703,488
    Customer advance payments                                                                     483,722                   483,722
    Other current liabilities (note 8)                                                            730,825                   769,523
                                                                                            -------------             -------------
                Total current liabilities                                                      11,165,564                12,010,342
Deferred income taxes                                                                           2,199,955                 1,811,955
Pension and postretirement benefit obligation                                                   1,481,128                 2,356,789
Other liabilities (note 8)                                                                        836,841                   728,943
                                                                                            -------------             -------------
                Total liabilities                                                              15,683,488                16,908,029
                                                                                            -------------             -------------

Stockholders' equity:
    Common stock of $.01 par value.  Authorized
       200,000,000 shares; issued 27,112,517 shares
       at March 31, 2007 and 26,857,554 at June 30, 2006                                          271,125                   268,575
    Additional paid-in capital                                                                187,013,261               181,780,660
    Retained earnings                                                                          82,404,550                70,493,853
    Accumulated other comprehensive loss                                                         (550,014)                 (441,397)
                                                                                            -------------             -------------
                                                                                              269,138,922               252,101,691
    Less cost of 9,966,417 treasury shares
      at March 31, 2007 and 9,249,643 at June 30, 2006                                         92,121,588                79,983,291
                                                                                            -------------             -------------
                Total stockholders' equity                                                    177,017,334               172,118,400
                                                                                            -------------             -------------
Total liabilities and stockholders' equity                                                  $ 192,700,822             $ 189,026,429
                                                                                            =============             =============

</TABLE>

See accompanying notes to consolidated condensed financial statements.


                                       3
<PAGE>

                                  ANAREN, INC.
                  Consolidated Condensed Statements of Earnings
                               Three Months Ended
                             March 31, 2007 and 2006
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                           March 31, 2007             March 31, 2006
                                                                                           --------------             --------------
<S>                                                                                         <C>                        <C>
Net sales                                                                                   $ 32,606,635               $ 26,701,083

Cost of sales                                                                                 20,573,154                 16,451,676
                                                                                            ------------               ------------
        Gross profit                                                                          12,033,481                 10,249,407
                                                                                            ------------               ------------

Operating expenses:
        Marketing                                                                              1,829,982                  1,806,587
        Research and development                                                               2,345,034                  2,187,966
        General and administrative                                                             3,154,894                  2,756,279
                                                                                            ------------               ------------
              Total operating expenses                                                         7,329,910                  6,750,832
                                                                                            ------------               ------------

Operating income                                                                               4,703,571                  3,498,575

Other income, primarily interest                                                                 874,297                    620,172
Interest expense                                                                                  (6,143)                    (6,143)
                                                                                            ------------               ------------
              Total other income                                                                 868,154               $    614,029
                                                                                            ------------               ------------

Income before income taxes                                                                     5,571,725                  4,112,604

Income tax expense                                                                             1,470,000                    942,000
                                                                                            ------------               ------------

Net income from continuing operations                                                       $  4,101,725               $  3,170,604
                                                                                            ------------               ------------

Discontinued operations:
  Income from discontinued operations
    of Anaren Europe (note 13)                                                                        --                     81,713
                                                                                            ------------               ------------

Net income                                                                                  $  4,101,725               $  3,252,317
                                                                                            ============               ============

Basic earnings per share:
  Income from continuing operations                                                         $       0.24               $       0.19
  Income from discontinued operations                                                                 --                         --
                                                                                            ------------               ------------
    Net income                                                                              $       0.24               $       0.19
                                                                                            ============               ============

Diluted earnings per share:
  Income from continuing operations                                                         $       0.23               $       0.19
  Income from discontinued operations                                                                 --                         --
                                                                                            ------------               ------------
    Net income                                                                              $       0.23               $       0.19
                                                                                            ============               ============

Shares used in computing net earnings per share:
        Basic                                                                                 17,397,647                 16,946,993
                                                                                            ------------               ------------
        Diluted                                                                               17,699,597                 17,547,333
                                                                                            ------------               ------------

</TABLE>

See accompanying notes to consolidated condensed financial statements.


                                       4
<PAGE>

                                  ANAREN, INC.
                  Consolidated Condensed Statements of Earnings
                                Nine months Ended
                             March 31, 2007 and 2006
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                           March 31, 2007             March 31, 2006
                                                                                           --------------             --------------
<S>                                                                                         <C>                        <C>
Net sales                                                                                   $ 93,135,530               $ 76,334,454

Cost of sales                                                                                 59,160,937                 48,684,975
                                                                                            ------------               ------------
        Gross profit                                                                          33,974,593                 27,649,479
                                                                                            ------------               ------------

Operating expenses:
        Marketing                                                                              5,571,546                  5,290,326
        Research and development                                                               6,676,042                  6,491,045
        General and administrative                                                             8,649,862                  7,771,713
                                                                                            ------------               ------------
              Total operating expenses                                                        20,897,450                 19,553,084
                                                                                            ------------               ------------

Operating income                                                                              13,077,143                  8,096,395

Other income, primarily interest                                                               2,687,983                  1,744,738
Interest expense                                                                                 (18,429)                   (18,429)
                                                                                            ------------               ------------
              Total other income                                                               2,669,554               $  1,726,309
                                                                                            ------------               ------------

Income before income taxes                                                                    15,746,697                  9,822,704

Income tax expense                                                                             3,836,000                  2,416,000
                                                                                            ------------               ------------
Net income from continuing operations                                                         11,910,697                  7,406,704

Discontinued operations:
  Income from discontinued operations
    of Anaren Europe (note 13)                                                                        --                     81,713
                                                                                            ------------               ------------

Net income                                                                                  $ 11,910,697               $  7,488,417
                                                                                            ============               ============

Basic earnings per share:
  Income from continuing operations                                                                $0.68                      $0.43
  Income from discontinued operations                                                                 --                        .01
                                                                                                   -----                      -----
    Net income                                                                                     $0.68                      $0.44
                                                                                                   =====                      =====

Diluted earnings per share:
  Income from continuing operations                                                                $0.66                      $0.42
  Income from discontinued operations                                                                 --                         --
                                                                                                   -----                      -----
    Net income                                                                                     $0.66                      $0.42
                                                                                                   =====                      =====

Shares used in computing net earnings per share:
        Basic                                                                                 17,504,946                 17,124,494
                                                                                            ============               ============
        Diluted                                                                               17,921,998                 17,623,362
                                                                                            ============               ============
</TABLE>

See accompanying notes to consolidated condensed financial statements.


                                       5
<PAGE>

                                  ANAREN, INC.
                 Consolidated Condensed Statements of Cash Flows
                                Nine months Ended
                             March 31, 2007 and 2006
                                   (Unaudited)
<TABLE>
<CAPTION>

Cash flows from operating activities:                                                         March 31, 2007          March 31, 2006
                                                                                              --------------          --------------
<S>                                                                                           <C>                     <C>
     Net income                                                                               $  11,910,697           $   7,488,417
     Net income from discontinued operations                                                             --                  81,713
                                                                                              -------------           -------------
     Net income from operations                                                                  11,910,697               7,406,704
     Adjustments to reconcile net income
       to net cash provided by operating activities:
         Depreciation                                                                             3,883,490               3,593,626
         Amortization of intangibles                                                                228,653                 249,653
         Gain on sale of land                                                                       (77,508)                     --
         Loss on sale of equipment                                                                       --                  15,875
         Deferred income taxes                                                                      344,000                 247,405
         Stock based compensation                                                                 2,475,615               2,590,491
         Provision for doubtful accounts                                                            (21,714)                (12,613)
         Changes in operating assets and liabilities:
           Receivables                                                                           (2,724,070)               (818,955)
           Inventories                                                                           (4,317,493)             (2,439,772)
           Other receivables                                                                        (48,785)                186,506
           Prepaids and other current assets                                                       (604,990)               (186,108)
           Accounts payable                                                                        (417,885)               (876,135)
           Accrued expenses                                                                        (413,199)                143,607
           Income taxes payable                                                                      25,004                 (35,292)
           Customer advance payments                                                                     --                 483,722
           Other liabilities                                                                        173,422                 700,990
           Pension and postretirement benefit obligation                                           (979,883)               (284,533)
                                                                                              -------------           -------------
             Net cash provided by operating activities
               from continuing operations                                                         9,435,354              10,965,171
     Net cash used in operating activities of discontinued
       operations                                                                                        --                 (97,241)
                                                                                              -------------           -------------
     Net cash provided by operating activities                                                    9,435,354              10,867,930
                                                                                              -------------           -------------
Cash flows from investing activities:
     Capital expenditures                                                                        (9,347,870)             (4,316,623)
     Proceeds from sales of land                                                                    134,508                      --
     Proceeds from sale of equity securities                                                             --                   1,000
     Maturities of marketable debt and auction rate securities                                  104,176,555              77,172,784
     Purchase of marketable debt and auction rate securities                                    (96,412,984)            (74,269,000)
                                                                                              -------------           -------------
             Net cash used in investing activities                                               (1,449,791)             (1,411,839)
                                                                                              -------------           -------------
Cash flows from financing activities:
     Stock options exercised                                                                      2,128,732               1,783,491
     Tax benefit from exercise of stock options                                                     630,803                 378,318
     Purchase of treasury stock                                                                 (12,138,297)             (9,803,481)
                                                                                              -------------           -------------
             Net cash used in financing activities                                               (9,378,762)             (7,641,672)
                                                                                              -------------           -------------

     Effect of exchange rates                                                                      (108,617)                 47,035
                                                                                              -------------           -------------
             Net increase (decrease) in cash and cash equivalents                                (1,501,816)              1,861,454
Cash and cash equivalents at beginning of period                                                 15,733,214               5,900,841
                                                                                              -------------           -------------
Cash and cash equivalents at end of period                                                    $  14,231,398           $   7,762,295
                                                                                              =============           =============
Supplemental Disclosures of Cash Flow Information:
     Cash Paid During the Period For:
       Interest                                                                               $      18,429           $      12,286
                                                                                              =============           =============
       Income taxes, net of refunds                                                           $   2,837,396           $   1,802,569
                                                                                              =============           =============

</TABLE>

See accompanying notes to consolidated condensed financial statements.


                                       6
<PAGE>


NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

The consolidated condensed financial statements are unaudited and reflect all
adjustments (consisting only of normal recurring adjustments) which are, in the
opinion of management, necessary for a fair presentation of the financial
position and operating results for the interim periods. The consolidated
condensed financial statements should be read in conjunction with the
consolidated financial statements and notes thereto, together with management's
discussion and analysis of financial condition and results of operations,
contained in the Company's Annual Report on Form 10-K for the fiscal year ended
June 30, 2006, as amended. The results of operations for the nine months ended
March 31, 2007 are not necessarily indicative of the results for the entire
fiscal year ending June 30, 2007, or any future interim period.

The income tax rates utilized for interim financial statement purposes for the
nine months ended March 31, 2007 and 2006 are based on estimates of income and
utilization of tax credits for the entire year.

NOTE 1: New Accounting Pronouncements

In September 2006, the SEC staff issued Staff Accounting Bulletin No. 108,
"Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in Current Year Financial Statements" ("SAB 108"). SAB 108 was
issued to provide interpretive guidance on how the effects of the carryover or
reversal of prior year misstatements should be considered in quantifying a
current year misstatement. The Company is currently analyzing the financial
statement impact of adopting this bulletin.

In September 2006, the FASB issued Statement of Financial Accounting Standard
No. 157, "Fair Value Measurements" which is effective for fiscal years beginning
after November 15, 2007 (the Company's 2009 fiscal year) and for interim periods
within those years. This statement defines fair value, establishes a framework
for measuring fair value and expands the related disclosure requirements. The
Company is currently evaluating the potential impact of this statement.

In September 2006, the FASB issued Statement of Financial Accounting Standard
No. 158, "Employer's Accounting for Defined Benefit Pension and Other
Postretirement Plans-an amendment to FASB Statements 87, 88, 106 and 132(R)"
("SFAS 158"), which requires balance sheet recognition of the overfunded or
underfunded status of pension and postretirement benefit plans. Under SFAS 158,
actuarial gains and losses, prior service costs or credits, and any remaining
transition assets or obligations that have not been recognized under previous
accounting standards must be recognized in Accumulated Other Comprehensive
Income, net of tax effects, until they are amortized as a component of net
periodic benefit cost. In addition, the measurement date, the date at which plan
assets and the benefit obligation are measured, is required to be the company's
fiscal year end. This Statement is effective for fiscal years ending after
December 15, 2006 (the Company's 2007 fiscal year). The Company is currently
analyzing the financial statement impact of adopting this pronouncement.

In February 2007, the FASB issued Statement of Financial Accounting Standard No.
159, "The Fair Value Option for Financial Assets and Financial Liabilities -
Including an Amendment of FASB Statement No. 115" (SFAS 159). This Statement
provides companies with an option to measure, at specified election dates, many
financial instruments and certain other items at fair value that are not
currently measured at fair value. A company that adopts SFAS 159 will report
unrealized gains and losses on items for which the fair value option has been
elected in earnings


                                       7
<PAGE>

at each subsequent reporting date. This Statement also establishes presentation
and disclosure requirements designed to facilitate comparisons between entities
that choose different measurement attributes for similar types of assets and
liabilities. This Statement is effective for fiscal years beginning after
November 15, 2007 (the Company's 2009 fiscal year). The Company is currently
evaluating the potential impact of this statement.

NOTE 2: Intangible Assets

Intangible assets as of March 31, 2007 and June 30, 2006 are as follows:

<TABLE>
<CAPTION>

                                                                        March 31                                 June 30
                                                           -------------------------------           -------------------------------
                                                             Gross                                     Gross
                                                            Carrying          Accumulated             Carrying           Accumulated
                                                             Amount           Amortization             Amount           Amortization
                                                           ----------         ------------           ----------         ------------
<S>                                                        <C>                  <C>                  <C>                  <C>
Patent                                                     $  574,966           $  556,998           $  574,966           $  503,095
Customer Relationships                                      1,350,000            1,256,250            1,350,000            1,087,500
Trade Name                                                    320,000              320,000              320,000              320,000
Non-Competition Agreements                                    180,000              180,000              180,000              174,000
Favorable Lease                                               600,000              600,000              600,000              600,000
                                                           ----------           ----------           ----------           ----------
  Total                                                    $3,024,966           $2,913,248           $3,024,966           $2,684,595
                                                           ==========           ==========           ==========           ==========

</TABLE>

Intangible asset amortization expense for the nine month period ended March 31,
2007 and 2006 aggregated $228,653 and $249,653, respectively, while tangible
asset amortization expense for the three months ended March 31, 2007 and 2006
aggregated $74,217 and $83,218, respectively. Amortization expense related to
intangible assets for the remaining three months of fiscal 2007 is $74,217 and
$37,501 in fiscal 2008. The intangible assets will be fully amortized in 2008.

NOTE 3: Equity Based Compensation

The components of equity based compensation expense in the statements of
earnings are as follows:

<TABLE>
<CAPTION>

                                                                     Three Months Ended                      Nine Months Ended
                                                                          March 31                              March 31
                                                              ------------------------------          ------------------------------
                                                                 2007                2006                2007                2006
                                                              ----------          ----------          ----------          ----------
<S>                                                           <C>                 <C>                 <C>                 <C>
Stock option                                                  $  736,496          $  835,013          $2,173,925          $2,503,590
Restricted stock                                                 110,799              29,634             301,690              86,901
                                                              ----------          ----------          ----------          ----------
Stock based compensation expense                              $  847,295          $  864,647          $2,475,615          $2,590,491
                                                              ==========          ==========          ==========          ==========

</TABLE>

NOTE 4: Securities

The amortized cost and fair value of securities are as follows:

<TABLE>
<CAPTION>

                                                                                           March 31, 2007
                                                                  ------------------------------------------------------------------
                                                                                       Gross             Gross
                                                                   Amortized         Unrealized        Unrealized
                                                                     Cost              Gains             Losses           Fair Value
                                                                  -----------       -----------       -----------        -----------
<S>                                                               <C>               <C>               <C>                <C>
Securities available for sale:
     Auction securities                                           $20,299,973       $        --       $        --        $20,299,973
                                                                  -----------       -----------       -----------        -----------
         Total securities
         available-for-sale                                       $20,299,973       $        --       $        --        $20,299,973
                                                                  ===========       ===========       ===========        ===========
Securities held to maturity:
     Municipal bonds                                              $35,449,302       $       135       $   (63,656)       $35,385,781
     Commercial paper                                               2,720,146                --                --          2,720,146
     Corporate bonds                                                2,060,065               152                --          2,060,217
     Federal Agency Bond                                            4,598,101               213                --          4,598,314
                                                                  -----------       -----------       -----------        -----------
         Total securities held to maturity                        $44,827,614       $       500       $   (63,656)       $44,764,458
                                                                  ===========       ===========       ===========        ===========

</TABLE>

                                       8
<PAGE>

<TABLE>
<CAPTION>
                                                                                          June 30, 2006
                                                                  ------------------------------------------------------------------
                                                                                       Gross             Gross
                                                                   Amortized         Unrealized        Unrealized
                                                                     Cost              Gains             Losses          Fair Value
                                                                  -----------       -----------       -----------        -----------
<S>                                                               <C>               <C>               <C>                <C>
Securities available for sale:
     Auction rate securities                                      $35,635,000       $        --       $        --        $35,635,000
                                                                  -----------       -----------       -----------        -----------
         Total securities
           Available-for-sale                                     $35,635,000       $        --       $        --        $35,635,000
                                                                  ===========       =========         =========          ===========

Securities held to maturity:
     Municipal bonds                                              $29,056,496       $        --       $  (143,144)       $28,913,352
     Commercial paper                                               2,976,555                --                --          2,976,555
     Corporate bonds                                                1,824,132             1,989            (2,666)         1,823,455
     Federal agency bonds                                           3,398,975                --           (41,890)         3,357,085
                                                                  -----------       -----------       -----------        -----------
         Total securities held to maturity                        $37,256,158       $     1,989       $  (187,700)       $37,070,447
                                                                  ===========       ===========       ===========        ===========

</TABLE>

The unrealized losses on the Company's held to maturity marketable debt
securities were caused by interest rate increases. Because the Company has the
ability and intent to hold these investments until they recover their amortized
cost, the Company does not consider these investments to be
other-than-temporarily impaired at March 31, 2007.

Contractual maturities of marketable debt securities held to maturity at March
31, 2007 and June 30, 2006 are summarized as follows:

<TABLE>
<CAPTION>
                                                                 March 31, 2007                           June 30, 2006
                                                       ---------------------------------           ---------------------------------
                                                                               Fair                                         Fair
                                                                               Market                                       Market
                                                          Cost                 Value                  Cost                  Value
                                                       -----------           -----------           -----------           -----------
<S>                                                    <C>                   <C>                   <C>                   <C>
Within one year                                        $22,305,020           $22,290,703           $31,124,733           $30,994,480
One year to five years                                  22,522,594            22,473,755             6,131,425             6,075,967
                                                       -----------           -----------           -----------           -----------
     Total                                             $44,827,614           $44,764,458           $37,256,158           $37,070,447
                                                       ===========           ===========           ===========           ===========

</TABLE>

Contractual maturities of auction rate securities available for sale at March
31, 2007 and June 30, 2006 are summarized as follows:

<TABLE>
<CAPTION>
                                                                 March 31, 2007                           June 30, 2006
                                                       ---------------------------------           ---------------------------------
                                                                               Fair                                         Fair
                                                                               Market                                       Market
                                                          Cost                 Value                  Cost                  Value
                                                       -----------           -----------           -----------           -----------
<S>                                                    <C>                   <C>                   <C>                   <C>
Within one year                                        $20,299,973           $20,299,973           $35,635,000           $35,635,000
One year to five years                                          --                    --                    --                    --
                                                       -----------           -----------           -----------           -----------
     Total                                             $20,299,973           $20,299,973           $35,635,000           $35,635,000
                                                       ===========           ===========           ===========           ===========

</TABLE>

The Company invests in auction rate securities. Auction rate securities have
long-term underlying maturities; however, the market is highly liquid and the
interest rates reset every 7, 28 or 35 days.


                                       9
<PAGE>

NOTE 5: Inventories

Inventories are summarized as follows:

                                             March 31, 2007       June 30, 2006
                                             --------------       -------------

     Component parts                          $ 13,072,146         $  9,936,858
     Work in process                             7,989,777            8,330,110
     Finished goods                              5,082,841            3,560,303
                                              ------------         ------------
       Total                                  $ 26,144,764         $ 21,827,271
                                              ============         ============

NOTE 6: Property, Plant and Equipment

Property, plant and equipment are summarized as follows:

                                             March 31, 2007       June 30, 2006
                                             --------------       -------------

     Land and land improvements               $  4,157,617         $  2,207,823
     Construction in process                     3,073,477            1,918,653
     Buildings, furniture and fixtures          17,579,943           16,608,430
     Machinery and equipment                    62,390,811           57,176,071
                                              ------------         ------------
                                              $ 87,201,848         $ 77,910,977
     Less accumulated depreciation
      and amortization                         (54,159,307)         (50,275,816)
                                              ------------         ------------
                                              $ 33,042,541         $ 27,635,161
                                              ============         ============

NOTE 7: Accrued Expenses

Accrued expenses consist of the following:

                                             March 31, 2007       June 30, 2006
                                             --------------       -------------
     Compensation                             $  1,901,266         $  2,082,104
     Commissions                                   590,210              732,749
     Health insurance                              332,077              294,500
     Other                                          18,064              145,463
                                              ------------         ------------
                                              $  2,841,617         $  3,254,816
                                              ============         ============

The Company maintains an accrual for incurred, but not reported, claims arising
from self-insured health benefits provided to the Company's employees in the
United States, which is included in accrued expenses in the consolidated balance
sheets. The Company determines the adequacy of this accrual by evaluating its
historical experience and trends related to both health insurance claims and
payments, information provided by its third party administrator, as well as
industry experience and trends.


                                       10
<PAGE>

NOTE 8: Other Liabilities

Other liabilities consist of the following:

                                             March 31, 2007        June 30, 2006
                                             --------------        -------------
     Deferred compensation                    $    901,841         $    793,943
     Pension liability                             223,591              312,660
     Other                                         442,234              391,863
                                              ------------         ------------
                                                 1,567,666            1,498,466
     Less current portion                          730,825              769,523
                                              ------------         ------------
                                              $    836,841         $    728,943
                                              ============         ============
NOTE 9: Restructuring

RF Power Components, Inc.

On October 26, 2004, the Company announced its decision to merge its RF Power
Components, Inc. operations into Anaren Ceramics. In doing so, the Company
closed RF Power's Long Island facility and relocated the operation to the Anaren
Ceramics New Hampshire location. All of RF Power's employees were either
terminated or transferred to the New Hampshire facility. Remaining costs
associated with terminating 79 employees included in the restructuring liability
were paid-in-full in the nine months ended March 31, 2006:

                                            Nine months ended
                           Balance            March 31, 2006           Balance
                          ---------     -------------------------     ---------
                           June 30,      Costs           Cash          March 31,
                            2005        Incurred     Expenditures       2006
                          ---------     --------     ------------     ---------
Severance payments         $19,863      $    --         $19,863       $    --
                           -------      -------         -------       -------
                           $19,863      $    --         $19,863       $    --
                           =======      =======         =======       =======

NOTE 10: Net Income Per Share

Basic income per share is based on the weighted average number of common shares
outstanding. Diluted income per share is based on the weighted average number of
common shares outstanding, as well as dilutive potential common shares which, in
the Company's case, comprise shares issuable under the Company's Comprehensive
Long-Term Incentive Plan. The weighted average number of common shares utilized
in the calculation of the diluted income per share does not include antidilutive
shares aggregating 1,212,732 and 1,346,820 at March 31, 2007 and 2006,
respectively. The treasury stock method is used to calculate dilutive shares,
which reduces the gross number of dilutive shares by the number of shares
purchasable from the proceeds of the options assumed to be exercised.


                                       11
<PAGE>

The following table sets forth the computation of basic and fully diluted
earnings per share:

<TABLE>
<CAPTION>

                                                                         Three Months Ended                  Nine months Ended
                                                                   -----------------------------       -----------------------------
                                                                              March 31                           March 31
                                                                   -----------------------------       -----------------------------
                                                                       2007              2006             2007              2006
                                                                   -----------       -----------       -----------       -----------
<S>                                                                <C>               <C>               <C>               <C>
Numerator:
Net income                                                         $ 4,101,725       $ 3,252,317       $11,910,697       $ 7,488,417
                                                                   ===========       ===========       ===========       ===========
Denominator:
Denominator for basic earnings
         per share:
           Weighted average shares outstanding                      17,397,647        16,946,993        17,504,946        17,124,494
                                                                   ===========       ===========       ===========       ===========
Denominator for diluted earnings
         per share:
         Weighted average shares outstanding                        17,397,647        16,946,993        17,504,946        17,124,494
         Common stock options
           and restricted stock                                        301,950           600,340           417,052           498,868
                                                                   -----------       -----------       -----------       -----------
Weighted average shares and conversions                             17,699,597        17,547,333        17,921,998        17,623,362
                                                                   ===========       ===========       ===========       ===========

</TABLE>

NOTE 11: Components of Net Periodic Pension Benefit Costs

<TABLE>
<CAPTION>

                                                                        Three Months Ended                  Nine months Ended
                                                                  -----------------------------       -----------------------------
                                                                             March 31                           March 31
                                                                  -----------------------------       -----------------------------
                                                                      2007              2006             2007              2006
                                                                  -----------       -----------       -----------       -----------
<S>                                                               <C>               <C>               <C>               <C>
Service cost                                                      $    71,588       $    85,587       $   214,764       $   256,761
Interest cost                                                         164,700           151,795           494,100           455,385
Expected return on plan assets                                       (185,068)         (173,365)         (555,204)         (520,095)
Amortization of prior service cost                                       (325)             (808)             (975)           (2,424)
Amortization of the net (gain) loss                                    18,386            47,436            55,158           142,308
                                                                  -----------       -----------       -----------       -----------
Net periodic benefit cost                                         $    69,281       $   110,645       $   207,843       $   331,935
                                                                  ===========       ===========       ===========       ===========

</TABLE>

Expected Pension Contributions

The Company has no minimum requirements to fund the pension plan for the fiscal
year 2007, however, discretionary contributions amounting to $1,367,727 were
made during the first nine months of fiscal year 2007.

NOTE 12: Components of Net Periodic Postretirement Health Benefit Costs

<TABLE>
<CAPTION>

                                                                        Three Months Ended                  Nine months Ended
                                                                  -----------------------------       -----------------------------
                                                                             March 31                           March 31
                                                                  -----------------------------       -----------------------------
                                                                      2007              2006             2007              2006
                                                                  -----------       -----------       -----------       -----------
<S>                                                               <C>               <C>               <C>               <C>
Service cost                                                      $    18,677       $    14,285       $    56,031       $    42,855
Interest cost                                                          36,665            46,327           109,995           138,981
Amortization of the net (gain) loss                                    13,208            18,788            39,624            56,364
                                                                  -----------       -----------       -----------       -----------
Postretirement Health                                             $    68,550       $    79,400       $   205,650       $   238,200
                                                                  ===========       ===========       ===========       ===========

</TABLE>

Expected Postretirement Health Contributions

Expected contributions for fiscal 2007 are $165,149, net of $39,381 expected
subsidy receipts.


                                       12
<PAGE>


NOTE 13: Discontinued Operations

During the quarter ended March 31, 2006, final liquidation of the Company's
Anaren Europe operation took place. The results of operations for Anaren Europe,
part of the Wireless segment, for the prior fiscal years have been classified as
discontinued operations in the statements of earnings. Components of the income
from discontinued operations of Anaren Europe for the three months and nine
months ended March 31 are as follows:

                                 Three Months Ended        Nine Months Ended
                               ---------------------       ---------------------
                                      March 31                    March 31
                               ---------------------       ---------------------
                                2007          2006          2007          2006
                               -------       -------       -------       -------
Income from liquidation of
  net assets                   $     0       $81,713       $     0       $81,713

Any tax related effects of such discontinued operations have been recognized in
prior fiscal years.

NOTE 14: Segment Information

The Company operates predominately in the wireless communications, satellite
communications and defense electronics markets. The Company's two reportable
segments are Wireless and Space and Defense. These segments have been determined
based upon the nature of the products and services offered, customer base,
technology, availability of discrete internal financial information, homogeneity
of products and delivery channel, and are consistent with the way the Company
organizes and evaluates financial information internally for purposes of making
operating decisions and assessing performance.

The Wireless segment designs, manufactures and markets commercial products used
mainly by the wireless communications market. The Space and Defense segment of
the business designs, manufactures and markets specialized products for the
defense electronics and satellite communications markets. The revenue
disclosures for the Company's reportable segments depict products that are
similar in nature.


                                       13
<PAGE>

The following table reflects the operating results of the segments consistent
with the Company's internal financial reporting process. The following results
are used in part, by management, both in evaluating the performance of, and in
allocating resources to, each of the segments:

<TABLE>
<CAPTION>

                                                                                    Space &        Corporate and
                                                             Wireless               Defense         Unallocated         Consolidated
                                                             --------               -------        -------------        ------------
<S>                                                         <C>                    <C>                      <C>           <C>
Net sales:
Three months ended:
       March 31, 2007                                       17,847,700             14,758,935               --            32,606,635
       March 31, 2006                                       16,014,209             10,686,874               --            26,701,083
Nine months ended:
       March 31, 2007                                       54,676,641             38,458,889               --            93,135,530
       March 31, 2006                                       47,919,045             28,415,409               --            76,334,454

Operating income:
Three months ended:
       March 31, 2007                                        1,132,300              3,571,271               --             4,703,571
       March 31, 2006                                        1,522,071              1,976,504               --             3,498,575
Nine months ended:
       March 31, 2007                                        5,376,003              7,701,140               --            13,077,143
       March 31, 2006                                        4,801,295              3,295,100               --             8,096,395

</TABLE>

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations

The following Management's Discussion and Analysis of Financial Condition and
Results of Operations should be read in conjunction with the consolidated
financial statements and the notes thereto appearing elsewhere in this Form
10-Q. The following discussion, other than historical facts, contains
forward-looking statements that involve a number of risks and uncertainties. The
Company's results could differ materially from those anticipated in these
forward-looking statements as a result of various factors, including factors
described elsewhere in this Quarterly Report on Form 10-Q.

Overview

The consolidated financial statements present the financial condition of the
Company as of March 31, 2007 and June 30, 2006, and the consolidated results of
operations and cash flows of the Company for the three months and nine months
ended March 31, 2007 and 2006.

The Company designs, develops and markets microwave components and assemblies
for the wireless communications, satellite communications and defense
electronics markets. The Company's distinctive manufacturing and packaging
techniques enable it to cost-effectively produce compact, lightweight microwave
products for use in base stations for wireless communications systems, in
satellites and in defense electronics systems. The Company also produces
microwave components addressing consumer wireless applications such as wireless
local area networks, Bluetooth, WiFi, cellular handsets and satellite
telecommunications. The Company sells its products to leading wireless
communications equipment manufacturers such as Ericsson, Motorola, Nokia, Nortel
Networks, and Andrew, and to satellite communications and defense electronics
companies such as Boeing Satellite, ITT, SRCTec, Lockheed Martin, Northrup
Grumman and Raytheon.


                                       14
<PAGE>

The Company generally recognizes sales at the time products are shipped to
customers, provided that persuasive evidence of an arrangement exists, the sales
price is fixed or easily determinable, collectibility is reasonably assured and
title and risk of loss has passed to the customer. Title and the risks and
rewards of ownership of products are generally transferred at the time of
shipment. Payments received from customers in advance of products delivered are
recorded as customer advance payments until earned. Annually, a small percentage
of sales are derived from fixed-price contracts for the sale of engineering
design and development efforts for space and defense electronics products. Sales
and estimated profits under long-term contracts are recognized according to
customer contractual milestones on a units-of-delivery basis. Profit estimates
are revised periodically based upon changes in sales value and costs at
completion. Any losses on these contracts are recognized in the period in which
such losses are determined.

In April 2006, the Company entered into a lease for a new 76,000 square foot
facility in Suzhou, China, at an annual rent of approximately $178,000 to
replace its 25,000 square foot leased facility. The initial lease period on the
new building runs through April 2013 and is renewable through April 2023. No
additional cost was incurred for termination of the lease on the original
building in the third quarter of fiscal 2007. The Company was fully operational
in this new facility prior to the end of calendar year 2006.

In July 2006, the Company began construction on a 54,000 square foot addition to
its facility in East Syracuse, New York. This addition is needed primarily to
accommodate the growth of the Company's Space and Defense business. The project
is expected to be completed during the third quarter of calendar 2007 at an
estimated cost of $5.8 million for the building addition.

In February 2007, the Company was selected to receive a contract valued in
excess of $8.0 million from Alcatel-Alenia Space (France) for development and
production of integrated beamforming assemblies that will be deployed on the
Globalstar-2 satellite payload. The contract award, expected to be finalized
prior to June 30, 2007, covers design services and manufacture of up to 48
beamforming networks. Work has been authorized to begin immediately, with
production deliveries starting in May 2008.

Fourth Quarter of Fiscal 2007 Outlook

For the fourth quarter, we expect comparable demand for wireless infrastructure
and consumer component products and a decrease in sales for the Space & Defense
segment as a result of the anticipated decline in sales of counter-Improvised
Explosive Device (IED) related components. As a result, we expect net sales to
be in the range of $28.0 - $31.0 million for the fourth quarter of fiscal 2007.
With an anticipated tax rate of approximately 26% and an expected stock based
compensation expense of approximately $0.04 per diluted share, we expect net
earnings per diluted share to be in the range of $0.16 to $0.21 for the fourth
quarter.

Results of Operations

Net sales for the three months ended March 31, 2007 were $32.6 million, up $5.9
million from $26.7 million for the third quarter of fiscal 2006. Net income for
the third quarter of fiscal 2007 was $4.1 million, or 12.6% of net sales, up
$850,000, or 25.7% from net income of $3.3 million in the third quarter of
fiscal 2006.


                                       15
<PAGE>


The following table sets forth the percentage relationships of certain items
from the Company's consolidated condensed statements of earnings as a percentage
of net sales.

<TABLE>
<CAPTION>

                                                             Three Months Ended                           Nine months Ended
                                                     -----------------------------------          ----------------------------------
                                                     Mar. 31, 2007         Mar. 31, 2006          Mar. 31, 2007        Mar. 31, 2006
                                                     -------------         -------------          -------------        -------------

<S>                                                      <C>                   <C>                   <C>                   <C>
Net Sales                                                100.0%                100.0%                100.0%                100.0%

Cost of sales                                             63.1%                 61.6%                 63.5%                 63.8%
                                                         -----                 -----                 -----                 -----
Gross profit                                              36.9%                 38.4%                 36.5%                 36.2%
                                                         -----                 -----                 -----                 -----

Operating expenses:
   Marketing                                               5.6%                  6.8%                  6.0%                  6.9%
   Research and development                                7.2%                  8.2%                  7.2%                  8.5%
   General and administrative                              9.7%                 10.3%                  9.3%                 10.2%
                                                         -----                 -----                 -----                 -----
     Total operating expenses                             22.5%                 25.3%                 22.5%                 25.6%
                                                         -----                 -----                 -----                 -----

Operating income                                          14.4%                 13.1%                 14.0%                 10.6%
                                                         -----                 -----                 -----                 -----

Other income (expense):

     Other, primarily interest income                      2.7%                  2.3%                  2.9%                  2.3%
     Interest expense                                      0.0%                  0.0%                  0.0%                  0.0%
                                                         -----                 -----                 -----                 -----
     Total other income (expense), net                     2.7%                  2.3%                  2.9%                  2.3%
                                                         -----                 -----                 -----                 -----

Income before income taxes                                17.1%                 15.4%                 16.9%                 12.9%
Income taxes                                               4.5%                  3.5%                  4.1%                  3.2%
                                                         -----                 -----                 -----                 -----
   Net income                                             12.6%                 11.9%                 12.8%                  9.7%
                                                         =====                 =====                 =====                 =====

Discontinued operations:
Income (loss) from discontinued
  operations of Anaren Europe                              0.0%                  0.3%                  0.0%                  0.1%
Income tax benefit                                         0.0%                  0.0%                  0.0%                  0.0%
                                                         -----                 -----                 -----                 -----
Net income (loss) from discontinued
  operations                                               0.0%                  0.3%                  0.0%                  0.1%
                                                         -----                 -----                 -----                 -----

Net income                                                12.6%                 12.2%                 12.8%                  9.8%
                                                         =====                 =====                 =====                 =====

</TABLE>

The following table summarizes the Company's net sales by operating segments for
the periods indicated. Amounts are in thousands.

                                    Three Months Ended       Nine months Ended
                                 ----------------------   ---------------------
                                 Mar. 31,     Mar. 31,     Mar. 31,     Mar. 31,
                                 --------     --------     --------     --------
                                   2007         2006         2007         2006
                                 --------     --------     --------     --------
Wireless                          $17,848      $16,014      $54,677      $47,919
Space and Defense                  14,759       10,687       38,459       28,415
                                  -------      -------      -------      -------
     Total                        $32,607      $26,701      $93,136      $76,334
                                  =======      =======      =======      =======


Three Months Ended March 31, 2007 Compared to Three Months Ended March 31, 2006

Net sales. Net sales increased $5.9 million, or 22.1% to $32.6 million for the
third quarter ended March 31, 2007, compared to $26.7 million for the third
quarter of fiscal 2006. This increase resulted from a $4.1 million rise in
shipments of Space and Defense products and a $1.8 million increase of Wireless
products in the current third quarter of fiscal 2007.

The increase in sales of Wireless products, which consist of standard
components, ferrite components and custom subassemblies for use in building
wireless basestation and consumer equipment, was a result of a rise in base
station infrastructure construction which caused an


                                       16
<PAGE>

increase in customer demand for custom Wireless components during the current
third quarter compared to the third quarter of last year.

Wireless product sales rose $1.8 million, or 11.4% in the third quarter of
fiscal 2007 compared to the third quarter of fiscal 2006, due to a $2.2 million
increase in shipments of custom wireless components in the third quarter of
fiscal 2007 due to a continuing high level of demand for infrastructure products
from Nokia. Additionally, new Wireless consumer product sales increased
$283,000, or 48% in the current third quarter compared to the third quarter of
fiscal 2006, reflecting the improving customer acceptance of our new commercial
products. During this same period, sales of standard components fell 6.6%, or
$640,000 compared to the third quarter of fiscal 2006 due to a small decline in
demand for termination products in the current quarter.

Space and Defense products consist of custom components and assemblies for
communication satellites and defense radar, receiver, and countermeasure
subsystems for the military. Sales of Space and Defense products rose $4.1
million, or 38.3% in the third quarter of fiscal 2007 compared to the third
quarter of the previous fiscal year. Space and Defense product sales are
increasing due to the higher level of new business booked by the Company over
the last two fiscal years. Shipments relating to the counter-IED contract
accounted for the large increase in sales for Space and Defense during the
quarter. Shipments under this contract are expected to fall to a rate of
approximately $2.0 million in the fourth quarter and to less than $1.0 million
per quarter thereafter.

Gross Profit. Cost of sales consists primarily of engineering design costs,
materials, material fabrication costs, assembly costs, direct and indirect
overhead, and test costs. Gross profit for the third quarter of fiscal 2007 was
$12.0 million (36.9% of net sales), up $1.8 million from $10.2 million (38.4% of
net sales) for the same quarter of the prior year. Gross profit as a percent of
sales declined in the third quarter of fiscal 2007 over the third quarter of
last year despite the $5.9 million increase in sales due to a somewhat less
favorable Wireless product mix and an unexpected scrap loss in the Space and
Defense group amounting to approximately 1.0% of total sales.

Marketing. Marketing expenses consist mainly of employee related expenses,
commissions paid to sales representatives, trade show expenses, advertising
expenses and related travel expenses. Marketing expenses were $1.8 million (5.6%
of net sales) for the third quarter of fiscal 2007, unchanged compared to $1.8
million (6.8% of net sales) for the third quarter of fiscal 2006. Marketing
expenses in the current third quarter were flat compared to the third quarter of
last fiscal year due to declining commission expense resulting from the maturing
of a number of large programs to lower rate structures. This decline off-set
higher travel and personnel expenses in the current quarter compared to the same
period last year.

Research and Development. Research and development expenses consist of material
and salaries and related overhead costs of employees engaged in ongoing
research, design and development activities associated with new products and
technology development. Research and development expenses were $2.3 million
(7.2% of net sales) in the third quarter of fiscal 2007, up 7.2% from $2.2
million (8.2% of net sales) for the third quarter of fiscal 2006. Research and
development expenditures are supporting further development of Wireless
infrastructure and consumer component opportunities, as well as new technology
development in the Space and Defense Group. Research and Development
expenditures have fluctuated with the level of opportunities in the marketplace
which have resulted in the hiring of additional personnel over the last twelve
months to assist in development initiatives. The Company does not expect to
reduce its current


                                       17
<PAGE>

research and development efforts and is presently working on a number of new
standard and custom Wireless and Space and Defense opportunities.

General and Administrative. General and administrative expenses consist of
employee related expenses, professional services, intangible amortization,
travel related expenses and other corporate costs. General and administrative
expenses increased 14.5% to 3.2 million (9.7% of net sales) for the third
quarter of fiscal 2007, from $2.8 million (10.3% of net sales) for the third
quarter of fiscal 2006. The increase resulted primarily from additional
professional service costs incurred due to the restatements of the Company's
financial statements that were required to be filed with the Securities and
Exchange Commission in January 2007, as well as additional personnel costs due
to the expanded level of the Company's business, and additional outside
consulting services retained by the Company for specific short term initiatives.

Operating Income. Operating income rose 34.4% in the third quarter of fiscal
2007 to $4.7 million (14.4% of sales), compared to $3.5 million (13.1% of net
sales) for the third quarter of fiscal 2006. On a reporting segment basis,
Wireless operating income was $1.1 million for the third quarter of fiscal 2007,
down $390,000, or 25.6%, from Wireless operating income of $1.5 million in the
third quarter of fiscal 2006. Wireless operating income declined in the current
third quarter due to inefficiencies in the Salem, New Hampshire facility
resulting from a decline in net sales at that facility.

Space and Defense operating income was $3.6 million (24.2% of Space and Defense
net sales), for the third quarter of fiscal 2007, up $1.6 million from $2.0
million for the third quarter of fiscal 2006. Operating margins in this group
have improved as a result of efficiencies realized from both the overall $5.9
million increase in sales volume and the $4.1 million rise in shipments of Space
and Defense Group products in the current third quarter, which included $5.0
million counter-IED products.

Other Income. Other income is primarily interest income received on invested
cash balances. Other income increased 41.0% to $874,000 in the third quarter of
fiscal 2007 compared to $620,000 for the third quarter of last year. This
increase was caused mainly by the rise in market interest rates over the last
twelve months and off-set partially by a decline in investable cash balances
during the third quarter. Other income will fluctuate based on short term market
interest rates and the level of investable cash balances.

Interest Expense. Interest expense represents interest paid on a deferred
obligation. Interest expense for the third quarter of fiscal 2007 was unchanged
from the third quarter of fiscal 2006.

Income Taxes. Income taxes for the third quarter of fiscal 2007 were $1.5
million (4.5% of net sales), representing an effective tax rate of 26.4%. This
compares to income tax expense of $942,000 (3.5% of net sales) for the third
quarter of fiscal 2006, representing an effective tax rate of 22.9%. The
Company's effective tax rate is a direct result of the proportion of federally
exempt state municipal bond income and federal tax credits and benefits in
relation to the levels of taxable income or loss. The projected effective tax
rate for fiscal 2007 is approximately 26% compared to an actual effective tax
rate of 22.8% for fiscal 2006. The increase in the projected effective tax rate
is due mainly to the higher level of taxable income the Company is currently
generating and the continuing phase-out of the federal extraterritorial tax
benefit.

Discontinued Operations. Discontinued operations represents the result of
liquidation and dissolution of the Company's Anaren Europe corporate structure
which ceased operation in December 2003. During the third quarter ended March
31, 2006 and in conjunction with the


                                       18
<PAGE>

finalization of Anaren Europe's bankruptcy proceeding, the Company performed the
final liquidation of its Anaren Europe corporate structure. As a result of this
liquidation, the Company recognized a gain of $81,713 from the liquidation of
the remaining assets.

Nine months Ended March 31, 2007 Compared to Nine months Ended March 31, 2006

Net Sales. Net sales increased $16.8 million, or 22.0% to $93.1 million for the
first nine months ended March 31, 2007 compared to $76.3 million for the first
nine months of fiscal 2006. This increase resulted from a $6.8 million rise in
shipments of Wireless infrastructure and consumer products and a $10.0 million
rise in sales of Space and Defense products.

The increase in sales of Wireless products was a result of a rise in worldwide
customer demand for Wireless infrastructure products over the past year.
Wireless product sales rose $6.8 million or 14.2% in the first nine months of
fiscal 2007 compared to the first nine months of fiscal 2006, due to a $3.7
million increase in shipments of custom products resulting from higher demand
from Nokia, as well as a $1.7 million increase (58%) in sales of new consumer
component products and a $1.4 million rise in sales of standard Wireless
components used mainly in power amplifier basestation applications.

Sales of Space and Defense products rose $10.0 million, or 35.2% in the first
nine months of fiscal 2007 compared to the same period last year. Approximately
$8.9 million of the increase resulted from the initial production of a component
used in a jammer system designed to counter-IED. Meanwhile, the remainder of the
increase was a result of general business growth in Space and Defense. Shipments
under the counter-IED contract, which began in September 2006, are expected to
drop to approximately $2.0 million in the fourth quarter of fiscal 2007.

Gross Profit. Gross profit for the first nine months of fiscal 2007 was $34.0
million (36.5% of net sales), up $6.3 million from $27.7 million (36.2% of net
sales) for the same period of the prior year. Gross profit on sales increased in
the first nine months of fiscal 2007 over the first nine months of last year due
to the substantial rise in overall sales of $16.8 million. The overall increase
in net sales included a substantial increase in Defense sales which enhanced
production efficiencies in that segment, as well as a more favorable product mix
in the Wireless segment resulting from the increase in sales of higher margin
standard components.

Marketing. Marketing expenses were $5.6 million (6.0% of net sales) for the
first nine months of fiscal 2007, up 5.3% from $5.3 million (6.9% of net sales)
for the first nine months of fiscal 2006. Marketing expenses in the first nine
months rose over the first nine months of last fiscal year due to increased
commission expense resulting from the higher sales levels and additional
personnel and travel expenses to serve the expanding Asian and Defense markets.

Research and Development. Research and development expenses were $6.7 million
(7.2% of net sales) in the first nine months of fiscal 2007, up 2.9% from $6.5
million (8.5% of net sales) for the first nine months of fiscal 2006. Research
and development expenditures are supporting further development of Wireless
infrastructure and consumer component opportunities, as well as new technology
development in the Space and Defense Group. Internal Research and Development
expenditures have increased with the higher level of opportunities in the
marketplace. The Company does not expect to reduce its current research and
development efforts and is presently working on a number of new standard and
custom Wireless and Space and Defense opportunities.


                                       19
<PAGE>

General and Administrative. General and administrative expenses increased 11.3%
to $8.7 million (9.3% of net sales) for the first nine months of fiscal 2007,
from $7.8 million (10.2% of net sales) for the first nine months of fiscal 2006.
The increase resulted primarily from additional personnel costs due to the
expanded level of Company business, a write down of the China facility leasehold
improvement due to the move to a new facility, additional professional service
costs associated with the restatement of the Company's financial statements in
January 2007, and additional outside consulting services retained by the Company
for specific short-term initiatives.

Operating Income. Operating income rose 61.5% in the first nine months of fiscal
2007 to $13.1 million (14.0% of sales), compared to $8.1 million (10.6% of net
sales) for the first nine months of fiscal 2006. On a reporting segment basis,
Wireless operating income was $5.4 million for the first nine months of fiscal
2007, up $575,000, or 12.0% from Wireless operating income of $4.8 million in
the first nine months of fiscal 2006. Wireless operating income improved in the
current first nine months as compared to the first nine months of last fiscal
year due to efficiency gains derived from the large overall increase in sales
and a more favorable Wireless product mix.

Space and Defense operating income was $7.7 million (20.0% of Space and Defense
net sales), for the first nine months of fiscal 2007, up $4.4 million from $3.3
million for the first nine months of fiscal 2006. Operating margins in this
group have improved as a result of efficiencies realized from both the overall
$16.8 million increase in sales volume and the $10.0 million rise in shipments
of Space and Defense Group products in the current first nine months. This
increase resulted primarily from $8.9 million in shipments of counter-IED
products in the first nine months of fiscal 2007, compared to the same nine
months of the prior year.

Other Income. Other income is primarily interest income received on invested
cash balances and gains on the sale of land. Other income increased 54.0% to
$2.7 million in the first nine months of fiscal 2007, compared to $1.7 million
for the first nine months of last year. This increase was caused mainly by the
rise in market interest rates over the last twelve months and a gain of $80,000
on the sale of a small parcel of land during the first quarter. Other income
will fluctuate based on short term market interest rates and the level of
investable cash balances.

Interest Expense. Interest expense represents interest paid on a deferred
obligation. Interest expense for the first nine months of fiscal 2007 was
unchanged from the first nine months of fiscal 2006.

Income Taxes. Income taxes for the first nine months of fiscal 2007 were $3.8
million (4.1% of net sales), including a tax benefit resulting from the renewal
of the federal research and experimentation credit retroactive to January 1,
2006, representing an effective tax rate of 24.4%. This compares to income tax
expense of $2.4 million (3.2% of net sales) for the first nine months of fiscal
2006, representing an effective tax rate of 24.6%. The Company's effective tax
rate is a direct result of the proportion of federally exempt state municipal
bond income and federal tax credits and benefits in relation to the levels of
taxable income or loss. The projected effective tax rate for fiscal 2007 is
approximately 26% compared to an actual effective tax rate of 22.8% for fiscal
2006. The increase in the projected effective tax rate is due mainly to the
higher level of taxable income the Company is currently generating.

Discontinued Operations. Discontinued operations represents the result of
liquidation and dissolution of the Company's Anaren Europe corporate structure
which ceased operation in December 2003. During the third quarter ended March
31, 2006 and in conjunction with the finalization of Anaren Europe's bankruptcy
proceeding, the Company performed the final


                                       20
<PAGE>

liquidation of its Anaren Europe corporate structure. As a result of this
liquidation, the Company recognized a gain of $81,713 from the liquidation of
the remaining assets.

Critical Accounting Policies

The methods, estimates and judgments management uses in applying the Company's
most critical accounting policies have a significant impact on the results
reported in the Company's financial statements. The U.S. Securities and Exchange
Commission has defined the most critical accounting policies as the ones that
are most important to the portrayal of the Company's financial condition and
results, and that require management to make the most difficult and subjective
judgments, often as a result of the need to make estimates of matters that are
inherently uncertain. Based on this definition, the Company's most critical
policies include: valuation of accounts receivable, which impacts general and
administrative expense; valuation of inventory, which impacts cost of sales and
gross margin; the assessment of recoverability of goodwill and other intangible
and long-lived assets, which impacts write-offs of goodwill, intangibles and
long-lived assets; accounting for stock based compensation, which impacts
multiple expense components throughout the statement of earnings; and accounting
for income taxes, which impacts the valuation allowance and the effective tax
rate. Management reviews the estimates, including, but not limited to, allowance
for doubtful accounts, inventory reserves and income tax valuations on a regular
basis and makes adjustments based on historical experiences, current conditions
and future expectations. The reviews are performed regularly and adjustments are
made as required by current available information. The Company believes these
estimates are reasonable, but actual results could and have differed at times
from these estimates.

The Company's accounts receivable represent those amounts which have been billed
to its customers but not yet collected. The Company analyzes various factors
including historical experience, credit worthiness of customers and current
market and economic conditions. The allowance for doubtful accounts balance is
established based on the portion of those accounts receivable which are deemed
to be potentially uncollectible. Changes in judgments on these factors could
impact the timing of costs recognized.

The Company states inventories at the lower of cost or market, using a standard
cost methodology to determine the cost basis for the inventory. This method
approximates actual cost on a first-in-first-out basis. The recoverability of
inventories is based on the types and levels of inventory held, forecasted
demand, pricing, competition and changes in technology.

The Company records valuation allowances to reduce deferred tax assets when it
is more likely than not that some portion of the amount may not be realized. The
Company evaluates the need for valuation allowances on a regular basis and
adjusts the allowance as needed. These adjustments, when made, would have an
impact on the Company's financial statements in the period that they were
recorded.

Intangible assets with estimable useful lives are amortized to their residual
values over those estimated useful lives in proportion to the economic benefit
consumed.


                                       21
<PAGE>

Long-lived assets with estimated useful lives are depreciated to their residual
values over those useful lives in proportion to the economic value consumed.
Long-lived assets are tested for impairment at the group level, which is usually
an economic unit such as a manufacturing facility or department, which has a
measurable economic output or product. Long-lived assets are tested for
impairment when events or changes in circumstances indicate that the carrying
amount of a long-lived asset may not be recoverable and exceeds its fair market
value. This circumstance exists if the carrying amount of the assets in question
exceeds the sum of the undiscounted cash flows expected to result from the use
of the asset. The impairment loss is measured as the amount by which the
carrying amount of a long-lived asset exceeds its fair value as determined by
the discounted cash flow or in the case of negative cash flow, an independent
market appraisal of the asset.

Goodwill is tested annually during the fourth fiscal quarter, or sooner if
indicators of impairment exist, for impairment by the Company at the reporting
unit level by comparing the fair value of the reporting unit with its carrying
value. Valuation methods for determining the fair value of the reporting unit
include reviewing quoted market prices and discounted cash flows. If the
goodwill is indicated as being impaired (the fair value of the reporting unit is
less than the carrying amount), the fair value of the reporting unit is then
allocated to its assets and liabilities in a manner similar to a purchase price
allocation in order to determine the implied fair value of the reporting unit
goodwill. This implied fair value of the reporting unit goodwill is then
compared with the carrying amount of the reporting unit goodwill and, if it is
less, the Company would then recognize an impairment loss.

The projection of future cash flows for the goodwill impairment analysis
requires significant judgments and estimates with respect to future revenues
related to the assets and the future cash outlays related to those revenues.
Actual revenues and related cash flows or changes in anticipated revenues and
related cash flows could result in changes in this assessment and result in an
impairment charge. The use of different assumptions could increase or decrease
the related impairment charge.

The Company accounts for stock based compensation by recognizing expense over
the vesting period for any nonvested stock option awards granted. Stock option
grants are valued by using a Black-Scholes method at the date of the grant.
There are assumptions and estimates made by management which go into the
valuation of the options granted, such as volatility, vesting period, and
forfeiture rate. The Company recognizes expense on options granted using a
straight-line method over the vesting period. Restricted stock grants are
expensed over the vesting period, which is determined at the date of the grant.

Liquidity and Capital Resources

Net cash provided by continuing operations for the nine months ended March 31,
2007 was $9.4 million compared to net cash provided by continuing operations for
the first nine months of the prior year of $11.0 million. The positive cash flow
from continuing operations in the current nine months was due to the high level
of net income before depreciation and non cash equity compensation ($18.3
million) which more than off-set the $7.0 million used to fund the current
inventory and accounts receivable increases. The positive cash flow from
continuing operations in the first nine months of fiscal 2006 was due primarily
to income before depreciation and non cash equity compensation for the period of
$13.6 million which more than off-set the $3.2 million used to fund inventory
and accounts receivable increases.

Net cash used in, or provided by, investing activities consists of funds used to
purchase capital equipment, proceeds from the sale of land and equipment and
funds used or provided by the net purchase or maturity of marketable debt
securities.


                                       22
<PAGE>

Net cash used in investing activities in the first nine months of fiscal 2007
was $1.5 million and consisted of $7.8 million provided by the settlement of
matured investments, net of $9.3 million used to acquire capital equipment and
fund the Company's current physical plant expansion. Net cash used in investing
activities in the first nine months of fiscal 2006 was $1.4 million and
consisted of funds provided by net purchases and settlement of matured
investments totaling $2.9 million, less capital additions of $4.3 million.

Net cash used in financing activities was $9.4 million in the first nine months
of fiscal 2007 and consisted of funds and tax benefits received from the
exercise of stock options amounting to $2.8 million, less $12.1 million used to
purchase treasury shares. Cash used in financing activities the first nine
months of fiscal 2006 was $7.6 million, which consisted of $9.8 million used for
the purchase of treasury shares, net of $2.2 million received from funds and tax
benefits generated by stock option exercises.

During the remainder of fiscal 2007, the Company anticipates that its main cash
requirements will be for additions to capital equipment and funds for the
current building expansion. Capital expenditures are expected to total between
$11.0 and $12.0 million for fiscal 2007 and will be funded by existing cash
balances.

The Company expects to continue to purchase shares of its common stock in the
open market and/or through private negotiated transactions under the current
Board authorization, depending on market conditions. At March 31, 2007, there
were 361,105 shares remaining under the current Board repurchase authorization.

At March 31, 2007, the Company had approximately $79.4 million in cash, cash
equivalents, and marketable securities. The Company has no debt, and on a fiscal
year basis has had positive operating cash flow for over eight years. The
Company believes that its cash requirements for the foreseeable future will be
satisfied by currently invested cash balances and expected cash flows from
operations.

Disclosures About Contractual Obligations and Commercial Commitments

Accounting standards require disclosure concerning the Company's obligations and
commitments to make future payments under contracts, such as debt, lease
agreements, and under contingent commitments, such as debt guarantees. The
Company's obligations and commitments are as follows:

<TABLE>
<CAPTION>

                                                                                Payment Due by Period
                                                  ----------------------------------------------------------------------------------
                                                                      Less
                                                    Total           than 1 Yr.          2-3 Yrs          4-5 Yrs          Over 5 Yrs
                                                  ----------        ----------        ----------        ----------        ----------
<S>                                               <C>               <C>               <C>               <C>               <C>
Contractual obligations
Operating leases - facilities                     $4,626,699        $  690,394        $1,380,789        $1,380,789        $1,174,727
Deferred compensation                                333,564            65,000           130,000           130,000             8,564

</TABLE>


                                       23
<PAGE>

Recent Accounting Pronouncements

FASB Interpretation 48 was issued in July 2006 to clarify the criteria for
recognizing tax benefits under FASB Statement No. 109, Accounting for Income
Taxes. The Interpretation defines the threshold for recognizing the benefits of
tax-return positions in the financial statements as "more-likely-than-not" to be
sustained by the taxing authority and will affect many companies' reported
results and their disclosures of uncertain tax positions. The Interpretation
does not prescribe the type of evidence required to support meeting the
more-likely-than-not threshold, stating that it depends on the individual facts
and circumstances. The benefit recognized for a tax position meeting the
more-likely-than-not criterion is measured based on the largest benefit that is
more than 50 percent likely to be realized. The measurement of the related
benefit is determined by considering the probabilities of the amounts that could
be realized upon ultimate settlement, assuming the taxing authority has full
knowledge of all relevant facts and including expected negotiated settlements
with the taxing authority. Interpretation 48 is effective as of the beginning of
the first fiscal year beginning after December 15, 2006 (the Company's 2008
fiscal year). The company is currently analyzing the financial statement impact
of adopting this pronouncement.

In September 2006, the SEC staff issued Staff Accounting Bulletin No. 108,
"Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in Current Year Financial Statements" ("SAB 108"). SAB 108 was
issued to provide interpretive guidance on how the effects of the carryover or
reversal of prior year misstatements should be considered in quantifying a
current year misstatement. The Company is currently analyzing the financial
statement impact of adopting this bulletin.

In September 2006, the FASB issued Statement of Financial Accounting Standard
No. 157, "Fair Value Measurements" which is effective for fiscal years beginning
after November 15, 2007 (the Company's 2009 fiscal year) and for interim periods
within those years. This statement defines fair value, establishes a framework
for measuring fair value and expands the related disclosure requirements. The
Company is currently evaluating the potential impact of this statement.

In September 2006, the FASB issued Statement of Financial Accounting Standard
No. 158, "Employer's Accounting for Defined Benefit Pension and Other
Postretirement Plans-an amendment to FASB Statements 87, 88, 106 and 132(R)"
("SFAS 158"), which requires balance sheet recognition of the overfunded or
underfunded status of pension and postretirement benefit plans. Under SFAS 158,
actuarial gains and losses, prior service costs or credits, and any remaining
transition assets or obligations that have not been recognized under previous
accounting standards must be recognized in Accumulated Other Comprehensive
Income, net of tax effects, until they are amortized as a component of net
periodic benefit cost. In addition, the measurement date, the date at which plan
assets and the benefit obligation are measured, is required to be the company's
fiscal year end. This Statement is effective for fiscal years ending after
December 15, 2006 (the Company's 2007 fiscal year). The Company is currently
analyzing the financial statement impact of adopting this pronouncement.

In February 2007, the FASB issued Statement of Financial Accounting Standard No.
159, "The Fair Value Option for Financial Assets and Financial Liabilities -
Including an Amendment of FASB Statement No. 115" (SFAS 159). This Statement
provides companies with an option to measure, at specified election dates, many
financial instruments and certain other items at fair value that are not
currently measured at fair value. A company that adopts SFAS 159 will report
unrealized gains and losses on items for which the fair value option has been
elected in earnings at each subsequent reporting date. This Statement also
establishes presentation and disclosure requirements designed to facilitate
comparisons between entities that choose different


                                       24
<PAGE>

measurement attributes for similar types of assets and liabilities. This
Statement is effective for fiscal years beginning after November 15, 2007 the
Company's 2009 fiscal year).The Company is currently evaluating the potential
impact of this statement.

Forward-Looking Cautionary Statement

The statements contained in this news release which are not historical
information are "forward-looking statements". These, and other forward-looking
statements, are subject to business and economic risks and uncertainties that
could cause actual results to differ materially from those discussed. The risks
and uncertainties described below are not the only risks and uncertainties
facing our Company. Additional risks and uncertainties not presently known to us
or that are currently deemed immaterial may also impair our business operations.
If any of the following risks actually occur, our business could be adversely
affected, and the trading price of our common stock could decline, and you may
lose all or part of your investment. Such known factors include, but are not
limited to: the Company's ability to timely ramp up to meet some of our
customers' increased demands; potential unanticipated liabilities and delays
associated with the physical expansion of the Company's Syracuse, New York
facility; unanticipated delays in successfully completing customer orders within
contractually required timeframes; increased pricing pressure from our
customers; decreased capital expenditures by wireless service providers; the
possibility that the Company may be unable to successfully execute its business
strategies or achieve its operating objectives, generate revenue growth or
achieve profitability expectations; successfully securing new design wins from
our OEM customers, reliance on a limited number of key component suppliers,
unpredictable difficulties or delays in the development of new process and
products including LTCC; order cancellations or extended postponements; the
risks associated with any technological shifts away from the Company's
technologies and core competencies; unanticipated impairments of assets
including investment values and goodwill; diversion of defense spending away
from the Company's products and or technologies due to on-going military
operations; and litigation involving antitrust, intellectual property,
environmental, product warranty, product liability, and other issues. You are
encouraged to review Anaren's 2006 Annual Report, Anaren's Form 10-K for the
fiscal year ended June 30, 2006, as amended, Anaren's Form 10-Q for the three
months ended September 30, 2006, as amended, Anaren's Form 10-Q for the three
months ended December 31, 2006 and exhibits to those Reports filed with the
Securities and Exchange Commission to learn more about the various risks and
uncertainties facing Anaren's business and their potential impact on Anaren's
revenue, earnings and stock price. Unless required by law, Anaren disclaims any
obligation to update or revise any forward-looking statement.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The following discusses the Company's possible exposure to market risk related
to changes in interest rates, equity prices and foreign currency exchange rates.
This discussion contains forward-looking statements that are subject to risks
and uncertainties. Results could differ materially from those anticipated in
these forward-looking statements as a result of various factors, including
factors described elsewhere in this Quarterly Report on Form 10-Q.

As of March 31, 2007, the Company had cash, cash equivalents and marketable
securities of $79.4 million, all of which consisted of cash and highly liquid
investments in marketable debt securities. The marketable debt securities at
date of purchase normally have maturities between one and 18 months, are exposed
to interest rate risk and will decrease in value if market interest rates
increase. A hypothetical decrease in market interest rates of 10.0% from March
31, 2007 rates, or 0.375%, would have reduced net income and cash flow by
approximately $67,000, or $0.004 per share for the quarter. Due to the
relatively short maturities of the securities and its


                                       25
<PAGE>

ability to hold those investments to maturity, the Company does not believe that
an immediate decrease in interest rates would have a significant effect on its
financial condition or results of operations. Over time, however, declines in
interest rates will reduce the Company's interest income.

Item 4. Controls and Procedures

      1.    Evaluation of disclosure controls and procedures. Based on their
            evaluation of the Company's disclosure controls and procedures (as
            defined in Rules 13a-15(e) and 15d-15(e) under the Securities
            Exchange Act of 1934) as of the end of the period covered by this
            Quarterly Report on Form 10-Q, the Company's chief executive officer
            and chief financial officer have concluded that the Company's
            disclosure controls and procedures are designed to ensure that
            information required to be disclosed by the Company in the reports
            that it files or submits under the Exchange Act is recorded,
            processed, summarized and reported within the time periods specified
            in the SEC's rules and forms and are operating in an effective
            manner. These disclosure controls and procedures include, without
            limitation, controls and procedures designed to ensure that the
            information required to be disclosed by the Company in the reports
            that it files or submits under the Exchange Act is accumulated and
            communicated to management, including the Company's chief executive
            officer and chief financial officer, as appropriate to allow timely
            decisions regarding required disclosure.

      2.    Changes in internal controls. During the period covered by this
            Quarterly Report on Form 10-Q, there were no changes in the
            Company's internal control over financial reporting (as defined in
            Rule 13a-15(f)) that have materially affected, or are reasonably
            likely to materially affect, the Company's internal control over
            financial reporting.


                                       26
<PAGE>

PART II OTHER INFORMATION

Item 1A. Risk Factors

The Company is exposed to certain risk factors that may effect operations and/or
financial results. The significant factors known to the Company are described in
the Company's most recently filed Annual Report on Form 10-K, as amended, and
above. There have been no material changes from the risk factors as previously
disclosed in the Company's Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

On May 10, 2005, the Board of Directors increased by 2,000,000 the number of
shares that the Company was authorized to repurchase in open market or by
privately negotiated transactions through its previously announced stock
repurchase program. The program, which may be suspended at any time without
notice, has no expiration date. The following table sets forth information
regarding shares repurchased and purchasable under the program during and as of
the end of the periods indicated. On March 31, 2007, 361,105 shares remained
authorized for purchase.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
  Period                   Total Number of           Average Price Paid         Total Number of                 Maximum Number (or
                          Shares (or Units)           per Share (or Unit)        Shares (or Units)              Approximate Dollar
                              Purchased                                        Purchased as Part of             Value) of Shares (or
                                                                                Publicly Announced              Units) that May Yet
                                                                                Plans or Programs               Be Purchased Under
                                                                                                               the Plans or Programs
------------------------------------------------------------------------------------------------------------------------------------
<S>                            <C>                          <C>                     <C>                              <C>
January 2007                         0                         --                         0                          1,077,879
------------------------------------------------------------------------------------------------------------------------------------
February 2007                  416,199                      17.20                   416,199                            661,680
------------------------------------------------------------------------------------------------------------------------------------
March 2007                     300,575                      16.57                   300,575                            361,105
------------------------------------------------------------------------------------------------------------------------------------
Total                          716,774                         --                   716,774                                 --
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Item 6. Exhibits

        31    Rule 13a-14(a) Certifications

        32    Section 1350 Certifications


                                       27
<PAGE>

                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                    Anaren, Inc.
                                    -------------------------------------------
                                    (Registrant)




Date:  May 4, 2007                  /s/Lawrence A. Sala
                                    -------------------------------------------
                                    Lawrence A.Sala
                                    President & Chief Executive Officer



Date:  May 4, 2007                  /s/Joseph E. Porcello
                                    -------------------------------------------
                                    Joseph E. Porcello
                                    Sr. Vice President of Finance and Treasurer


                                       28