Printer Friendly

AURA SYSTEMS REPORTS AUDITED FISCAL 1993 RESULTS

 EL SEGUNDO, Calif., May 28 /PRNewswire/ -- Aura Systems, Inc. (NASDAQ: AURA) today reported audited results of operations for the fiscal year ended Feb. 28, 1993 in its Form 10-K to be filed with the Securities and Exchange Commission.
 Sales in 1993 were $11,005,379 as compared to sales of $11,134,502 in 1992. Net loss was $9,645,117, compared to a loss of $4,799,835 in 1992.
 Revenues in 1993 were comparable to 1992 as a result of a large revenue increase in the fourth quarter of fiscal 1993. Revenue of $4.25 million was recorded in the 1993 fiscal fourth quarter as compared to $1.48 million in the prior year fourth quarter.
 The 1993 loss is partially attributable to approximately $2.9 million of unusual costs, including approximately $1.4 million of increased one-time legal and audit costs associated with the mid-fiscal 1993 auditor resignation, approximately $900,000 related to discontinued projects, an additional $511,000 recorded as loss on Aura Medical Systems and approximately $100,000 of taxes and costs related to doing business in Korea.
 AURA SYSTEMS, INC.
 Statement of Operations
 Fiscal
 1993 1992
 Revenues $11,005,379 $11,134,502
 Total costs and expenses 20,138,573 15,284,982
 Equity losses on investment in AMS 511,923 649,355
 Net loss 9,645,117 4,799,835
 Net loss per common share (.36) (.19)
 Weighted average number of
 common shares 26,881,421 25,837,069
 BALANCE SHEET
 2/28/93 2/29/92
 Current assets $10,003,142 $ 7,820,226
 Net property and equipment 10,731,519 10,391,986
 Other assets 1,960,820 1,946,182
 Total 22,695,481 20,158,394
 Current liabilities 6,409,669 2,914,002
 Deferred income 3,382,500 1,720,000
 Convertible notes payable 5,647,596 --
 Stockholders' equity 7,255,716 15,524,392
 Total 22,695,481 20,158,394
 -0- 5/28/93
 /CONTACT: Francis T. Phalen, senior vice president of Aura Systems, Inc., 310-643-5300, ext. 215, or John Germinaro or Mark Cohen of Cameron Associates, 212-644-9560, for Aura Systems, Inc./
 (AURA)


CO: Aura Systems, Inc. ST: California IN: SU: ERN

PS-OS -- NY052 -- 3525 05/28/93 16:36 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 28, 1993
Words:375
Previous Article:VITAFORT INTERNATIONAL CORPORATION ANNOUNCES MANAGEMENT CHANGE
Next Article:HYAL PHARMACEUTICAL REPORTS FIRST QUARTER FINANCIAL RESULTS
Topics:


Related Articles
AURA SYSTEMS REPORTS FIRST QUARTER FISCAL 1994 RESULTS
AURA SYSTEMS REPORTS OVER $44 MILLION IN SALES, A 270% INCREASE OVER LAST YEAR
AURA SYSTEMS REPORTS RECORD REVENUES FOR FY'96 WITH CHARGES AND LOSS RESULTING FROM REFOCUSING ON CORE BUSINESSES; COMPANY PROJECTS PROFITABLE FY'97...
SEC CLAIMS IN AURA SYSTEMS 10K
Aura Systems Reports Financial Results For FY 1997
LOAN PAYMENT FEARS SEND NEWCOM STOCK REELING.
Aura Releases Message to Shareholders.
Aura Systems Posts SEC Data on Web Site.
James S. Harrington Elected to Aura Systems Board.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters