Aura Announces Results for Year Ended Feb. 28, 2000.Business Editors EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and , Calif.--(BUSINESS WIRE)--June 16, 2000 Aura Systems Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AURA) announced it has filed its financial results on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended Feb. 28, 2000. The company reported losses on a consolidated basis of approximately $9.5 million for FY 2000, or $0.08 per share, as compared with a loss of $150 million for FY 1999, or $1.74 per share. Net revenues were approximately $5.8 million as compared with $53.7 million in the previous fiscal year. The results reported herein have been reclassified to reflect the disposition of the sound segment as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . Going forward, the company is now totally focused on the AuraGen product line. During the fourth quarter of fiscal 2000, in conjunction with the company's informal restructuring, the company's major creditors forgave for·gave v. Past tense of forgive. forgave Verb the past tense of forgive forgave forgive approximately $19.0 million of debt and interest. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. for FY 2000 is approximately $1.5 million, as compared with a deficit of approximately $13.7 million in FY 1999, an improvement of more than $15 million. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in the company's Securities and Exchange Commission filings.
AURA SYSTEMS INC.
Condensed Financial Statements
Balance Sheet
Feb. 28, Feb. 28,
2000 1999
Current Assets $ 17,826,048 $ 36,489,862
Total Assets $ 56,122,478 $ 90,143,392
Liabilities $ 54,606,470 $ 103,797,049
Stockholders' equity $ 1,516,008 $ (13,653,657)
Total liabilities and
stockholders' equity $ 56,122,478 $ 90,143,392
Statement of Operations
Fiscal
2000 1999
Net Revenues $ 5,788,221 $ 53,650,025
Net Loss $ (9,465,956) $ (150,148,156)
Net Loss Per Share $ (0.08) $ (1.74)
Weighted average number of
common shares outstanding 124,294,051 85,831,688
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