Aura Announces Results for Year Ending February 28, 2001.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)--May 29, 2001 AURA SYSTEMS, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AURA) announced today results for Fiscal 2001. During Fiscal 2000 and carrying over to fiscal 2001 the Company discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: certain operations, sold certain assets, reduced and restructured the majority of its debt, eliminated all of the convertible debt and settled most of its legal disputes. The Company focused the operation in Fiscal 2001 on the AuraGen product line. The Company compares below the results of Fiscal 2001 with Fiscal 2000 AuraGen business and also compares Fiscal 2001 with total Fiscal 2000. Net revenues in 2001 totaled $2.5 million. In Fiscal 2001 virtually all sales were AuraGen related, up from $0.8 million in AuraGen related sales in fiscal 2000. Overall, revenues declined in Fiscal 2001 from $5.8 million in Fiscal 2000. The gross margins increased in Fiscal 2001 to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 52% from gross margins of approximately 32% on AuraGen products in Fiscal 2000. Overall gross margins in Fiscal 2001 declined from 54% in Fiscal 2000, which excludes a sound related license fee in Fiscal 2000. Total expenses in Fiscal 2001 declined to $22.2 million from $28.2 million in Fiscal 2000. Expenses in Fiscal 2001 include $6.9 million in depreciation, $2.2 million in legal costs, $1.5 million in legal settlements, $2.3 million in interest and $1.3 million in bad debt from non- non- word element [L.]not . non- pref. Not: noninvasive. AuraGen business in which the Company is no longer involved. This compares to $6.9 million, $1.0 million, $2.8 million, $4.5 million, and $0.16 million, respectively, in Fiscal 2000. The loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for fiscal 2001 was $20.9 million as compared to $24.4 million in the previous year. The cash used by operating activities during Fiscal 2001 was approximately $13.3 million compared to $15.6 million in the previous year. The Company currently expects AuraGen sales in the first quarter of Fiscal 2002 to exceed revenues recorded for the entire Fiscal 2001 year. First quarter of Fiscal 2002 results are due on July July: see month. 15, 2001. "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 which are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by forward-looking statements. These risks are described in the Company's Securities and Exchange Commission filings.
Balance Sheet
February 28, February 29,
2001 2000
---- ----
Current Assets $ 13,943,149 $ 17,826,048
Total Assets $ 45,278,043 $ 56,122,538
= ============== = =============
Liabilities $ 43,233,008 $ 54,606,530
Stockholders' equity $ 2,045,035 $ 1,516,008
- -------------- - -------------
Total liabilities and
stockholder's equity $ 45,278,043 $ 56,122,538
= ============== = =============
Statement of Operations
AuraGen Only
Fiscal
2001 2000
---- ----
Net AuraGen Revenues $ 2,512,508 $ 773,469
Cost of AuraGen Goods $ 1,216,637 $ 530,740
- -------------- - ------------
Gross Profit $ 1,295,871 $ 242,729
======================================================================
Aura Systems All Sources of Revenue
Fiscal
2001 2000
---- ----
Total Net Revenues $ 2,512,508 $ 5,788,221
Total Cost of Goods $ 1,216,637 $ 1,957,854
- -------------- - -------------
Gross Profit $ 1,295,871 $ 3,830,367
Total Expenses $ 22,225,842 $ 28,233,738
- -------------- - -------------
Loss from continuing
operations $ (20,929,971) $ (24,403,371)
Net loss after
extraordinary items $ (20,929,971) $ (9,465,956)
Net loss per share $ (0.08) $ (0.08)
Weighted average number
of common shares
outstanding 261,568,346 124,294,051
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion