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BALLISTIC RECOVERY SYSTEMS REPORTS SECOND QUARTER PROFIT ON CONTINUING OPERATIONS

 BALLISTIC RECOVERY SYSTEMS REPORTS SECOND QUARTER PROFIT
 ON CONTINUING OPERATIONS
 MINNEAPOLIS, June 1 /PRNewswire/ -- Ballistic Recovery Systems, Inc. (BRS) reported today that results of operations for the second quarter ended March 31, 1992 include a profit on continuing operations. Second quarter results reflect the divestiture of the Paranetics division which was effective on Feb. 29, 1992, and compare operations of the company's sport aviation division (continuing operations) to the second quarter ended March 31, 1991.
 Second quarter 1992 sales increased 26.7 percent to $358,103 from $282,674 for the same quarter last year. The company reported income from continuing operations of $51,415, or $.01 per share for the second quarter this year compared to a loss from continuing operations of $(77,582), or $(.02) per share, last year. This year, BRS incurred a second quarter loss from discontinued operations of $(83,469) compared to income from discontinued operations of $5,162 for the same period last year. The company reported a second quarter net loss of $(32,054), or $(.01) per share, this year, compared to a net loss of $(72,420), or $(.02) per share last year.
 Sales during the quarter improved primarily due to improved marketing and sales effectiveness and increased production due to better efficiency. Gross profit for the second quarter was 44.0 percent compared to 14.6 percent during the same period last year. The substantial increase in gross profit performance resulted from further cost reductions in materials and labor. Selling, general, and administrative expenses during the quarter decreased by $38,199 compared to last year and research and development expense increased by $17,919 over the same period one year ago.
 Boris Popov, chairman of BRS, stated, "We're pleased with the results of the second quarter, particularly the improved margins and improved efficiencies which occurred despite a significant increase in GARD-related R&D expenses."
 Ballistic Recovery Systems, Inc. designs, manufactures, and distributes rocket-powered parachute systems which are designed to recover aircraft under catastrophic airborne conditions.
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended March 31
 1992 1991
 Sales $ 358,103 $ 282,674
 Cost of sales (200,623) (241,311)
 Gross profit 157,480 41,363
 Selling, general, and
 administrative expenses (76,339) (114,538)
 Research and development (20,750) (2,831)
 Income (loss) from
 operations 60,391 (76,006)
 Other income (expense):
 Interest income (2,447) 524
 Interest expense (7,954) (5,219)
 Other income - net 1,425 3,119
 Income (loss) from
 continuing operations 51,415 (77,582)
 Discontinued operations:
 Income (loss) from
 operations of discontinued
 Paranetics Division (180,944) 5,162
 Gain on disposal of
 Paranetics Division 97,475 --
 Total discontinued
 operations (83,469) 5,162
 Net income (loss) $(32,054) $(72,420)
 Income (loss) from
 continuing operations,
 per share $.01 $(.02)
 Net income (loss) per
 share $(.01) $(.02)
 Weighted average number
 of shares outstanding 3,530,368 3,530,368
 Six Months Ended March 31
 1992 1991
 Sales $ 490,691 $ 502,622
 Cost of sales (367,314) (390,069)
 Gross profit 123,377 112,553
 Selling, general, and
 administrative expenses (135,256) (187,649)
 Research and development (63,006) (6,966)
 Income (loss) from
 operations (74,885) (82,062)
 Other income (expense):
 Interest income 628 746
 Interest expense (21,690) (10,634)
 Other income - net 1,425 6,593
 Income (loss) from
 continuing operations (94,522) (85,357)
 Discontinued operations:
 Income (loss) from
 operations of discontinued
 Paranetics Division (244,330) 65,777
 Gain on disposal of
 Paranetics Division 97,475 --
 Total discontinued
 operations (146,855) 65,777
 Net income (loss) $(241,377) $(19,580)
 Income (loss) from
 continuing operations,
 per share $(.03) $(.02)
 Net income (loss) per
 share $(.07) $(.01)
 Weighted average number
 of shares outstanding 3,530,368 3,482,433
 -0- 6/1/92
 /CONTACT: Darrel Brandt (Interim CEO), Ballistic Recovery Systems, Inc., 612-457-7491; or Tom de Petra of de Petra & Associates 612-338-7630, for Ballistic Recovery Systems/ CO: Ballistic Recovery Systems, Inc. ST: Minnesota IN: ARO SU: ERN


KH -- MN017 -- 5894 06/01/92 16:44 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
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