BOATRACS Reports Results for the Third Quarter, 1998.SAN DIEGO--(BUSINESS WIRE)--Nov. 12, 1998--BOATRACS Inc. (Bulletin Board:BTRK) today reported total revenues of $3,300,000 for the quarter ended Sept. 30, 1998, compared to total revenues of $1,500,000 for the comparable quarter of the prior year, an increase of 125 percent. Net income for the quarter was $296,000 or $.02 per share, compared to net income of $25,000 or $.00 per share for the quarter ended Sept. 30, 1997. The increase in total revenues includes revenues of $1,400,000 from Enerdyne Technologies Inc. which was acquired in July, 1998. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Total revenues for the nine months ended Sept. 30, 1998 were $7,400,000, an increase of 90 percent over total revenues of $3,900,000 for the comparable nine months of the prior year. Net income for the nine months ended Sept. 30, 1998 was $334,000 compared to a net loss of $161,000 in the prior comparable nine month period. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the nine months ended Sept. 30, 1998 were $1,000,000 compared to a loss of $124,000 in the nine months of the prior year. "We are very pleased with this quarter's results," stated Michael Silverman, chairman of the board. "The consolidation of the combined companies has proceeded very smoothly." BOATRACS, with headquarters in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and offices in Santee, Calif., Gulfport, Mississippi Gulfport is the second largest city in Mississippi after the state capital Jackson. It is the larger (population wise) of two principal cities of the Gulfport-Biloxi, Mississippi Metropolitan Statistical Area, which is included in the Gulfport-Biloxi-Pascagoula, Mississippi and the Netherlands, is the distributor in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European marine markets, of the OmniTRACS System, a satellite-based communications and tracking system developed and manufactured by QUALCOMM Inc. The BOATRACS system provides two-way communications between vessels at sea or on inland waterways and base stations on land, or with other vessels, e-mail addresses and phone and fax numbers. It also allows for near real-time vessel tracking. BOATRACS currently has systems on vessels operating on both U.S. coasts, in Europe, Mexico, Canada, the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , and inland river and waterways. The BOATRACS software division develops customized, integrated marine business applications for use on the vessel and in the office. In addition, the company provides versatile, high performance digital video compression Encoding digital video to take up less storage space and transmission bandwidth. See video codec and data compression. video compression - Compression of sequences of images. products to the government and commercial markets through Enerdyne Technologies Inc. Statements within this news release which are not historical facts, including statements about strategies and expectations for new and existing products, technologies, and opportunities, 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 involve risks and uncertainties. Risk factors are detailed in the company's Securities and Exchange Commission filings, particularly its 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 year ended Dec. 31, 1997. |
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