CODE-ALARM ANNOUNCES THIRD-QUARTER RESULTS
CODE-ALARM ANNOUNCES THIRD-QUARTER RESULTS MADISON HEIGHTS, Mich., Nov. 14 /PRNewswire/ -- Code-Alarm, Inc.
(NASDAQ-NMS: CODL) announced today sales and earnings for the quarter ended Sept. 30, 1991. Sales were $10,548,000 compared to $11,969,000 in the third quarter of 1990. The company reported a net loss of $392,000 for the third quarter of 1991 compared to net income of $193,000 during the third quarter of 1990.
"Our Texas-based electronics manufacturing subsidiary, Tessco Group, Inc., continues to be affected by the economy's slow recovery," stated Rand Mueller, chairman, president and CEO of Code-Alarm, Inc. "Tessco experienced a substantial downturn in contract manufacturing activity which resulted in a significant pre-tax operating loss for the third quarter," Mueller said. "Tessco also has had some product and sales disruptions as it changed to a Just-In-Time manufacturing program for improved cost efficiencies and customer service," he added. In closing, Mueller stated, "The transition to modern manufacturing techniques was necessary for Tessco to move forward and be competitive. With the changes behind us, I do believe Code-Alarm, Inc. has the resources and manpower to finish the year on a profitable note." CODE-ALARM, INC. COMPARATIVE STATEMENT OF EARNINGS Third Quarter Nine Months Ended Sept. 30 Ended Sept. 30 1991 1990 1991 1990 Consolidated net sales $10,548,000 $11,969,000 $33,294,000 $33,747,000 Net income (after tax) ($392,000) $193,000 $295,000 $1,416,000 Net income per share ($.15) $.07 $.12 $.55 Average shares 2,540,000 2,585,570 2,566,000 2,585,570 -0- 11/14/91 R /CONTACT: Kenneth Mueller or Sheryl Gruener of Code-Alarm, Inc., 313-583-9595/ (CODL) CO: Code-Alarm, Inc. ST: Michigan IN: AUT SU: ERN JG -- DE024 -- 4567 11/14/91 16:22 EST
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|Date:||Nov 14, 1991|
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