GO-VIDEO(TM) CALLS THIRD QUARTER A 'RECORD BREAKING SUCCESS'
GO-VIDEO(TM) CALLS THIRD QUARTER A 'RECORD BREAKING SUCCESS' SCOTTSDALE, Ariz., May 26 /PRNewswire/ -- GO-VIDEO INC. (AMEX: VCR) today announced a record breaking quarter with sales of $4,842,743, and a net profit of $120,683 or $.01 per share, for the third fiscal quarter ended April 30, 1992. This is a 352 percent increase in sales, as compared to the same quarter last year. GO-VIDEO INC. Selected Financial Data Quarter Ending April 30, Jan. 31, Oct. 31, July 31, April 30, 1992 1992 1991 1991 1991 Sales $4,842,743 $3,009,509 $3,640,573 $1,577,735 $1,071,453 Profit/ $120,683 --- --- --- --- (Losses) --- (568,370) (483,399) (1,835,525) (1,825,704)(a) According to Bob Palko, president of GO-VIDEO, "Increased sales, reduced costs and long-range planning during the past year have resulted in elevating GO-VIDEO to a profitable level of operations. Although this spring quarter customarily represents one of the slowest sales periods in the consumer electronics industry and while the industry appears to be flat, we are experiencing significant growth. We believe that this profitable quarter is the beginning of a trend as we have entered a higher level of exposure and demand for Dual-Deck VCRs. The company continues to have no long term debt and a net worth of $6.8 million." Management is a further encouraged that this performance comes at a time when the company is introducing it's "Next Generation" of Dual-Deck VCRs at the Consumer Electronics Show (Chicago, May 28-31), a selection of new models with differing features targeted to an even broader market, from mass merchants to high-end video specialty stores. These models will include "video sequencing," the companies newest innovative feature. GO-VIDEO's patented (U.S. Pat. No. 4,768,110) Dual-Deck VCR system are the only VCRs sold in America that can duplicate tapes with the touch of one button, record two programs at once, play a movie while recording a TV show, provide easy video-audio switching and much more, all within one space-saving unit. (a) Does not include $3,256,875 net income from antitrust settlements. -0- 5/26/92 /CONTACT: R. Terren Dunlap, CEO of GO-VIDEO, 602-998-3400/ (VCR) CO: GO-VIDEO INC. ST: Arizona IN: CPR SU: ERN
DM -- LA010 -- 3590 05/26/92 08:20 EDT
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|Date:||May 26, 1992|
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