Printer Friendly

KNOGO REPORTS 47% EARNINGS INCREASE FOR FIRST NINE MONTHS

 HAUPPAUGE, N.Y., Jan. 11 /PRNewswire/ -- KNOGO Corporation (NYSE: KNO) today reported a 47% increase in net income for the nine months ended Nov. 30, 1993 and a 173% increase in net income for the third fiscal quarter.
 For the first nine months of fiscal 1994 ended Nov. 30, 1993, net income was $3,044,000, or $0.55 per share, compared to a restated $2,064,000, or $0.39 per share for the comparable period last year. Net income for the third quarter of fiscal 1994 was $1,159,000, or $0.21 per share, compared to a restated $425,000, or $0.08 per share, for the third quarter of fiscal 1993. Pretax foreign exchange losses were $355,000 in the fiscal 1994 third quarter and $1,638,000 in the third quarter of fiscal 1993. Fiscal 1993 results have been restated for the adoption of FAS 109, "Accounting for income Taxes"; previously reported net income for the nine months and third quarter of fiscal 1993 were $1,905,000 ($0.36 per share) and $392,000 ($0.07 per share), respectively.
 Revenues for nine months and third quarter of fiscal 1994 were $67,746,000 and $21,375,000, respectively; for the same periods last year, revenues were $71,312,000 and $26,031,000, respectively. The decline in revenues in the current year is primarily a result of lower revenues in North America and lower values for international currencies compared to the U.S. dollar. Although down slightly for the third fiscal quarter, in local currencies, international revenues, which represent approximately 80% of KNOGO's total revenue, are ahead of last year by about 13% for the nine months.
 In commenting on the quarter and the nine month results, Arthur J. Minasy, Chairman and Chief Executive Officer, said, "Our continuing efforts at cost control and a more focused selling effort are clearly paying off. Operating margins have been sustained despite lower revenue, and we have improved our cash and debt position by almost $9 million since the start of the fiscal year. We continue to believe that source tagging and source imbedding represent very significant opportunities for the future, and we have been positioning ourselves favorably through the start up of super Strip production and infrastructure improvement to be in the forefront of the coming quantum leap in the EAS industry."
 KNOGO Corporation, founder of the Electronic Article Surveillance (EAS) industry in 1966, is the world's technological leader in the design and manufacture of asset protection systems for retailers and industry. Its Radio Frequency (RF) and Micro-Magnetic (MM) systems protect retail merchandise and business assets. Other products include KNOGO's Data Displayer and Surveillor Closed Circuit Video Systems (CCVS), which protect retailers against theft by recording point-of-sale transactions and through video surveillance.
 KNOGO CORPORATION
 Consolidated Financial Highlights
 (000's omitted, except share data)
 For the periods Three Months Nine Months
 ended Nov. 30, 1993 1992 1993 1992
 Total Revenues $21,375 $26,031 $67,746 $71,312
 Operating Profit 2,276 2,798 6,050 6,223
 Income Before
 Income Taxes 1,545 545 4,058 2,646
 Net Income 1,159 425 3,044 2,064
 Net Income Per Share $.21 $.08 $.55 $.39
 Weighted Average
 Common Shares 5,536,710 5,387,243 5,545,037 5,333,780
 -0- 1/11/94
 /CONTACT: Robert T. Abbott, vice president - finance of KNOGO, 516-232-2100, or 800-645-4224/
 (KNO)


CO: KNOGO Corporation ST: New York IN: SU: ERN

TM-TM -- NY061 -- 1037 01/11/94 13:43 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 11, 1994
Words:588
Previous Article:RUDER FINN ESTABLISHES BIOTECHNOLOGY UNIT; NEW GROUP PROVIDES EXPERTISE IN HEALTHCARE, AGRICULTURE, SCIENCE AND CAPITAL MARKETS
Next Article:MONEY SMALL INVESTOR INDEX: SMALL INVESTORS TAKE PROFITS ON ENERGY FUNDS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters