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LOJACK CORP. REPORTS 51 PERCENT INCREASE IN REVENUES FOR FOURTH QUARTER; ANTICIPATES PROFIT DURING CURRENT FISCAL YEAR

 DEDHAM, Mass., April 13 /PRNewswire/ -- LoJack Corp (NASDAQ: LOJN) announced today that revenues increased by 51 percent to a record $6,494,000 for the fourth quarter ended Feb. 28, 1993 compared to $4,300,000 a year ago. Operating income before depreciation and amortization increased by $863,000 to $541,000 in the fourth quarter from an operating loss before depreciation and amortization of $322,000 a year ago. Overall, the net loss improved by $765,000 to $232,000 in the fourth quarter from $999,000 a year ago.
 For the year ended Feb. 28, 1993, revenues increased by 33 percent to $23,346,000 from $17,535,000 a year earlier. Operating income before depreciation and amortization increased by $1,924,000 to $837,000 from an operating loss before depreciation and amortization of $1,087,000 a year ago. Overall, the net loss improved by $2,896,000 to $1,742,000 from $4,638,000 a year ago. Net loss before cumulative preferred dividend was $.02 and $.14 for the fourth quarter and year ended Feb. 28, 1993, compared to $.08 and $.38 for the same periods respectively, a year ago.
 Including the cumulative preferred dividend, the net loss per common share was $.04 and $.23 for the fourth quarter and the year ended Feb. 28, 1993. No preferred dividend was required for the same periods last year.
 In announcing the results, C. Michael Daley, president, said that the increase in revenues for the fourth quarter reflects continued growth in the company's domestic markets, as well as $1,155,000 in revenues derived from the company's licensing activities, principally from the agreement to license the LoJack CarSearch System for use in Czechoslovakia.
 "The strong improvement in operating income before depreciation and amortization, or operating cash flow, reflects the effect these increased revenues have after our fixed operating expenses have been covered. In our six domestic markets which have been operational for the entire fiscal year, approximately 80 percent of the gross income derived from increased revenues flowed directly to the operating income of those markets. Similarly, almost 100 percent of the gross margin derived from licensing activities flowed directly to operating income, primarily because the responsibility for operating expenses lies with the licensees," he said.
 Mr. Daley said that offsetting the increases in operating cash flow were start-up expenses, primarily marketing, incurred in LoJack's newest market, Georgia, which became operational in September.
 Mr. Daley said, "We are also seeking to expand our presence domestically. We will commence operations in our eighth market, Virginia, sometime this summer. On the East Coast, it is our plan to have our Stolen Vehicle Recovery Network connected from Massachusetts to Florida.
 "Recently, the company reported it has been selected as the successful bidder by the New York City Police Department to provide its Stolen Vehicle Recovery System for the City of New York. LoJack will now negotiate the terms of that agreement with the New York City Police Department. We view this expansion as having a dramatic impact on our revenue growth and profitability in the coming fiscal years.
 "We are pleased and excited about our progress in March, establishing a new record for LoJack Unit sales with an almost 30 percent increase over March 1992, despite the adverse weather conditions on the East Coast. We are also very optimistic about the impact licensing activities will have on our income in Fiscal 1994 and over the next several years. The company recently completed an agreement to license the use of LoJack's technology in the United Kingdom, which will generate $1 million in license fees over the first two quarters of our fiscal year ending Feb. 28, 1994. In addition, we are currently negotiating several additional agreements for our CarSearch System in other countries, several of which we expect will contribute to our fiscal 1994 revenues and profits.
 "We expect that the combination of continued growth in our domestic markets and continued successes in completing CarSearch agreements will result in LoJack reporting its first profit sometime during the fiscal year ending Feb. 28, 1994."
 LOJACK CORPORATION
 Condensed Financial Information
 (Unaudited)
 Periods ended Three months Twelve months
 2/28/93 2/28/94 2/28/93 2/28/94
 Revenues $6,494,041 $4,300,167 $23,346,493 $17,535,402
 Operating income
 (loss) before
 depreciation and
 amortization 540,989 (322,160) 837,136 (1,086,723)
 Operating loss (24,983) (864,653) (1,345,418) (3,293,784)
 Net (loss) (232,626) (998,606) (1,741,808) (4,637,684)
 Per share ($.04) ($.08) ($.23) ($.38)
 Shares outstanding 12,839,088 12,764,088 12,779,088 12,273,014
 -0- 4/13/93
 /CONTACT: Joseph F. Abely, senior vice president of LoJack Corp. 617-326-4700, or John Swanson of Swanson Communications, Inc., 212-683-4890, for LoJack Corp./
 (LOJN)


CO: LoJack Corporation ST: Massachusetts IN: SU: ERN

TM-OS -- NY003 -- 5056 04/13/93 08:31 EDT
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Date:Apr 13, 1993
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