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 DEDHAM, Mass., Jan. 5 /PRNewswire/ -- LoJack Corporation (NASDAQ-NMS: LOJN) announced today that for the third quarter ended Nov. 30, 1993 revenues increased by 39% to $7,951,000 from $5,730,000 a year ago. Operating income before depreciation and amortization increased to $860,000 from $226,000 in the third quarter ended Nov. 30, 1992. Net income was $347,000 or $.0l per share, for the third quarter this year compared to a net loss of $(395,000), or $(.05) a year ago.
 For the nine months ended Nov. 30, 1993, revenues increased by 38% to $23,339,000 from $16,852,000 a year ago. Operating income before depreciation and amortization increased to $2,901,000 from $289,000 in the nine months ended Nov. 30, 1992. Net income before extraordinary item was $1,234,000 or $.03 per share, for the nine months this year compared to a net loss of $(1,509,000), or $(.19) a year ago.
 An extraordinary charge in the first quarter ended May 31, 1993 of $163,000 relating to the exchange of convertible subordinated debentures of the company's New Jersey operation into LoJack common stock reduced net income for the nine months ended Nov. 30, 1993, to $1,071,000 or $.02 per share.
 In making the announcement C. Michael Daley, president, said that for the third quarter revenues continued to increase from both domestic operations and international markets. Results for the third quarter also included start up costs relating to the company's newest market, Virginia, which became operational during the quarter.
 Mr. Daley said, "The third quarter's results exceeded an analyst's estimate, which called for the company to break even on $7,200,000 in revenues.
 "The revenue growth in the company's domestic markets continued to increase at a 30% rate over the same period a year ago. This growth reflects increased penetration levels in most of our markets resulting from our effective marketing strategy, as well as increased car sales.
 "Revenues from international markets were $849,000 for the third quarter, an increase from $139,000 a year ago. These revenues consisted principally of product sales to several licensees.
 "We are pleased with the continued growth in revenues and profitability of our domestic markets. We expect to be able to leverage these growth trends with the addition of New York, Connecticut, Rhode Island and Washington, D.C. to our stolen vehicle recovery network which we believe will greatly accelerate both our revenue growth and profitability once they become operational. We expect these systems to become operational during our next fiscal year (which commences March 1, 1994) beginning with New York this Spring. This growth will not only be the result of an overall increase in the number of markets served by the company, but also the fact that these new jurisdictions are contiguous to existing LoJack operations will create economies of scale of operation from the sharing of existing overhead.
 "During the third quarter we started incurring additional operating expenses as a result of this expansion, which expenses we expect will increase until these jurisdictions become operational, thereby causing a degree of dilution to our earnings. However, we do expect our domestic revenues to continue growing over this time period."
 Condensed Financial Information
 Periods ended Three Months Nine Months
 Nov. 30 1993 1992 1993 1992
 Revenues $7,951,000 $5,730,000 $23,339,000 $16,852,000
 Oper. income bef.
 deprec. and amort. 860,000 226,000 2,901,000 289,000
 Net income (loss) bef.
 extraord. item 347,000 (395,000) 1,234,000 (1,509,000)
 Extraordinary item --- --- 163,000 ---
 Net income (loss) 347,000 (395,000) 1,071,000 (1,509,000)
 Net income (loss) per
 share .01 (.05) .02 (.19)
 Weighted average number of
 common shares outst. 13,435,133 12,764,088 13,288,808 12,764,088
 -0- 1/5/94R
 /CONTACT: Joseph F. Abely, senior vice president of LoJack, 617-326-4700; or John Swanson of Swanson Communications, Inc. 212-683-4890/

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

TW -- NY047R -- 9378 01/05/94 13:47 EST
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Publication:PR Newswire
Date:Jan 5, 1994

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