LoJack Corporation Reports First Quarter Earnings Of $.14 per Share On Revenues of $24,547,000.DEDHAM, Mass., July 10 /PRNewswire/ --
LoJack Corporation, (Nasdaq: LOJN) announced today that for the first quarter ended May 31, 2001 (fiscal 2002) revenues were $24,547,000 compared to revenues of $24,486,000 for the same period a year ago. Net income was $2,199,000 or $.14 per diluted di·lute
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.
2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a loss of ($363,000), or ($.02) per diluted share, for the same period a year ago. As previously disclosed, net income for last year's first quarter has been restated to reflect the adoption of the SEC's Staff Accounting Bulletin No. 101 ("SAB SAB Spontaneous abortion. See Abortion. 101"), "Revenue Recognition in Financial Statements", which amounted to a one-time charge of $2,978,000, or ($.18) per diluted share, and resulted in the deferral deferral - Waiting for quiet on the Ethernet. of revenue previously recognized on international license fees. This adjustment will be recovered in future periods when the deferred international license fee revenue is recognized. Revenue for last year's first quarter has been increased by $170,000 to reflect the adoption of SAB 101.
International revenues in the first quarter fiscal 2002 compared to a year ago increased $692,000, or 21%, while domestic revenues decreased $631,000, or 3%.
Domestic sales of LoJack units for the first quarter of fiscal 2002 were slightly less than the first quarter of fiscal 2001. LoJack's penetration of new vehicle sales increased marginally during the first quarter even though new vehicle registrations to consumers decreased approximately 6.5% in LoJack's covered markets. The decrease in domestic revenues reflects lower average revenues per LoJack unit as a result of volume variable pricing Most firms use a fixed price policy. That is, they examine the situation, determine an appropriate price, and leave the price fixed at that amount until the situation changes, at which point they go through the process again. agreements.
The 21% growth in international revenue, reflecting a 35% growth in LoJack Unit sales unit sales
Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. , was led by continued strong product sales to the company's South African and South American licensees. These sales were partially offset by a decrease in non-recurring revenues.
In making the earnings announcement, Ronald J. Rossi, chairman, said, "While we are pleased with the increase of our domestic penetration in the face of the decline in new car sales, we have undertaken, as we have stated before, new initiatives in sales, marketing and new product introduction which we expect, over the next six months, will result in increased revenues. Our international growth rate should also continue to be strong as the year progresses."
During the first quarter of fiscal 2002 the company repurchased 144,000 shares under its stock buyback Stock buyback
A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share.
See buyback. program. As of July 2, 2001, total shares repurchased since inception of the program was 7,139,000 shares.
From time to time, information provided by the company or statements made by its employees may contain "forward-looking" information, which involve risk and uncertainties. Any statements in this news release that are not statements of historical fact are forward-looking statements (including, but not limited to, statements concerning the characteristics and growth of the company's objectives and plans for the company's future operations and products and the company's expected liquidity and capital resources). Such forward-looking statements are based on a number of assumptions and involve a number of risks and uncertainties, and accordingly, actual results could differ materially. Factors that may cause such differences include, but are not limited to: the continued and future acceptance of the company's products and services, the rate of growth in the industries of the company's customers; the presence of competitors with greater technical, marketing, and financial resources; the company's ability to promptly and effectively respond to technological change to meet evolving customer needs; capacity and supply constraints CONSTRAINTS - A language for solving constraints using value inference.
["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. or difficulties; and the company's ability to successfully expand its operations. For a further discussion of these and other significant factors to consider in connection with forward-looking statements concerning the company, reference is made to Exhibit 99 of the company's Annual Report on Form 10-K for the fiscal year ended February 28, 2001.
v. con·densed, con·dens·ing, con·dens·es
1. To reduce the volume or compass of.
2. To make more concise; abridge or shorten.
a. Financial Information
May 31, May 31,
Revenues $24,547,000 $24,486,000
Operating income Operating Income
The profit realized from a business' own operations.
This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. 3,387,000 4,208,000
Pre-tax income 3,490,000 4,287,000
Income before cumulative effect of
change in accounting principle 2,199,000 2,615,000
Cumulative effect of change
in accounting principle -- (2,978,000)
Net income (loss) 2,199,000 (363,000)
Diluted earnings (loss) per share:
Before cumulative effect of
change in accounting principle $0.14 $0.16
Cumulative effect of change in
accounting principle -- ($0.18)
After cumulative effect of
change in accounting principle $0.14 ($0.02)
Weighted average diluted common
shares outstanding 16,091,000 16,781,000
NOTE: The full text of this news release as well as current financial statements may be accessed on the Internet Internet
Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at: http://www.lojack.com. Each quarter's release is archived on the web site under LoJack Financial Information during the fiscal year. The company's Annual Report, Form 10Q and Form 10K filings will also be available on it web site. Copies of the company's financial information, including news releases, may also be obtained by contacting Swanson Communications, Inc. at 516-671-8582.
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