Printer Friendly

NORTH ATLANTIC TECHNOLOGIES, INC. REPORTS SECOND QUARTER PERFORMANCE

 MINNEAPOLIS, July 22 /PRNewswire/ -- North Atlantic Technologies, Inc. (NAT) today reported earnings for its second quarter ended June 30, 1993 of $19,688 or $.01 per share compared with earnings of $378,718 or $.15 per share for the same period in 1992. Sales for the second quarter were $1,580,054 compared with $2,571,576 in the second quarter of 1992.
 For the six months ended June 30, 1993 sales were $3,021,736 versus $4,491,845 for the first six months of 1992. Net income of $24,412 or $.01 per share was recorded for the first half of 1993 compared to earnings of $528,738 or $.21 per share for the same period in 1992.
 The decline in sales reflects the cyclical nature of capital expenditures in the markets served by NAT. The level of requests for proposals remains high, leading management to believe that sales will rebound late in 1993 and in 1994.
 Contributing to the decrease in earnings was fee income from providing engineering and design services under a cooperative agreement with a large German manufacturer. Services income was $50,000 and $200,438 for the three and six months ended June 30, 1992, respectively. No fees were earned under this agreement for the six months ended June 30, 1993, although several projects are anticipated to generate fees in the second half of 1993.
 NAT manufactures heat recovery systems which it sells worldwide to industrial companies for energy recovery and environmental control applications. Its headquarters are in Bloomington, Minn. and its manufacturing facilities are in St. Paul, Minn. The common stock of North Atlantic Technologies is traded in the local over-the-counter market.
 NORTH ATLANTIC TECHNOLOGIES, INC.
 CONDENSED STATEMENT OF OPERATIONS:
 (000's except per share amounts)
 Three months ended Six months ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Sales $1,580 $2,572 $3,022 $4,492
 Cost of sales 1,082 1,820 2,062 3,139
 Gross profit 498 752 960 1,353
 Operating costs (410) (439) (799) (873)
 Other income (expense) (69) 74 (137) 60
 Income before provision for
 income taxes and extra-
 ordinary item 19 387 24 540
 Provision for income taxes -- (139) -- (194)
 Income before extraordinary
 item 19 248 24 346
 Extraordinary item,
 utilization of net operating
 loss carryforward -- 131 -- 183
 Net income $19 $379 $24 $529
 Net income per common and
 common equivalent share:
 Income before extraordinary
 item $.01 $.10 $.01 $.14
 Extraordinary item -- .05 -- .07
 Net income $.01 $.15 $.01 $.21
 Average common and common
 equivalent shares
 outstanding 2,392,689 2,493,751 2,392,689 2,490,017
 -0- 7/22/93
 /CONTACT: David Paulin, chief financial officer of North Atlantic Technologies, 612-888-8553/


CO: North Atlantic Technologies ST: Minnesota IN: ENV SU: ERN

DB -- MN023 -- 4779 07/22/93 16:46 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 22, 1993
Words:473
Previous Article:McDONNELL DOUGLAS, CHINA BEGIN JOINT MD-80/90 MANUFACTURING STUDY
Next Article:COMPUTER IDENTICS ANNOUNCES SECOND QUARTER 1993 RESULTS
Topics:


Related Articles
NORTH ATLANTIC TECHNOLOGIES REPORTS FOURTH QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES REPORTS SECOND QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES, INC., REPORTS FOURTH QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES, INC. REPORTS FIRST QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES REPORTS THIRD QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES, INC. REPORTS FIRST QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES, INC. REPORTS SECOND QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES, INC. REPORTS FIRST QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES REPORTS SECOND QUARTER RESULTS

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