Printer Friendly

AURA SYSTEMS REPORTS FIRST QUARTER FISCAL 1994 RESULTS

 EL SEGUNDO, Calif., July 15 /PRNewswire/ -- Aura Systems, Inc. (NASDAQ: AURA) today reported results of operations for the first quarter ended May 31, 1993, in its Form 10-Q filed with the Securities and Exchange Commission.
 Sales in the first quarter were $5,316,866, compared with $1,797,603 in the comparable prior year quarter. Net loss in the quarter ended May 31, 1993, was $2,409,413, as compared to a loss of $1,695,155 in the prior year.
 The May 31, 1993 balance sheet reflects a net working capital increase of $2,428,034 to $6,021,507, as compared with Feb. 28, 1993. Shareholders' equity at May 31, 1993 rose by $2,601,556 to $9,857,272 when compared to the Feb. 28, 1993 year end level.
 Revenues increased by $3,519,263 in the quarter and were accompanied by increased purchasing of parts to complete customer orders and significant costs associated with gearing up to production requirements, particularly in the speaker manufacturing area. While losses were higher than in the prior year, they declined as a percent of sales to 45 percent form 94 percent of sales in the prior year.
 The company also incurred substantial legal costs, increased interest expense associated with the company's 7 percent secured convertible debt, and a settlement cost of $180,000 with a former employee.
 AURA SYSTEMS, INC.
 Statement of Operations
 Quarter ended May 31 1993 1992
 Revenues $ 5,316,866 $ 1,797,603
 Total costs and expenses 7,721,781 3,278,169
 Equity losses on investments in AMS 4,498 214,589
 Net (loss) $(2,409,413) $(1,695,155)
 Net (loss) per common share $ (.09) $ (.06)
 Weighted average number
 of common shares 27,690,920 26,675,430
 Balance Sheet
 5/31/93 2/28/93
 Assets:
 Current assets $ 15,596,267 $ 10,003,142
 Net property and equipment 10,769,715 10,731,519
 Other assets 1,995,225 1,960,820
 Total $ 28,361,207 $ 22,695,481
 Liabilities and Equity:
 Current liabilities $ 9,574,760 $ 6,409,669
 Notes payable 5,534,175 5,647,596
 Deferred income 3,395,000 3,382,500
 Stockholders' equity 9,587,272 7,255,716
 Total $ 28,361,207 $ 22,695,481
 -0- 7/15/93
 /CONTACT: Francis T. Phalen, senior vice president of AURA Systems, 310-643-5300, ext. 215, or John Germinario of ADR Advisory Group Ltd., 212-644-9679, for AURA Systems/
 (AURA)


CO: Aura Systems, Inc. ST: California IN: SU: ERN

TM-WB -- NY092 -- 2207 07/15/93 17:01 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 15, 1993
Words:425
Previous Article:DEXTER CORPORATION REPORTS SECOND QUARTER RESULTS
Next Article:NATIONAL STEEL IMPROVES PERFORMANCE,REPORTS $17.4 MILLION NET LOSS FOR SECOND QUARTER
Topics:


Related Articles
AURA SYSTEMS REPORTS AUDITED FISCAL 1993 RESULTS
C L A R I F I C A T I O N -- AURA SYSTEMS, INC.
AURA SYSTEMS REPORTS OVER $44 MILLION IN SALES, A 270% INCREASE OVER LAST YEAR
AURA SYSTEMS REPORTS IMPROVED FIRST QUARTER RESULTS; BALANCE SHEET STRONG
AURA SYSTEMS SECOND QUARTER REVENUE ALMOST DOUBLED
AURA SYSTEMS REPORTS RECORD REVENUES FOR FY'96 WITH CHARGES AND LOSS RESULTING FROM REFOCUSING ON CORE BUSINESSES; COMPANY PROJECTS PROFITABLE FY'97...
SEC CLAIMS IN AURA SYSTEMS 10K
Aura Systems Reports Net Profit for Second Quarter of 1996
Aura Systems Reports First Quarter of Fiscal 1998
Aura Systems Reports Second Quarter of Fiscal 1998

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters