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BALLISTIC RECOVERY SYSTEMS REPORTS FIRST QUARTER RESULTS

 BALLISTIC RECOVERY SYSTEMS REPORTS FIRST QUARTER RESULTS
 ST. PAUL, Minn., March 27 /PRNewswire/ -- Ballistic Recovery


Systems, Inc. (NASDAQ: BRSI) today announced the results of operations for the first quarter ended Dec. 31, 1991. Sales for the current period decreased to $396,244 from first quarter sales of $976,676 last year. The decrease in sales was primarily due to the absence of follow-up defense contracts for the company's Paranetics operation upon completion of a large contract with a significant customer.
 The company reported a first quarter net loss of $209,323, or $.06 per share compared to net income of $52,840, or $.02 per share, during the same period last year. The loss was primarily due to the decrease in sales and negative profit margins at the Paranetics defense unit and occurred in spite of the company increasing gross profit margins in sport aviation products to 41.3 percent of sales from 24.9 percent during the first quarter last year. Selling, general, and administrative expenses were reduced by $44,716 from the same period last year, principally due to reduced salary expense. Research and development expense increased by $38,121 during the first quarter this year compared to the same period last year, as a result of significant R & D activity in connection with the company's GARD 150/152 program.
 During the first quarter, the company increased its cash balances by $43,812 by accelerating collections of accounts receivable. Cash was further generated by maintaining expense controls, securing customer deposits, and managing inventory levels.
 Ballistic Recovery Systems, Inc. designs, manufactures, and distributes rocket-powered parachute systems which are designed to recover aircraft under catastrophic airborne conditions. The company also designs, manufactures, and markets parachute systems and subsystems for defense applications. Subsequent to Dec. 31, 1991, the company announced the signing of a letter of intent and agreement in principle to sell the assets of the California-based Paranetics defense contracting operations. The buyer in the proposed transaction is a group headed by the company's former CEO and director, Joseph A. Little. Terms were not disclosed, pending closing.
 1992 1991
 Sales $ 396,244 $ 976,657
 Cost of sales (421,558) (737,991)
 Gross profit (25,314) 238,666
 Selling, general, and
 administrative expense (144,771) (189,487)
 Amortization of negative goodwill 13,679 13,679
 Research and development (42,256) (4,135)
 Income (loss) from operations (198,662) 58,723
 Other income (expense):
 Interest and investment income 3,075 222
 Interest expense (13,736) (9,579)
 Other income-net 0 3,474
 Net income (loss) $(209,323) $52,840
 Net income (loss) per share $(.06) $.02
 Weighted average number of
 shares outstanding 3,530,368 3,435,539
 -0- 3/27/92
 /CONTACT: Darrel Brandt of Ballistic Recovery Systems, 612-457-7491; or Tom de Petra of de Petra and Associates 612-338-7630, for Ballistic Recovery Systems/
 (BRSI) CO: Ballistic Recovery Systems, Inc. ST: Minnesota IN: ARO SU: ERN


AL -- MN008 -- 2483 03/27/92 16:05 EST
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Publication:PR Newswire
Date:Mar 27, 1992
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