CODE-ALARM ANNOUNCES 1991 FINANCIAL RESULTS
CODE-ALARM ANNOUNCES 1991 FINANCIAL RESULTS MADISON HEIGHTS, Mich., March 24 /PRNewswire/ -- Code-Alarm, Inc.
(NASDAQ-NMS: CODL) today announced its financial results for the fourth quarter and year ended Dec. 31, 1991. In the fourth quarter of 1991, Code-Alarm, Inc. reported a net loss of $917,000, or $.36 per share, compared with a net loss of $1,205,000, or $.47 per share, in the fourth quarter of 1990.
Compared with 1990, Code-Alarm's net earnings fell $833,000 and per-share results declined $.32. Lower earnings primarily reflected a charge for questionable receivables resulting from the acquisition of Anes Security, Inc. in July of 1990; a downturn in electronic contract manufacturing activity in the middle of 1991; costs resulting from updating and streamlining new manufacturing processes at Tessco Group, Inc.; and the start-up investment for the establishment and expansion of the company's home security division, Code-Alarm/Intercept Systems, Inc. "Without the charge for doubtful accounts at Anes in the fourth quarter, the company essentially would have broken even for the year," stated Rand Mueller, president, chairman and CEO of Code-Alarm, Inc. "The year was difficult for many companies and Code-Alarm was no exception. Sluggish retail sales at Code-Alarm Security Systems and Anes Security, Inc., as well as cash flow problems at some of our larger retail customers, also affected our performance during the fourth quarter of 1991." CODE-ALARM, INC. COMPARATIVE STATEMENT OF EARNINGS Year Ended 12-31 Fourth Quarter Ended 12-31 1991 1990 1991 1990 Net sales $43,572,000 $44,521,000 $10,278,000 $10,773,000 Net income ($622,000) $211,000 ($917,000) ($1,205,000) Net income per share ($.24) $.08 ($.36) ($.47) Weighted average shares 2,552,996 2,586,106 2,507,629 2,585,570 -0- 3/24/92 /CONTACT: Kenneth Mueller or Sheryl Gruener of Code-Alarm, 313-583-9595/ (CODL) CO: Code-Alarm, Inc. ST: Michigan IN: AUT SU: ERN
SB -- DE018 -- 1218 03/24/92 16:05 EST
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|Date:||Mar 24, 1992|
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