CODE-ALARM ANNOUNCES THIRD-QUARTER RESULTS
CODE-ALARM ANNOUNCES THIRD-QUARTER RESULTS MADISON HEIGHTS, Mich., Oct. 30 /PRNewswire/ -- Code-Alarm, Inc.
(NASDAQ-NMS: CODL), the leading manufacturer of vehicle and home security systems, announced today sales and earnings results for the third quarter ended Sept. 30, 1992. Net sales for the quarter rose 13 percent to $11,946,000 from $10,548,000 in the third quarter of 1991. The company reported a net loss of $87,000, or $.03 per share, for the thrid quarter of 1992 compared to a net loss of $392,000, or $.15 per share, during the like period of 1991. Net results for the quarter ended Sept. 30, 1992, include a gain of approximately $90,000 (pretax) on the sale during the quarter of the company's security monitoring operations to Metro Cell Security, Inc. of Detroit.
"We are very encouraged by the increased sales momentum at our vehicle security group and a 26-percent overall improvement in the gross profit margin for the third quarter of 1992 compared to the same period of 1991," Rand Mueller, president, chairman and CEO of Code-Alarm, Inc., stated. "The company's net results improved over the same period last year, but operating income was adversely affected by expenses associated with the introduction of major new Code-Alarm and Chapman brand vehicle security product lines in July of 1992," Mueller explained. CODE-ALARM, INC. COMPARATIVE STATEMENT OF EARNINGS Third Quarter Nine Months Ended Sept. 30, Ended Sept. 30, 1992 1991 1992 1991 Consolidated net sales $11,946,000 $10,548,000 $33,831,000 $33,294,000 Net income (loss) ($87,000) ($392,000) ($801,000) $295,000 Net income (loss) per share ($.03) ($.15) ($.32) $.12 Average shares 2,495,000 2,540,000 2,495,000 2,566,000 -0- 10/30/92 /CONTACT: Sheryl Gruener, public relations manager, Code-Alarm, Inc., 313-583-9595/ (CODL) CO: Code-Alarm, Inc. ST: Michigan IN: AUT SU: ERN
KE-SB -- DE036 -- 7346 10/30/92 17:24 EST
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|Date:||Oct 30, 1992|
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