DATAKEY REPORTS THIRD QUARTER RESULTS
DATAKEY REPORTS THIRD QUARTER RESULTS MINNEAPOLIS, Oct. 27 /PRNewswire/ -- Datakey, Inc.
(NASDAQ-NMS: DKEY) today reported total revenue for the third quarter ended Sept. 25, 1992, of $1,067,877, compared with $1,841,498 in the third quarter of 1991. Net loss for the quarter was $127,003, or 4 cents per share, versus a net income of $346,708, or 11 cents per share, last year.
Revenue for the nine-month period ended Sept. 25, 1992, was $4,169,848 compared to $5,973,605 for the 1991 period. Net income for the nine-month period ended Sept. 25, 1992, was $156,791, or 5 cents per share, versus $1,140,484, or 35 cents per share, last year. Chairman and Chief Executive Officer John Underwood said, "Datakey's third-quarter revenue and earnings were lower than those of the 1992 second quarter and well below results for the same period last year. The revenue decline stems from a combination of factors including the sluggish economy, which has limited new orders from our major customers, and a continued decline in key shipments for the government's secure telephone program. "We expect sales and earnings to be improved in the fourth quarter. In addition, we expect both the quarter and the year to be profitable. At the same time, we continue to anticipate significantly lower sales and earnings for the year when compared to 1991 results." Underwood added, "The company is continuing to pursue several strategies to revitalize its core business and is also exploring other ways to improve its long-term financial performance. Datakey's entire management team and staff are focused on increasing the company's revenues and we have sufficient cash to support this effort." Datakey, Inc. designs, produces and markets specialty-class portable data carriers in the form of keys, cards and custom-shaped devices to OEMs in an application-oriented marketplace. These small, semiconductor-memory-based portable devices serve as a convenient way to provide machine-readable electronic information for use in a variety of microprocessor-based equipment. The company's portable data devices are packaged to withstand the adverse elements found in transportable human environments. Datakey also designs, produces and markets supporting peripheral equipment for these portable data carriers. Shares of Datakey's common stock are traded on the NASDAQ-NMS market under the symbol DKEY. DATAKEY, INC. CONDENSED STATEMENTS OF INCOME (Unaudited) (000s) Third Quarter Ended Nine Months Ended 9/25/92 9/27/91 9/25/92 9/27/91 Total revenue $1,068 $1,841 $4,170 $5,974 Costs and expenses: Cost of sales 672 776 2,274 2,570 Research & development 131 249 634 766 Sales & marketing 325 240 771 721 General & administrative 206 192 520 627 Total costs & expenses 1,334 1,457 4,199 4,684 Operating income (loss) (266) 384 (29) 1,290 Interest income & other 74 137 267 423 Net income (loss) before taxes (192) 521 238 1,713 Provision for taxes (65) 174 81 573 Net income (loss) $(127) $347 $157 $1,140 Earnings (loss) per share $(.04) $.11 $.05 $.35 Weighted average common shares 2,966,899 3,286,508 3,073,463 3,296,330 SELECTED BALANCE SHEET DATA (Unaudited) (000s) 9/25/92 12/31/91 Assets Cash & marketable securities $8,106 $9,616 Other current assets 1,887 1,770 Non current assets 955 811 Total assets $10,948 $12,197 Liabilities & equity Current liabilities 683 846 Other liabilities 52 52 Equity 10,213 11,299 Total liabilities & equity $10,948 $12,197 -0- 10/27/92 /CONTACT: Alan Shuler of Datakey, 612-890-6850; Marian Briggs or John Mackay, both of Padilla Speer Beardsley, 612-871-8877, for Datakey/ (DKEY) CO: Datakey, Inc. ST: Minnesota IN: SU: ERN
KH -- MN019 -- 5642 10/27/92 16:55 EST
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|Date:||Oct 27, 1992|
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