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DATAMARINE REPORTS THIRD QUARTER RESULTS

 POCASSET, Mass., Aug. 16 /PRNewswire/ -- Datamarine International, Inc. (NASDAQ: DMAR), today reported sales for the third quarter ended July 3, 1993 of $2,354,136, a decrease of 7 percent from the $2,526,369 of the same quarter last fiscal year. The result for the quarter was a loss of $(563,767), or (47 cents) per share, compared to net income of $40,037, or 3 cents per share, for the same quarter last fiscal year.
 The loss from continuing operations amounted to $(563,767), or (47 cents per share in the third quarter of fiscal 1993, compared to the loss from continuing operations of $(34,741), or (3 cents) per share in the third quarter of fiscal 1992.
 Sales for the nine months ended July 3, 1993 were $6,008,131, down 16 percent from the $7,176,685 of sales in the first nine months of last year. The loss from continuing operations for this nine month period amounted to $(1,198,290), or ($1.00) per share, compared to the loss from continuing operations in the first nine months of last fiscal year of $(448,754), or (38 cents) per share.
 Geoffrey W. Kreiger, CFO stated, "The marine electronics markets that the company serves continued to retrench with the gloomy economic news. The company undertook certain promotions to stem the sales decline. The rate of sales drop off did moderate this quarter but at the cost of less gross profit. Spending levels are higher than the previous year as the company's subsidiary SEA, Inc. undertakes its diversification into land mobile communications. Much


progress has been made in the new narrowband endeavor operationally. However, significant revenues have yet to materialize."
 Datamarine International, Inc. is a technology-based, U.S. manufacturer of marine electronics and land mobile radios.
 Consolidated Third Quarter Financial Data (Unaudited)
 Three Months Ended Nine Months Ended
 July 3, June 27, July 3, June 27,
 1993 1992(a) 1993 1992(a)
 Statements of Operations
 Net sales $2,354,136 $2,526,369 $6,008,131 $7,176,685
 Cost of product sold 1,545,727 1,513,695 3,849,741 4,277,226
 Gross profit 808,409 1,012,674 2,158,390 2,899,459
 Operating expenses 1,349,157 1,048,909 3,583,413 3,558,875
 Operating loss (540,748) (36,235) (1,425,023) (659,416)
 Other income (expense) (23,019) (25,506) (24,267) (52,338)
 Loss from continuing
 operations before
 income taxes (563,767) (61,741) (1,449,290) (771,754)
 Provisions (credit)
 for income taxes 0 (27,000) (251,000) (263,000)
 Loss from continuing
 operations (563,767) (34,741) (1,198,290) (448,754)
 Income from discontinued
 operations, net of income
 taxes of $88,000 and
 $153,000 --- 74,778 129,026 223,048
 Gain on sale of discontinued
 operations, net of income
 taxes of $163,000 --- --- 239,553 ---
 Net income (loss) ($563,767) $40,037 ($829,711) ($225,706)
 Income (loss)per share:
 Continuing operations (47 cents) (3 cents) ($1.00) (38 cents)
 Discontinued operations $0.00 6 cents 31 cents 19 cents
 Net income (loss) (47 cents) 3 cents (69 cents) (19 cents)
 Average shares
 outstanding 1,202,525 1,178,627 1,202,525 1,178,627
 ----
 NOTE: (a) Reclassified to present continuing operations without Data Industrial.
 Summary Balance Sheets
 Current assets --- --- $5,456 579 $7,079,442
 Fixed assets, net --- --- 1,784,372 $2,156,020
 Other assets --- --- 29,756 417,226
 Total assets --- --- $7,270,707 $9,652,688
 Current liabilities --- --- $1,801,063 $2,878,995
 Long-term debt --- --- 166,768 547,755
 Stockholders' equity --- --- 5,302,876 6,225,941
 Total liabilities and
 stockholders' equity --- --- $7,270,707 $9,652,691
 Balance Sheet Information
 Book value per share --- --- $4.41 $5.28
 Current ration --- --- 3.03 to 1 2.46 to 1
 Long-term debt-to-equity
 ratio --- --- 3 percent 9 percent
 Shares outstanding --- --- 1,202,525 1,178,600
 Working capital --- --- $3,655,516 4,200,447
 Retained earnings --- --- $2,921,800 $3,973,062
 -0- 8/16/93
 /CONTACT: Geoffrey Kreiger, CFO and treasurer, Datamarine International, Inc., 508-563-7151/
 (DMAR)


CO: Datamarine International, Inc. ST: Massachusetts IN: CPR SU: ERN

CM -- NE005 -- 2977 08/16/93 10:18 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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