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DEVELCON ELECTRONICS ANNOUNCES ITS UNAUDITED RESULTS

       DEVELCON ELECTRONICS ANNOUNCES ITS UNAUDITED RESULTS
    SASKATOON, Saskatchewan, Jan. 29 /PRNewswire/ -- Develcon Electronics Ltd. today announced its unaudited results for the three months ended Nov. 30, 1991 as follows (Canadian funds):
                         DEVELCON ELECTRONICS LTD.
                                 (Restated)
    Three months                                Year
     ended Nov. 30                  1991                        1990
    Sales and Customer
     Service Revenue            $2,034,000                   $2,227,000
     Loss Before Income Taxes      494,000                      429,000
     Net Loss                      494,000                      429,000
    Loss Per Share                    $.06                         $.06
    Unaudited results reflect a loss for the quarter ended Nov. 30, 1991 of $494,000 or $.06 per share versus a loss of $429,000 or $.06 per share for the same period in 1990. No income tax recovery on the pre-tax loss for the three months ended Nov. 30, 1991, or the comparable period a year earlier, has been recorded.  These losses will be available for offset against any future taxable income.
    1990 income includes net refundable taxes of $156,000 as a result of the acquisition of 272319 B.C. Ltd. referred to in previous quarterly reports.
    The weighted average number of shares outstanding was 7,680,168 for the three months ended Nov. 30, 1991, and 7,677,508 during the three months ended Nov. 30, 1990.
    The company continues to experience working capital pressures. Management is emphasizing measures to increase revenues and contain costs throughout the organization.  At the same time, the company is actively pursuing the identification of a strategic partner who would provide financial strength to the organization.
    -0-        1/29/92
    /CONTACT:  W.D. Vancoughnett, president and chief financial officer of Develcon Electronics, 306-933-3300/ CO:  Develcon Electronics Ltd. ST:  Saskatchewan IN:  CPR SU:  ERN SM -- NY086 -- 4934 01/29/92 17:01 EST
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Publication:PR Newswire
Date:Jan 29, 1992
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