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DEVELCON ELECTRONICS REPORTS RESULTS FOR SIX MONTHS ENDED FEB. 29, 1992

DEVELCON ELECTRONICS REPORTS RESULTS FOR SIX MONTHS ENDED FEB. 29, 1992
 SASKATOON, Saskatchewan, April 10 /PRNewswire/ -- Develcon Electronics Ltd. today announced its unaudited results for the six months ended Feb. 29, 1992, as follows (Canadian funds):
 DEVELCON ELECTRONICS LTD.
 Six months ended 2/29/92 2/28/91
 Sales and customer
 service revenue $4,208,000 $4,298,000
 Loss before unusual items
 and income taxes 963,000 1,397,000
 Net loss $ 715,000 $1,040,000
 Loss per share $.09 $.14
 Unaudited results show a loss for the six months ended Feb. 29, 1992, of $715,000 or $.09 per share versus a loss of $1,040,000 or $.14 per share for the same period in 1991. No income tax recovery on the pre-tax loss for the six months ended Feb. 29, 1992, or the comparable period a year earlier, has been recorded. These losses will be available for offset against any future taxable income.
 Results for the six months ended Feb. 29, 1992, includes an unusual income item of $248,000 in respect of a negotiated settlement in respect of prior years' royalty fees. Income for the six months ended Feb. 28, 1991, includes an unusual income item of $357,000 relating to the recovery of net refundable taxes resulting from the acquisition of 272319 B.C. Ltd. referred to in previous reports to shareholders.
 The weighted average number of shares outstanding was 7,680,168 during the six and three months ended Feb. 29, 1992, and 7,677,508 during the six and three months ended Feb. 28, 1991.
 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- 4/10/92
 /CONTACT: W. D. Vancoughnett, president and chief financial officer of Develcon Electronics, 306-933-3300/
 (DLC.) CO: Develcon Electronics Ltd. ST: Saskatchewan IN: CPR SU: ERN


GK -- NY065 -- 7464 04/10/92 19:44 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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