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GOVIDEO REPORTS FIRST QUARTER PROFIT ON RECORD SALES; FORECASTS FURTHER GROWTH

 SCOTTSDALE, Ariz., Dec. 1 ~PRNewswire~ -- GOVIDEO, INC. (AMEX: VCR), a leading video technology company featuring America's only Dual-Deck VCR, "increased sales 68 percent to a record $6.1 million with net profits in the first quarter ended Oct. 31, 1992," R. Terren Dunlap, chairman and CEO, announced today.
 First quarter fiscal 1993 sales of $6,121,000 compare with $3,641,000 in the first quarter of fiscal 1992. The net income of $21,000 in the current quarter is a one-half million dollar improvement over the loss of $(483,000), or $(.05) loss per share, in the same period last year.
 Mr. Dunlap added, "We are anticipating continued growth of sales with the offering of new Dual-Deck VCR models with advanced features including Hi Fi stereo, Video-Sequencing and 4-head for Special Effects video; the broadening of distribution; and the introduction of a unique universal remote control (Palm Mate) that fits into the palm of your hand, has only five buttons and works with almost any TV and VCR. The sharply upward sales trend is being matched by improving gross margins, which at 18 percent in the current first quarter are double the 9 percent rate in the same period last year."
 GOVideo's patented Dual-Deck VCR system with superior patented AmeriChrome circuitry is the only VCR sold in America that, with the touch of a single button, can produce virtually identical copies of any VHS video tape for home use. The Company also markets Cable Ready Plus which expands the capabilities of cable boxes. GOVideo products are sold nationwide through such well recognized retailers and marketers as Circuit City, Silo, The Good Guys, The Wiz, Tops Appliance City, Service Merchandise, The Sharper Image, Montgomery Ward, Herrington Catalog, Hammacher Schlemmer, Spiegel, J.C. Penney Company, Sun TV & Appliance, Damark, Fingerhut~Comb, and American Express.
 GOVIDEO, INC.
 CONDENSED STATEMENT OF OPERATIONS
 (Unaudited)
 FIRST QUARTER ENDED OCT. 31, 1992 1991 Change
 Sales $6,121,000 $3,641,000 68 pct.
 Cost of Sales 5,019,000 3,323,000 51 pct.
 Gross Profit $1,102,000 $ 318,000 247 pct.
 Gross Profit pct. 18 9 100
 Other Operating Costs $1,028,000 $829,000 24 pct.
 Operating Income (loss) 74,000 (511,000) 585,000
 Other Income (expense) (53,000) 28,000 (81,000)
 Net Income (loss) 21,000 (483,000) 504,000
 Net Income (loss) Per Common Share -- (0.05) 0.05
 Weighted Average
 Shares Outstanding 10,446,000 10,381,000 1 pct.
 -0- 12~1~92
 ~CONTACT: R. Terren Dunlap, Chairman and CEO of GOVideo 602-998-3400~
 (VCR)


CO: GOVIDEO, Inc. ST: Arizona IN: HOU SU: ERN

LR -- NY021 -- 2303 12~01~92 09:55 EST
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Publication:PR Newswire
Date:Nov 30, 1992
Words:445
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