Printer Friendly

HARRIER, INC. REPORTS FISCAL THIRD QUARTER, NINE MONTHS RESULTS

 LOS ANGELES, May 17 /PRNewswire/ -- Harrier, Inc. (NASDAQ: HAREC) today reported a net loss of $130,626, equal to 2 cents per share, on sales of $121,437 for the third fiscal quarter ended March 31, 1993. This compared with a net loss of $337,216, equal to 6 cents per share, after a loss from discontinued operations of $160,740, or 3 cents per share, in the year-ago quarter when sales totaled $17,470.
 For the recent nine months, Harrier's loss from operations amounted to $175,773, equal to 3 cents per share, which compared with an operating loss of $856,451, equal to 14 cents per share, in the corresponding period of 1992. After a gain in the sale of discontinued operations during the current nine months and a loss from such operations a year ago, the company reported net income of $581,245, equal to 8 cents per share, against a year-ago net loss of $1,327,494, or 22 cents per share.
 Kevin DeVito, Harrier president and CEO, stated: "After bottoming in the seasonally slow first two months of the year, sales of our Biotron Lamp, the company's only commercial product to date, are improving as the number of direct sales distributions more than doubled. We expect to continue bringing on new distributors to expand our coverage of the pain relief market, reduce our dependency on any one such sales organization, and to help us reach a positive cash flow from operations as soon as possible.
 The comparative results for the fiscal third quarter and nine months were as follows:
 HARRIER INC.
 Periods ended Three months Nine Months
 March 31 1993 1992 1993 1992
 Sales $121,437 $17,470 $363,918 $79,609
 (Loss) from operations (130,626) (176,476) (175,773) (856,451)
 (Loss) from discontinued
 operations -- (160,740) -- (471,043)
 Gain on sale of
 discontinued operations -- -- 757,018(B) --
 Net income (loss) (130,626) (337,216) 581,245 (1,327,494)
 Earnings per share(A):
 From continuing operations (.02) (.03) (.03) (.14)
 From discontinued operations -- (.03) -- (.08)
 From sale of discontinued
 operations -- -- .11(B) --
 Net income per share (.02) (.06) .08 (.22)
 (A) -- Based on 6,873,300 shares outstanding at March 31, 1993 and 5,933,000 shares outstanding at March 31, 1992.
 (B) -- Net proceeds from the sale of the company's European operations in July, 1992.
 -0- 5/17/93
 /CONTACT: Kevin DeVito, president and CEO of Harrier, Inc., 310-376-7721/
 (HAREC)


CO: Harrier, Inc. ST: California IN: SU: ERN

TS-WB -- NY067 -- 9241 05/17/93 13:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 17, 1993
Words:426
Previous Article:ARACRUZ CELULOSE REPORTS 1993 FIRST QUARTER RESULTS IN U.S. GAAP
Next Article:ENERGY BIOSYSTEMS FIRST QUARTER EARNINGS REPORT
Topics:


Related Articles
HARRIER REPORTS RESULTS FOR FISCAL THIRD QUARTER, NINE MONTHS
HARRIER REPORTS RESULTS FOR FISCAL THIRD QUARTER, NINE MONTHS
BEI ELECTRONICS REPORTS SALES AND EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 1992
HENLEY INTERNATIONAL REPORTS RECORD THIRD QUARTER AND NINE MONTH RESULTS
MICROPROSE REPORTS RECORD REVENUES FOR ITS THIRD FISCAL 1993 QUARTER
HARRIER REPORTS FISCAL SECOND QUARTER, SIX MONTHS RESULTS
TRANSACT REPORTS A PROFIT FOR THE THIRD QUARTER OF FISCAL 1993
CHRONIMED ANNOUNCES NINE MONTH AND THIRD QUARTER RESULTS
MOVIE STAR REPORTS THIRD QUARTER PROFIT; THIRD QUARTER SALES INCREASE 23 PCT.; NINE-MONTH NET INCOME UP 95 PCT.
CROWNAMERICA REPORTS RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters