Printer Friendly


 VANCOUVER, British Columbia, Nov. 15 /PRNewswire/ -- Harvard International Technologies Ltd. (AMEX: FRY) today announced a consolidated net loss of Cdn. $3,431,464, or $0.92 per share, for the third quarter ended Sept. 30, 1993, on its first revenues of Cdn. $66,510. This compares to a consolidated net loss of Cdn. $875,119, or $0.45 per share, for the third quarter of last year. The increased loss is due primarily to increased expenditures on product re-design and development and on marketing preparatory to the commercial introduction of the Company's Spud Stop(TM) french fry vending system. Results for the 1993 quarter include a non-recurring charge of Cdn. $456,270 for the write down of 45 prototype machines which had become obsolete.
 For the nine months ended Sept. 30, 1993, the Company reported a consolidated net loss of Cdn. $7,250,502, or $2.26 per share, as compared to a loss of Cdn. $2,234,572, or $1.54 per share, for the first nine months of 1992.
 The Company said that it has begun commercial production and commenced shipment of machines, mix and supplies in the last month of the third quarter to the first of its international customers. Hanaro Industries Ltd., the Inchon, Korea, manufacturing company in which the Company has agreed to acquire a 24 percent interest, has increased production and shipments during the beginning of the fourth quarter. However, the Company said that it is too early to project what the rate of acceleration of assembly and shipment against its international contracts will be for the remainder of the fourth quarter, as the manufacturing facility has only recently begun commercial operation.
 On Sept. 10, 1993, the Company's common shares were listed on the American Stock Exchange under the symbol "FRY." Previously, Harvard's shares had been listed on the NASDAQ SmallCap Market System.
 Harvard International Technologies Ltd. is a development stage company engaged in the manufacturing and marketing of the Spud Stop 50-second french fry vending system.
 (A Development Stage Company)
 Summary Consolidated Statements of Loss
 (prepared by management -- unaudited)
 Expressed in Canadian Dollars
 Periods ended Three months Nine months
 Sept. 30, 1993 1992 1993 1992
 Revenues $66,510 $ -- $66,510 $ --
 Cost of Goods Sold 61,937 -- 61,937 --
 Gross Profit 4,573 -- 4,573 --
 Operational and
 Admin. Expenses 3,519,290 899,205 7,401,160 2,271,959
 Net Loss for
 Operations 3,514,717 899,205 7,396,587 2,271,959
 Other Income 83,253 24,086 146,085 37,837
 Net Loss for
 the Period $3,431,464 $875,119 $7,250,502 $2,234,572
 Net Loss
 Per Share $0.92 $0.45 $2.26 $1.54
 Wtd. Avg. Shares
 Outstanding 3,715,899 1,927,305 3,212,709 1,447,055
 -0- 11/15/93
 /CONTACT: Robert W. Dunn, CFO of Harvard International Technologies, 604-688-4883/

CO: Harvard International Technologies Ltd. ST: British Columbia IN: SU: ERN

SH-JG -- NY025 -- 4240 11/15/93 09:07 EST
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:Nov 15, 1993

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters