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LOJACK CORP. REPORTS FIRST PROFITS ON RECORD REVENUES

 DEDHAM, Mass., June 23 /PRNewswire/ -- LoJack Corp. (NASDAQ: LOJN, Boston: LOJ.B) announced today that it recorded its first net profit of $351,000 on record revenues of $7,569,000 for its first quarter ended May 31, 1993.
 Revenues increased by 38 percent from $5,503,000 a year ago. Operating income before depreciation and amortization increased to $1,150,000 from $51,000 in the first quarter ended May 31, 1992. Net income before extraordinary item improved by $1,064,500 to $514,500, or $.02 per share, for the quarter ended May 31, 1993 from a net loss of ($550,000), or ($.07) per share, a year ago. An extraordinary charge of $163,000 relating to LoJack's exchange of convertible subordinated debentures of its New Jersey subsidiary into LoJack common stock reduced the net income to $351,000, or $.01 per share.
 In announcing the results, C. Michael Daley, president, said that the increased sales and first ever profit were the result of extremely strong revenue increases in its domestic markets of 39 percent, as well as the recognition of a $750,000 license fee relating to the company's agreement to license the use of LoJack's patented stolen vehicle recovery system technology for use it the United Kingdom under the name "Tracker." Overall, revenues from international operations increased by 33 percent. For the quarter ended May 31, 1993, these revenues consisted of the aforementioned United Kingdom license fee and the sale of components of the company's CarSearch System to other licensees in international markets. Revenues from international operations during the same period last year were $700,000, most of which represented a non-recurring licensing fee and infrastructure equipment sales.
 "The overall growth in our domestic markets of 39 percent, most of which came from our Los Angeles, Florida and Massachusetts operations, exceeded our expectations. While some of the growth in our domestic markets can be attributed to increased new car sales, the overall penetration of our sales to new car sales increased in most of our markets," Mr. Daley said.
 "We enter our second quarter with revenues from our domestic markets continuing to increase. We expect to receive the final installment of $250,000 from the United Kingdom license fee during the second quarter. Lastly, we also expect to announce additional international licensing agreements over the next several months which we believe will contribute to revenues and earnings during this current fiscal year," he said.
 LOJACK CORPORATION
 Condensed Financial Information
 (Unaudited)
 Three months ended May 31 1993 1992
 Revenues $7,586,998 $5,503,040
 Operating income before
 depreciation and amortization 1,150,000 51,164
 Net income (loss) before
 extraordinary item 514,396 (550,112)
 Extraordinary item 163,062 --
 Net income (loss) $351,331 ($550,112)
 Per share:
 Before extraordinary item $.02 ($.07)
 After extraordinary item $.01 ($.07)
 Number of common and common
 equivalent shares 17,594,308 12,764,008
 -0- 6/23/93
 /CONTACT: Joseph F. Abely, senior vice president of LoJack, 617-326-4700, or John Swanson of Swanson Communications, 212-683-4890/
 (LOJN)


CO: LoJack Corp. ST: Massachusetts IN: SU: ERN

TM-SM -- NY001 -- 4855 06/23/93 08:30 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
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