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LOJACK REPORTS 26 PERCENT INCREASE IN REVENUES, 105 PERCENT INCREASE IN OPERATING CASH FLOW FOR SECOND QUARTER

LOJACK REPORTS 26 PERCENT INCREASE IN REVENUES, 105 PERCENT INCREASE IN
    OPERATING CASH FLOW FOR SECOND QUARTER
    DEDHAM, Mass., Oct. 1 /PRNewswire/ -- LoJack Corp. (NASDAQ: LOJN, Boston: LOJ.B), announced today that revenues increased by 26 percent to $5,619,000 for the second quarter ended Aug. 31, 1992, compared to $4,446,000 a year ago.  Operating income before depreciation and amortization increased by $306,000, or 105 percent, to $15,000 in the second quarter from an operating loss before depreciation and amortization of $291,000 a year ago.  Overall, the net loss improved by $688,000, or 55 percent, to $564,000 in the second quarter from $1,252,000 a year ago.
    For the six months ended Aug. 31, 1992, revenues increased by 28 percent to $11,122,000 from $8,689,000 a year earlier.  Operating income before depreciation and amortization increased by $782,000, or 110 percent, to $69,000 from an operating loss before depreciation and amortization of $713,000 a year ago.  Overall, the net loss improved by $1,498,000, or 57 percent, to $1,114,000 from $2,612,000 a year ago.
    Net loss before cumulative preferred dividend was $.04 and $.09 for the second quarter and six months ended Aug. 31, 1992, compared to $.10 and $.22 for the same periods a year ago, respectively.  Including the cumulative preferred dividend, the net loss per common share was $.07 and $.13 for the second quarter and six months ended Aug. 31, 1992.  No preferred dividend was required for the same periods in 1991.
    In announcing the results, C. Michael Daley, president, said that the increase in revenues for the second quarter is primarily the result of strong growth in unit sales in most of the company's domestic markets.  The dramatic improvement in operating income before depreciation and amortization reflects the effect increased revenues have after fixed operating expenses have been covered.
    "We are pleased with the rate of increase in our domestic revenues in the second quarter, which were significantly ahead of the overall increase in new car sales for the same period.  In addition, we did not derive significant revenue from foreign licensees, as we did in the first quarter of this year," Mr. Daley said.
    "Our continuing, overall increase in domestic market penetration is responsible for the second quarter's increased revenues.  Approximately 82 percent of the gross margin derived from the aforementioned sales increase flowed directly to operating income.  This increase in operating income in the second quarter was achieved even though we had increased research and development costs and start up operating and marketing expenses incurred in our Georgia market, which launched on Sept. 14, 1992.  This reveals the potential for LoJack's future profitability as revenues continue to increase."  Mr. Daley said.
                           LOJACK CORPORATION
                    Condensed Financial Information
                              (Unaudited)
                             Quarter ended          Six months ended
    Periods Ended Aug.31  1992         1991           1992       1991
    Revenues           $5,619,250   $4,445,747    $11,122,290 $8,689,362
    Operating income
     (loss) before
     depreciation
     amortization        15,164     (290,525)       69,186     (712,805)
    Operating loss     (510,750)    (853,063)     (998,634)  (1,812,897)
    Net loss           (563,995)  (1,251,602)   (1,114,107)  (2,611,983)
    Per share             (.07)        (.10)         (.13)       (.22)
    Shares
     outstanding     12,764,088     11,969,639   12,764,088   11,969,639
    -0-             10/01/92
    CONTACT:  Joseph F. Abely, senior vice president of LoJack Corporation, 617-326-4700, or John Swanson of Swanson Communications, 212-683-4890, for LoJack
    (LOJN) CO:  LOJACK CORP. ST:  MA -- NY007 -- X941  10/01/92
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 1, 1992
Words:591
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