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LOJACK REPORTS 30 PERCENT INCREASE IN REVENUES FOR THE FIRST QUARTER; FIRST OPERATING CASH FLOW

 LOJACK REPORTS 30 PERCENT INCREASE IN REVENUES
 FOR THE FIRST QUARTER; FIRST OPERATING CASH FLOW
 NEEDHAM, Mass., June 29 /PRNewswire/ -- LoJack Corp. (NASDAQ: LOJN; BSE) announced today that revenues increased by 30 percent to $5,503,000 for the first quarter ended May 31 from $4,243,000 a year ago.
 Operating income before depreciation and amortization increased by $473,000 to $51,000 in the first quarter from an operating loss before depreciation and amortization of $422,000 a year ago. Overall, the net loss improved by $810,000 or 60 percent to $550,000 in the first quarter from $1,360,000.
 Net loss before cumulative preferred dividend was $.04 per common share in the first quarter compared to $.11 a year ago. Including cumulative preferred dividend, the net loss per common share was $.07 in the first quarter of this fiscal year. No preferred dividend was required in the first quarter of a year ago.
 "Although accounting rules require the inclusion of cumulative dividends on preferred stock in the computation of earnings per share whether they are paid or not, LoJack has not paid and does not plan to pay dividends on its preferred stock in the foreseeable future," C. Michael Daley, president, said.
 Revenues in the first quarter included approximately $700,000 in license fees and component and product sales as a result of LoJack's license agreement for the use of its CarSearch System in Greece. The remaining increase in revenues reflected increased sales of LoJack Products in its six markets in the United States. The sharp improvement in operating income before depreciation and amortization and the reduced net loss in the year's first quarter compared to the same period last year reflect continued operating efficiencies achieved as increasing revenues cover more fixed expenses.
 Daley stated that the company was pleased with the continued increase in revenues and cash flow in its domestic markets, which were substantially in line with expectations.
 "This increase in the first quarter was negatively impacted in two of our markets by circumstances beyond our control: the Los Angeles riots were responsible for serious disruption in our May sales in that market and a sales promotion conducted by a major auto importer last year during May and June in Massachusetts was not repeated this year," he said.
 "June sales will represent a record high month for LoJack sales. We are also pleased with the revenue and profit possibilities of licensing the CarSearch System for use in foreign countries. We anticipate adding one to two additional CarSearch agreements during this fiscal year. In addition, we expect to realize recurring revenues under the Greece CarSearch agreement through the sale of CarSearch Products, absent the initial license and implementation fees recognized in the first quarter.
 "We also expect to start marketing efforts in Georgia during the second quarter and to begin selling LoJack Products in that market in September 1992," Daley said.
 LOJACK CORPORATION
 Condensed Financial Information
 (Unaudited)
 3 mos. ended May 31 1992 1991
 Revenues $5,503,040 $4,243,615
 Operating income (loss) before
 depreciation and amortization 51,164 (422,279)
 Operating loss (487,884) (959,834)
 Net loss (550,112) (1,360,380)
 Per share ($.07) ($.11)
 Shares outstanding, weighted 12,764,088 11,969,639
 -0- 6/29/92
 /CONTACT: Joseph F. Abely, senior vice president of LoJack Corp., 617-444-4900, or John Swanson of Swanson Communications, 212-683-4890, for LoJack Corp./
 (LOJN) CO: LoJack Corporation ST: Massachusetts IN: SU: ERN


EA-BN -- NY020 -- 4587 06/29/92 09:57 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
Words:587
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