Printer Friendly

LOWRANCE ELECTRONICS REPORTS SECOND QUARTER RESULTS

 TULSA, Okla., March 15 /PRNewswire/ -- Lowrance Electronics, Inc. (OTC: LEIX) today reported second quarter sales of $19,042,000 for the three months ended Jan. 31, 1993, an increase of 9 percent over sales of $17,492,000 during the same period last year. Net loss for the quarter was $20,000, or minus $.01 a share, compared to net income of $842,000, or $.25 a share, during the same period last year.
 Sales for the six months ended Jan. 31, 1993 were $30,230,000, up 8 percent over sales of $27,884,000 during the same period last year. Net loss for the six months was $763,000, or minus $.22 a share, compared to net income of $161,000, or $.05 a share, last year.
 Company President Darrell Lowrance attributed the higher second quarter sales primarily to an increase in the company's Original Equipment Manufacturer (OEM) business as a result of improving new boat sales, and greater sales of the company's mid-priced models (those with a retail price between $250 and $450).
 "The market's enthusiastic response to our new ULTRA II series of products, which began shipping in January, significantly boosted sales of our mid-priced models during the second quarter," commented Lowrance. "However, of our nine new models for 1993, only two had begun shipping by the end of January. The seven remaining new models are expected to ship during the third quarter," he explained.
 "Despite the eight percent increase in sales for the six months ended Jan. 31, 1993, our net profits are $900,000 below last year's levels. This is primarily the result of a $1.4 million increase in operating expenses which includes higher research and development expenses related to the introduction of nine new products, greater freight and warranty expenses resulting from higher unit volumes, and costs associated with additional support personnel," explained Lowrance.
 "We're pleased with the continued strong demand for our 1993 lines of Lowrance and Eagle products, as evidenced by our current backlog of orders in excess of $19 million, which approximates the backlog at this time last year. We're optimistic that sales will continue to be strong through the third quarter as we ship the remaining new 1993 products," said Lowrance.
 Lowrance Electronics, Inc. manufactures sonar equipment, Loran-C and GPS navigation receivers and plotters and mapping products for sport fishing and recreational boating markets under the brand names of "Lowrance" and "Eagle". The company's common stock is listed on the National Market and trades in the Over-the-Counter Market under the NASDAQ symbol "LEIX."
 -0- 3/15/93
 /CONTACT: Graham Wilson of Lowrance Electronics, Inc., 918-437-6881/
 (LEIX)


CO: Lowrance Electronics, Inc. ST: Oklahoma IN: CPR SU: ERN

WB -- NY058 -- 6073 03/15/93 13:43 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:Mar 15, 1993
Words:457
Previous Article:BRITISH AIRWAYS TO LAUNCH USAIR CODE-SHARE, FIRST SERVICES FROM U.S. TO START MAY 1
Next Article:TRANSCO ANNOUNCES TRANSIT FOR WINDOWS, ENHANCES DOS PRODUCT
Topics:


Related Articles
LOWRANCE REPORTS YEAR END RESULTS
LOWRANCE REPORTS FIRST QUARTER RESULTS
LOWRANCE REPORTS SECOND QUARTER RESULTS
LOWRANCE REPORTS THIRD QUARTER PROFIT
LOWRANCE REPORTS YEAR END RESULTS
LOWRANCE REPORTS THIRD QUARTER SALES
LOWRANCE REPORTS YEAR END RESULTS
LOWRANCE REPORTS SECOND QUARTER RESULTS
LOWRANCE REPORTS RECORD SALES IN 1995
LOWRANCE REPORTS FIRST QUARTER RESULTS

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