LOWRANCE REPORTS FIRST QUARTER RESULTS
LOWRANCE REPORTS FIRST QUARTER RESULTS TULSA, Okla., Dec. 18 /PRNewswire/ -- Lowrance Electronics, Inc.
today reported first quarter sales of $10,392,000 for the three months ended Oct. 31, 1991, an increase of 1.2 percent from sales of $10,267,000 during the same period last year. Net loss for the quarter was $681,000, or minus $.20 per share, compared to a net loss of $743,000, or minus $.22 per share, last year.
Company President Darrell Lowrance reported that unit sales for the three months ended Oct. 31, 1991, were up 14 percent over unit sales during the same period last year. He attributed the increase in unit sales primarily to greater demand for the company's lower priced products, particularly the Eagle FISH I.D. II and Magna II models and an increase in market share of sales to Original Equipment Manufacturers (OEM's). "Unfortunately, the increase in unit sales of our lower priced Eagle products was mostly offset by declines in sales of our higher priced models," explained Lowrance. "As we approach our main selling season, we are pleased with the enthusiastic response to our 1992 lines of Lowrance and Eagle products, as evidenced by our current backlog of orders in excess of $23 million, compared to a backlog of $16 million at this time last year. We remain cautiously optimistic that sales and earnings during the second quarter of fiscal 1992 will be significantly improved over last year's results," said Lowrance. Lowrance Electronics, Inc. manufactures sonar and navigational instruments and accessories for sport fishing and recreational boating markets under the brand names "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- 12/18/91 /CONTACT: Graham Wilson of Lowrance Electronics, 800-324-0044/ (LEIX) CO: Lowrance Electronics, Inc. ST: Oklahoma IN: CPR SU: ERN PS -- NY073 -- 3616 12/18/91 17:37 EST
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|Date:||Dec 18, 1991|
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