LOWRANCE REPORTS YEAR END RESULTS
LOWRANCE REPORTS YEAR END RESULTS TULSA, Okla., Oct. 29 /PRNewswire/ -- Lowrance Electronics, Inc.
(NASDAQ: LEIX) today reported record sales of $68,373,000 for the year ended July 31, 1992, up 28 percent from $53,586,000 in sales during the previous year. Net income was $2,501,000, or $.73 a share, compared to a net loss of $2,442,000, or minus $.72 a share last year. Net income for fiscal 1992 reflects the company's beneficial use of carrying forward its 1991 tax loss. The tax loss carried forward to 1992 was recorded as an extraordinary credit in the amount of $863,000, or $.25 a share.
Darrell Lowrance, president and chief executive officer of the company, attributed the record sales to "an improved economy and increased consumer spending since the end of the Persian Gulf war, which negatively impacted 1991 results." Additionally, he said, "The company continued to increase market share during fiscal 1992 as a result of exceptional marketplace momentum for the company's products, as evidenced by our 20 percent increase in unit volumes over last year's level." Gross profit margins improved 6 percent during fiscal 1992 due primarily to lower material and manufacturing costs. Lowrance Electronics, Inc. manufactures sonar equipment, Loran-C and GPS navigation receivers and plotters 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- 10/29/92 /CONTACT: Graham Wilson of Lowrance Electronics, Inc., 918-437-6881/ (LEIX) CO: Lowrance Electronics, Inc. ST: Oklahoma IN: CPR SU: ERN
TM -- NY096 -- 6801 10/29/92 17:04 EST
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|Date:||Oct 29, 1992|
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