LYNTON GROUP, INC. ANNOUNCES REVENUES & EARNINGS; DRAMATIC REDUCTION IN NET INCOME LOSS FOR FIRST QUARTER.
MORRISTOWN, N.J., March 19 /PRNewswire/ -- Lynton Group, Inc. (NASDAQ: LYNG) today announced that it had achieved revenues of $5.5 million for the first quarter of fiscal year 1993 (ended Dec. 31, 1992), approximately the same level achieved for the first quarter of the prior year. Earnings for the first quarter were a loss of $149,000 or ($.02) per share compared to a loss of $337,000 or ($.05) per share for the same period in fiscal 1992. Revenues for the quarter reflect increased charter, management and maintenance revenues, offset by a reduction in aircraft sales. Increases in charter, management and maintenance revenues are attributed to growing demand for these services, primarily in the United Kingdom. The significant improvement in the net loss for the quarter is primarily attributable to reduced SG&A costs resulting from cost reductions implemented in late fiscal 1992 and from lower interest costs. Commenting on these results, Christopher Tennant, president and CEO of The Lynton Group, Inc., stated, "We feel we are making sustainable progress in increasing our revenue base and margins, and reducing our level of overhead costs. We are not out of the red yet; however, the significant decrease in our losses represent an important achievement during the first quarter of our fiscal year when operations are seasonally at their lowest levels. In the second quarter, we have seen a pick up in revenues and profit generated from aircraft sales while our maintenance, charter and management business remains strong. Although we cannot be certain of operating results for the remaining periods in fiscal 1993, it appears at this point that we are on target for either an approximate break-even or a profit for the year." Lynton Group, Inc. is an international aviation company with operations in the United States and Great Britain. The company specializes in sales, management, charter and engineering services for fixed wing aircraft and helicopters. LYNTON GROUP, INC. AND SUBSIDIARIES Consolidated Condensed Statements Of Operations (Unaudited) Period Ended Three Months December 31, 1992 1991 Net Revenues $5,500,798 $5,508,721 Operating Income 214,956 149,157 Amortization of debt discount and issuance costs 24,050 24,050 Interest 339,963 462,472 Net Loss $ (149,057) $ (337,365) Net Loss per share $ (0.02) $ (0.05) Average number of common shares outstanding 6,720,003 6,221,998 -0- 3/19/93 /CONTACT: Christopher Tennant, president and CEO, or Robert Hagan, CFO both of the Lynton Group, Inc., 201-292-9000, or Desmond Towey, or Bernadette McLaughlin, both of Desmond Towey & Assoc., 212-888-7600, for Lynton Group, Inc./ (LYNG)
CO: Lynton Group, Inc. ST: New Jersey IN: AIR SU: ERN
LD -- NY003 -- 7771 03/19/93 08:59 EST
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|Date:||Mar 19, 1993|
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