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MTC ANNOUNCES RESULTS FOR FIRST QUARTER ENDED APRIL 30, 1993

 RICHMOND, British Columbia, July 14 /PRNewswire/ -- MTC Electronic Technologies Co. Ltd. (NASDAQ: MTCEF) announced today its results for the three months ended April 30, 1993. During the quarter, sales were C$6 million, up 13 percent from C$5.3 million for same quarter last year.
 The company had a net loss after tax of C$1 million, compared to a loss of C$0.5 million the year before. On a per share basis, this is a loss of C$.10, versus a net loss after tax of C$.07 per share for the comparative first quarter of the previous fiscal year. Calculated under U.S. accounting principles, the net loss per share was C$.11 compared to a loss for the prior period of C$.08.
 Traditionally, the company has experienced losses in the first quarter of each year, due to the seasonal nature of the company's business.
 Gross profit decreased to C$632,000 from C$789,000 last year. The lower gross margin was due partly to lower sales prices and higher cost of sales which included an amortization charge for new equipment of C$415,000. Initial manufacturing in China has been started but is not in full production, and the toolings have not been fully put into use. However, all of the new tooling ad equipment are being depreciated.
 Operating and administrative expenses were C$2.1 million compared to C$1.3 million in the previous year. The company incurred higher salary and admininstrative overhead costs, primarily in connection with its telecommunications and manufacturing joint ventures in China. In addition, expenses include higher depreciation and amortization expenses of C$236,000, compared to C$37,000 in the prior period.
 Other income includes C$295,000 consisting of income earned from the proposed Shanghai cellular joint venture, and interest income of C$158,000.
 MTC Electronic Technologies Co., Ltd. is a Canadian company headquartered in Richmond, near Vancouver, British Columbia. The company holds interests in joint venture companies that manufacture telecommunications products and will provide telecommunications services in the People's Republic of China. It also manufactures and sells MTC brand and private-label consumer electronics in North America.
 -0- 7/14/93
 /CONTACT: Sammy Liang of MTC Electronic Technologies Co., Ltd., 604-278-8788, or Peter Verrengia or Cindy Carpenter of Fleishman-Hillard 212-265-9150, for MTC/
 (MTCEF)


CO: MTC Electronic Technologies ST: British Columbia IN: TLS SU: ERN

TM-MG -- NY099 -- 6209 07/14/93 19:09 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
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