NORRIS ANNOUNCES RECORD FISCAL 1992 RESULTS
NORRIS ANNOUNCES RECORD FISCAL 1992 RESULTS SAN DIEGO, June 26 /PRNewswire/ -- Norris Communications Corp.
(OTC Bulletin Board: NROIF) today announced record results for the fiscal year ended March 31, 1992. Earnings for the year were $424,000 U.S., or $0.08 per share, compared to a loss of ($426,000), or ($0.09) per share in the prior year. Sales increased from $2.3 million in the prior year to $6.5 million in 1992 representing a gain of 183 percent.
The company expensed more than $350,000 on Norcom activities, the greater portion in the final quarter of the year, as management made a major push towards establishing associations with such companies as Apple Computer, Intel and others. Norcom is the company's wholly owned subsidiary engaged in Ear PHONE(TM) development. A major portion of this activity was concentrated towards accelerated product development in preparation for full-scale manufacturing and an aggressive marketing thrust into the communications and computer industries. The company is pleased to report that these efforts have already resulted in an important relationship with Intel Corp. providing for engineering fees and an initial order for Ear PHONE products as more fully described in a separate news release dated June 26, 1992. Norcom has also developed strategic alliances with Apple Computer, Motorola, Northern Telecom, Bell Atlantic and others. The company's record earnings and $2.277 million obtained in equity transactions during the year dramatically improved its financial position. Working capital as of March 31, 1992 was $1.8 million compared to a working capital deficit of ($458,000) at March 31, 1991. Cash at March 31, 1992 exceeded $2 million with an additional $456,000 received in April 1992 from the final installment of a $2.5 million private placement. The company's total assets increased to $5 million as of March 31, 1992. In addition to the company's investment in Norcom during the year, the company also significantly expanded ASMD's capacity while adding management, manufacturing and marketing personnel to prepare for future growth. ASMD grew from 60 employees at the end of fiscal 1991 to 125 employees on March 31, 1992. ASMD acquired more than $650,000 of additional equipment during the year and had a record backlog of $10 million at March 31, 1992. Management expects Norcom to contribute revenues second quarter fiscal 1993 and also anticipates continued ASMD sales growth in fiscal 1993. ASMD is projecting record first quarter revenues exceeding $2.1 million for the quarter ending June 30, 1992. Norris is listed in the NASD OTC Bulletin Board under the symbol NROIF and on the Vancouver Stock Exchange under the symbol NOC. The company has four subsidiaries: American Surface Mounted Devices Inc. (ASMD), which provides robotic surface mounting and contract manufacturing for major electronic firms; Sage Micro Inc. (SAGE), which specializes in custom micro-bonding of silicon chips on printed circuit boards; Norcom Communications Corp. (NORCOM), a research and development company holding the patents on Ear Phone wireless telephone devices; and CadCo Design Group (CADCO), a company specializing in technical product design and documentation support. -0- 6/26/92 /CONTACT: Robert Putnam of Norris Communications, 619-679-1504/ (NROIF) CO: Norris Communications Corp. ST: California IN: CPR SU: ERN KJ-EH -- SD004 -- 4419 06/26/92 19:21 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 26, 1992|
|Previous Article:||GEORGIA REGIONAL STOCK REPORT FOR FRIDAY, JUNE 26|
|Next Article:||NORRIS COMMUNICATIONS ANNOUNCES MEMORANDUM OF UNDERSTANDING WITH INTEL CORP. FOR EAR PHONE(TM) TECHNOLOGY|