Printer Friendly

NORTH ATLANTIC TECHNOLOGIES, INC., REPORTS FOURTH QUARTER PERFORMANCE

 MINNEAPOLIS, Feb. 16 /PRNewswire/ -- North Atlantic Technologies, Inc. (NAT) today reported earnings for its fourth quarter ended Dec. 31, 1992, of $152,000 or $.07 per share (after reflecting the impact of net operating loss carry forwards) compared with an income of $300,000 or $.15 per share for the same period in 1991. Sales for the fourth quarter were $1,464,000 compared with $2,133,000 in the fourth quarter of 1991.
 For the year ended Dec. 31, 1992, sales were $8,064,000 versus $7,750,000 for 1991. Net income of $1,001,000 was recorded for 1992 (after net operating loss carry forwards) compared to net income of $871,000 for 1991.
 Contributing to the increase in earnings were fees earned from providing engineering and design services under a cooperative agreement with a large German manufacturer. No fees were earned under this agreement prior to 1992.
 NAT manufactures heat recovery systems which it sells worldwide to industrial companies for energy recovery and environmental control applications. Its headquarters are in Bloomington, Minn., and its manufacturing facilities are in St. Paul. The common stock of North Atlantic Technologies is traded in the local over-the-counter market.
 NORTH ATLANTIC TECHNOLOGIES, INC.
 Condensed Statement of Operations
 (000s except per share amounts)
 Three Months Ended Year Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Sales $1,464 $2,133 $8,064 $7,750
 Cost of sales 1,148 1,215 5,620 4,684
 Gross profit 316 918 2,444 3,066
 Operating costs (409) (518) (1,706) (1,815)
 Other income (expense) 251 (91) 288 (361)
 Income (loss)
 before provision for
 income taxes and
 extraordinary item 158 309 1,026 890
 Provision for
 income taxes (42) (88) (375) (323)
 Income (loss) before
 extraordinary item 116 221 651 567
 Extraordinary item,
 utilization of net
 operating loss
 carryforward 36 79 350 304
 Net income (loss) $152 $300 $1,001 $871
 Net income (loss) per
 common share:
 Income (loss) before
 extraordinary item $.05 $.11 $.30 $.29
 Extraordinary item .02 .04 .16 .15
 Net income (loss) $.07 $.15 $.46 $.44
 Average common shares
 outstanding 2,251,068 1,977,253 2,195,358 1,973,938
 -0- 2/16/93
 /CONTACT: David Paulin, chief financial officer of North Atlantic Technologies, 612-888-8553/


CO: North Atlantic Technologies ST: Minnesota IN: SU: ERN

DS -- MN002 -- 6760 02/16/93 09:33 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 16, 1993
Words:400
Previous Article:ENVIRONMENTAL TECHNOLOGIES SUBSIDIARY ANNOUNCES NEW PRODUCT MADE FROM RECYCLED CARPET MATERIALS
Next Article:ADVANCED VISUAL SYSTEMS INTRODUCES NEW VISUALIZATION SOFTWARE FOR APPLICATION DEVELOPERS; ADDS NEW FEATURES FROM SUNVISION
Topics:


Related Articles
NORTH ATLANTIC TECHNOLOGIES REPORTS FOURTH QUARTER PERFORMANCE
NORTH ATLANTIC INDUSTRIES REPORTS RECORD QUARTER AND ANNUAL RESULTS
NORTH ATLANTIC TECHNOLOGIES REPORTS SECOND QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES, INC. REPORTS FIRST QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES, INC. REPORTS SECOND QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES, INC., REPORTS FOURTH QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES, INC. REPORTS FOURTH QUARTER PERFORMANCE
NORTH ATLANTIC TECHNOLOGIES, INC. REPORTS FOURTH QUARTER PERFORMANCE
Atlantic Southern Financial Group, Inc. Reports Record Fourth Quarter Net Income.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters