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NORTH ATLANTIC TECHNOLOGIES REPORTS FOURTH QUARTER PERFORMANCE

 NORTH ATLANTIC TECHNOLOGIES REPORTS FOURTH QUARTER PERFORMANCE
 MINNEAPOLIS, Feb. 11 /PRNewswire/ -- North Atlantic Technologies, Inc. (NAT) today reported earnings for its fourth quarter ended Dec. 31, 1991, of $300,000 or $.15 share (after reflecting the impact of net operating loss carryforwards) compared with a loss of $99,000 or $.05 share for the same period in 1990. Sales for the fourth quarter were $2,133,000 compared with $854,000 in the fourth quarter of 1990.
 For the year ended Dec. 31, 1991, sales were $7,750,000 versus $3,470,000 for 1990. Net income of $871,000 was recorded for 1991 (after net operating loss carryforwards) compared to a loss of $430,000 for 1990.
 The company achieved record results in revenues, profits, new order bookings and year-end backlog in 1991. These results are attributed to the extensive investments in marketing and manufacturing efficiencies that the company has made in the past two years. The management of the company is cautiously optimistic about 1992 anticipating increased activity in internationally generated revenues.
 NAT manufactures heat recovery systems which it sells to industrial companies for energy conservation and environmental applications. Its headquarters are in Bloomington, Minn.
 NORTH ATLANTIC TECHNOLOGIES, INC.
 CONDENSED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 Three Months Ended Year Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Sales $2,133 $854 $7,750 $3,470
 Cost of sales 1,215 580 4,684 2,361
 Gross profit 918 274 3,066 1,109
 Operating costs (518) (286) (1,815) (1,236)
 Other income (expense) (91) (87) (361) (303)
 Income (loss) before provision
 for income taxes and
 extraordinary item 309 (99) 890 (430)
 Provision for income taxes (88) -- (323) --
 Income (loss) before
 extraordinary item 221 (99) 567 (430)
 Extraordinary item, utilization
 of net operating loss
 carryforward 79 -- 304 --
 Net income (loss) $300 $(99) $871 $(430)
 Net income (loss) per common share:
 Income (loss) before
 extraordinary item $.11 $(.05) $.29 $(.23)
 Extraordinary item .04 -- .15 --
 Net income (loss) $.15 $(.05) $.44 $(.23)
 Average common shares
 outstanding 1,977,253 1,950,729 1,973,938 1,908,563
 -0- 02/11/92
 /CONTACT: David Paulin of North Atlantic, 612-888-8553/ CO: North Atlantic Technologies, Inc. ST: Minnesota IN: SU: ERN


KH -- MN023 -- 8960 02/11/92 16:47 EST
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Publication:PR Newswire
Date:Feb 11, 1992
Words:387
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