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ODETICS REPORTS QUARTERLY NET PROFIT OF $178,000, COMPARED WITH ($785,000) LOSS LAST YEAR

 ANAHEIM, Calif., Oct. 26 /PRNewswire/ -- Odetics (AMEX: OA & OB) today reported year-to-year increases in both second quarter and six- month sales and profits. The company reported a FY1994 second quarter net profit of $178,000, compared with a net loss of ($785,000) for the same period as FY1993. Contract revenues for second quarter of fiscal year 1994 also increased to $19,585,000, compared with $16,336,000 last year.
 Net profits for the six-month period ended Sept. 30, 1993 were $402,000, compared with a net loss of ($745,000) last year. Contract revenues and net sales for the first six months were $39,065,000, up from $33,816,000 for the same period in 1992.
 Odetics reported earnings per share of $0.04 for the second quarter of FY1994, compared with a net loss per share of ($0.18) in the same quarter last year. Six-month earnings for the current fiscal year are $0.09, compared with a loss per share of ($0.17) for the same period last year.
 According to Chairman of the Board and Chief Executive Officer Joel Slutzky, the increase in sales and profits was spread throughout the company. "I wouldn't attribute our improved performance to a single operation," Slutzky said. "All of our operations have improved over last year."
 Odetics manufactures automated tape libraries, data recorders and other information automation products. The company was founded in 1969 to design and produce high-reliability space tape recorders. Today, however, Odetics operating units address commercial as well as government markets.
 ODETICS INC.
 Condensed Statement of Income
 (In thousands except per share amounts)
 Three months Six months
 ended Sept. 30, ended Sept. 30,
 1993 1992 1993 1992
 Revenues and sales $19,585 $16,336 $39,065 $33,816
 Net income (loss) $178 ($785) $402 ($745)
 Earnings (loss)
 per share $0.04 ($0.18) $0.09 ($0.17)
 -0- 10/26/93
 /CONTACT: Holly Barnett of Odetics, 714-774-5000/
 (OA OB)


CO: Odetics ST: California IN: TLS CPR SU: ERN

JL-LM -- LA012 -- 6739 10/26/93 09:02 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
Words:342
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