SECURITY TAG REVENUES CONTINUE TO RISE
SECURITY TAG REVENUES CONTINUE TO RISE ST. PETERSBURG, Fla., Jan. 21 /PRNewswire/ -- Security Tag Systems,
Inc. (NASDAQ: STAG) today announced operating results for the third quarter and nine months of Fiscal Year 1992, ended Dec. 31. While sales in the third quarter were down 1 percent compared to last year's, they were considered excellent in light of economic conditions both here and abroad. Sales for the nine months were up 13 percent. Income before taxes and other revenue diminished in the quarter, but was ahead a significant 87 percent for the nine-month period.
Carter W. Clarke, Jr., president and chief executive officer of Security Tag Systems, stated, "We continue to be pleased with our operations, particularly when we compare current results. A major factor in the total figures is that domestic sales for the last nine months have increased over 60 percent. We expect to continue to grow here in the U.S., and we anticipate additional growth in European sales over the next few periods, as well. "We continue to dominate the fluid tag market, and a good part of our sales increase is attributable to our Inktag(TM) and Inkmate(TM) product lines. They are very effective shoplifting deterrents. As a result of that success, we have introduced our new Accent(TM) line for use on costume jewelry, and other accessory items. The initial reaction by customers has been very encouraging, and we think this line will have a positive effect on sales and profits in the coming year. "Uncertainties still exist in domestic and international retail markets. However, our plan to add to our very competent existing sales force to cover the growing market for our lines of "Performance Leader" products should increase our opportunities and potential for success." Security Tag Systems, Inc. develops, manufactures and markets electronic detection systems and loss prevention devices for retail, business, industrial and military markets. SECURITY TAG SYSTEMS, INC. Selected Operating Results (unaudited) Three Months Ended Dec. 31; 1991 1990 Net Current Sales $5,296,024 $5,346,897 Miscellaneous Income 15,257 118,580 Total Recurring Revenues 5,311,281 5,465,477 Income Before Taxes and Other Revenues 482,828 710,627 Gain on Sale of STIL -- -- Margin on Deferred Sales Recognized -- -- Income Tax Provision, Net 50,000 20,000 Net Income 432,828 690,627 Net Income Per Share 0.03 0.05 Weighted Average Number of Shares Outstanding 14,558,094 14,463,723 Nine Months Ended Dec. 31; 1991 1990 Net Current Sales 14,154,803 12,578,532 Miscellaneous Income 53,989 177,822 Total Recurring Revenues 14,208,792 12,756,354 Income Before Taxes and Other Revenues 715,742 382,753 Gain on Sale of STIL -- 664,674(A) Margin on Deferred Sales Recognized -- 685,029(B) Income Tax Provision, Net 75,000 40,000 Net Income 640,742 1,692,456 Net Income Per Share 0.04 0.12 Weighted Average Number of Shares Outstanding 14,528,878 14,463,723 (A) -- Represents entire sale of Company's interest in Securitag International Ltd (STIL). (B) -- Represents all of previously deferred sales ($1,459,997) and cost of sales ($774,968) to STIL. -0- 1/21/92 /CONTACT: Carter W. Clarke, Jr. of Security Tag Systems, 813-576-6399, or Burton Arkin of Arkin Associates, 212-949-7640, for Security Tag Systems/ (STAG) CO: Security Tag Systems Inc. ST: Florida IN: SU: ERN FC -- NY053 -- 1756 01/21/92 11:10 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 21, 1992|
|Previous Article:||BOMBAY EARNINGS INCREASE 24 PERCENT IN DECEMBER QUARTER|
|Next Article:||WILLIAM K. WILLIS, JR. NAMED "OHIO HUMANITARIAN OF THE YEAR"|