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U.S. ALCOHOL TESTING OF AMERICA INC. REPORTS REVENUE, LOSSES FOR THE FISCAL YEAR ENDED MARCH 31, 1992

            U.S. ALCOHOL TESTING OF AMERICA INC. REPORTS
      REVENUE, LOSSES FOR THE FISCAL YEAR ENDED MARCH 31, 1992
    RANCHO CUCAMONGA, Calif., June 29 /PRNewswire/ -- U.S. Alcohol Testing of America Inc. (AMEX: AAA) today reported revenues and losses for the fiscal year ended March 31, 1992.
    Revenues increased by 55 percent to $688,412 compared to $445,244 in the fiscal year ended March 31, 1991.  Net loss increased to $3,490,024 or $.66 per common share from $1,103,247, or $.36 per common share for the same period last year.  Losses for the most recently completed fiscal year include $982,338 of non-recurring charges, including $582,338 of a non-cash charge resulting from settlement of a law suit.  Selling, general and administrative expenses increased by $1,514,410 in the most recently completed fiscal year which was attributable to increased payroll costs, advertising and marketing expenses and expanded facility costs. Research and development costs increased by $130,827 in the most recently completed fiscal year, representing the company's commitment to new product development.  During fiscal 1992, interest expense decreased by $56,430 reflecting the payoff of company debt.
    Fourth quarter revenues for the quarter ended March 31, 1992 decreased by $74,818 compared to the same period last year.  Net loss for the fourth quarter increased to $1,740,162, or $.37 per share, as compared to a net loss of $477,424, or $.15 per share, for the same period last year, of which $400,000 represented a non-recurring charge to operations.
    Chief Financial Officer Gary S. Wolff stated that during the fiscal year ended March 31, 1992, the company raised $10,237,560 in additional capital, net of expenses; liquidated all of its debt in the amount of $801,492; had $10,397,313 in cash and cash equivalents at March 31, 1992 as compared to $796,571, at March 31, 1991; and had shareholders' equity of $8,301,977 at March 31, 1992 as compared to $1,306,988 at March 31, 1991.
                U.S. ALCOHOL TESTING OF AMERICA INC.
                Consolidated Statement of Income Data
                                  Year ended March 31,
                                    1992        1991
    Net sales                    $688,412    $445,244
    Costs and expenses          4,369,334   1,593,877
    Other income                  190,898      45,386
    Net (loss)                 (3,490,024) (1,103,247)
    (Loss) per common share         ($.66)      ($.36)
    Weighted average shares
     outstanding(a)             5,938,747   3,261,285
                              Three months ended March 31,
                                    1992        1991
    Net sales                     $42,265    $117,083
    Costs and expenses          1,838,237     639,331
    Other income                   55,810      44,824
    Net (loss)                 (1,740,162)   (477,424)
    (Loss) per common share         ($.37)      ($.15)
    Weighted average shares
     outstanding(a)             4,730,598   3,112,124
    (a) As adjusted for stock splits of common shares.
                U.S. ALCOHOL TESTING OF AMERICA INC.
                   Consolidated Balance Sheet Data
                                    March 31,      March 31,
                                      1992           1991
    Cash and cash equivalents      $10,397,313      $796,571
    Current assets                  12,290,931     2,495,311
    Total assets                    12,904,801     2,770,244
    Liabilities                        512,715     1,463,256
    Minority interest                4,090,109           ---
    Stockholders' equity             8,301,977     1,306,988
    -0-                    6/29/92
    /CONTACT:  Gary S. Wolff, CFO of U.S. Alcohol Testing of America, 714-466-8378/
    (AAA) CO:  U.S. Alcohol Testing of America Inc. ST:  California IN: SU:  ERN KJ-EH -- LA035 -- 4976 06/29/92 21:03 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 29, 1992
Words:564
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