WAVEMAT INC. ANNOUNCES RESULTS OF ITS THIRD QUARTER AND NINE MONTHS ENDED SEPT. 30, 1991
WAVEMAT INC. ANNOUNCES RESULTS OF ITS THIRD QUARTER
AND NINE MONTHS ENDED SEPT. 30, 1991
PLYMOUTH, Mich., Nov. 18 /PRNewswire/ -- Wavemat Inc. today announced results for its third quarter and nine months ended Sept. 30, 1991. The decline in operating loss for the 1991 quarter was primarily attributable to an increase in operating revenue as compared with the same quarter last year. For the nine-month period, operating revenues were significantly down while operating loss was reduced.
"We have survived a very difficult period by reduction of expense levels and the ongoing dedication of our employees. As a result, our customer confidence level has increased and our products have improved with continual development throughout the year. Now, with a potential increase in microwave processing system orders, we should be able to increase operating revenues while striving for profitability," said Richard S. Garard, chairman and president of Wavemat.
Condensed Statements of Operations
(Unaudited and in thousands, except per-share amounts)
Three Months Nine Months
Ended Sept. 30 Ended Sept. 30
1991 1990 1991 1990
Operating revenues $286 $165 $880 $1,897
Operating loss ($300) ($425) ($691) ($772)
Net loss ($320) ($440) ($750) ($782)
Net loss per share
of common stock ($0.19) ($0.31) ($0.50) ($0.56)
Weighted average no.
of common shares
outstanding 1,706 1,406 1,508 1,406
Wavemat Inc. designs, manufactures and markets proprietary microwave equipment for processing of advanced materials. Products range from standard modules for process research and development, to products for production integration and turnkey development systems incorporating Wavemat's patented technology.
-0- ? 11/18/91
/CONTACT: Yvonne L. Bova of Wavemat, 313-873-7800/ CO: Wavemat Inc. ST: Michigan IN: SU: ERN ML -- DE024 -- 4595 11/18/91 16:06 EST