WICAT REPORTS THIRD QUARTER RESULTS
WICAT REPORTS THIRD QUARTER RESULTS OREM, Utah, Jan. 17 /PRNewswire/ -- Wicat Systems Inc.
(NASDAQ: WCAT) today released results for its third quarter and nine months ended Dec. 29, 1991. Net loss for the quarter was $0.3 million, or $0.01 per share, on revenues of $10.5 million. Net income for the same period last year was $0.4 million, or $0.02 per share, on revenues of $13 million. The company's cash position at quarter-end was $11.7 million, up from $9.4 million at the beginning of the quarter.
For the nine months, the company reported earnings of $0.2 million, or $0.01 per share, on revenues of $35.7 million. This compares to earnings of $2.5 million last year, or $0.12 per share, on revenues of $39.8 million. The decrease in earnings per share is a direct result of lower revenues. The decline in revenues is entirely attributable to the company's aviation training business, particularly in Europe. At the same time, Wicat's growth in its education market has slowed, due primarily to reduced spending by schools. Wicat also announced that Donald W. Lohin has resigned as chief financial officer. H. Richard Byrne, the company's chief operating officer, and formerly chief financial officer of Wicat, will assume the additional role of chief financial officer for the present. The company indicated that it has implemented various cost reductions to better match expenses to current revenues. These actions, which include a reduction in force of approximately seven percent, are expected to save the company more than $2 million next fiscal year. Wicat Systems Inc. is a world leader in technology-based education and training, providing products and services to significantly improve learning in schools, industries, military and government. Wicat stock is traded in the NASDAQ market under the symbol WCAT. WICAT SYSTEMS INC. Consolidated Income Summary (In thousands, except per share data) (Unaudited) Three-months ended Nine-months ended Dec. 29, Dec. 30, Dec. 29, Dec. 30, 1991 1990 1991 1990 Revenue $10,508 $13,036 $35,740 $39,843 Gross profit 5,364 6,507 19,036 20,001 Operating income (loss) (427) 424 52 2,577 Net income (loss) (315) 446 201 2,466 Per share income (loss) (.01) .02 .01 .12 -0- 1/17/92 /CONTACT: H. Richard Byrne, COO of Wicat Systems Inc., 801-224-6400/ (WCAT) CO: Wicat Systems Inc. ST: Utah IN: CPR SU: ERN
EH-JL -- LA005 -- 0821 01/17/92 07:00 EST
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|Date:||Jan 17, 1992|
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