LoJack Corporation Reports First Quarter Earnings Of $.14 per Share On Revenues of $24,547,000

    DEDHAM, Mass., July 10 LoJack Corporation,
announced today that for the first quarter ended May 31, 2001 (fiscal 2002)
revenues were $24,547,000 compared to revenues of $24,486,000 for the same
period a year ago.  Net income was $2,199,000 or $.14 per diluted share,
compared to a loss of ($363,000), or ($.02) per diluted share, for the same
period a year ago.  As previously disclosed, net income for last year's first
quarter has been restated to reflect the adoption of the SEC's Staff
Accounting Bulletin No. 101 ("SAB 101"), "Revenue Recognition in Financial
Statements", which amounted to a one-time charge of $2,978,000, or ($.18) per
diluted share, and resulted in the deferral of revenue previously recognized
on international license fees.  This adjustment will be recovered in future
periods when the deferred international license fee revenue is recognized.
Revenue for last year's first quarter has been increased by $170,000 to
reflect the adoption of SAB 101.
    International revenues in the first quarter fiscal 2002 compared to a year
ago increased $692,000, or 21%, while domestic revenues decreased $631,000, or
3%.
    Domestic sales of LoJack units for the first quarter of fiscal 2002 were
slightly less than the first quarter of fiscal 2001.  LoJack's penetration of
new vehicle sales increased marginally during the first quarter even though
new vehicle registrations to consumers decreased approximately 6.5% in
LoJack's covered markets.  The decrease in domestic revenues reflects lower
average revenues per LoJack unit as a result of volume variable pricing
agreements.
    The 21% growth in international revenue, reflecting a 35% growth in LoJack
Unit sales, was led by continued strong product sales to the company's South
African and South American licensees.  These sales were partially offset by a
decrease in non-recurring revenues.
    In making the earnings announcement, Ronald J. Rossi, chairman, said,
"While we are pleased with the increase of our domestic penetration in the
face of the decline in new car sales, we have undertaken, as we have stated
before, new initiatives in sales, marketing and new product introduction which
we expect, over the next six months, will result in increased revenues.  Our
international growth rate should also continue to be strong as the year
progresses."
    During the first quarter of fiscal 2002 the company repurchased
144,000 shares under its stock buyback program.  As of July 2, 2001, total
shares repurchased since inception of the program was 7,139,000 shares.
    From time to time, information provided by the company or statements made
by its employees may contain "forward-looking" information, which involve risk
and uncertainties.  Any statements in this news release that are not
statements of historical fact are forward-looking statements (including, but
not limited to, statements concerning the characteristics and growth of the
company's objectives and plans for the company's future operations and
products and the company's expected liquidity and capital resources).  Such
forward-looking statements are based on a number of assumptions and involve a
number of risks and uncertainties, and accordingly, actual results could
differ materially.  Factors that may cause such differences include, but are
not limited to: the continued and future acceptance of the company's products
and services, the rate of growth in the industries of the company's customers;
the presence of competitors with greater technical, marketing, and financial
resources; the company's ability to promptly and effectively respond to
technological change to meet evolving customer needs; capacity and supply
constraints or difficulties; and the company's ability to successfully expand
its operations.  For a further discussion of these and other significant
factors to consider in connection with forward-looking statements concerning
the company, reference is made to Exhibit 99 of the company's Annual Report on
Form 10-K for the fiscal year ended February 28, 2001.

                              LoJack Corporation
                       Condensed Financial Information
                                 (Unaudited)

                                Quarter Ended

                                                     May 31,        May 31,
                                                     2001           2000
                                                                 [Restated]

    Revenues                                     $24,547,000    $24,486,000
    Operating income                               3,387,000      4,208,000
    Pre-tax income                                 3,490,000      4,287,000
    Income before cumulative effect of
     change in accounting principle                2,199,000      2,615,000
    Cumulative effect of change
     in accounting principle                              --    (2,978,000)
    Net income (loss)                              2,199,000      (363,000)
    Diluted earnings (loss) per share:
      Before cumulative effect of
       change in accounting principle                  $0.14          $0.16
      Cumulative effect of change in
       accounting principle                               --        ($0.18)
      After cumulative effect of
       change in accounting principle                  $0.14        ($0.02)
    Weighted average diluted common
     shares outstanding                           16,091,000     16,781,000

    NOTE: The full text of this news release as well as current financial
statements may be accessed on the Internet at: http://www.lojack.com.  Each
quarter's release is archived on the web site under LoJack Financial
Information during the fiscal year.  The company's Annual Report, Form 10Q and
Form 10K filings will also be available on it web site.  Copies of the
company's financial information, including news releases, may also be obtained
by contacting Swanson Communications, Inc. at 516-671-8582.