Aura Systems Reports Third Quarter of Fiscal 1999

18 January 1999

Aura Systems Reports Third Quarter of Fiscal 1999

    EL SEGUNDO, Calif.--Jan. 15, 1999--Aura Systems Inc. Friday reported net revenues for the third fiscal quarter were $33,931,756 as compared to $48,215,300 in the comparable prior year quarter. The Company announced losses of $23,134,875 or 27 cents per share for the third quarter ending Nov. 30, 1998, compared to a net profit of $748,718 or 1 cent per share for the comparable quarter in 1997.
    Net revenues for the nine months ending Nov. 30, 1998 totaled $105,487,348 as compared to $108,769,267 in the nine-month period in the prior year. Net loss for the nine months was $36,797,205 or 44 cents per share as compared to a net income of $1,418,053 or 2 cents per share in the corresponding nine-month period ended Nov. 30, 1997.
    Total shares outstanding as of Jan. 14, 1999 are 92,510,822 as compared to 80,001,244 at Feb. 28, 1998.

           Aura Systems Inc. Condensed Financial Statements
                        Statement of Operations
                            Ending Nov. 30

                        Three Months               Nine Months
                     1998          1997         1998          1997

Revenues          $33,931,756  $48,215,300  $105,487,348  $108,769,267
Net Income 
 (loss)          ($23,134,875)    $748,718  ($36,797,205)   $1,418,053
Net Income 
 (loss) Per   
 Common Share          ($0.27)       $0.01        ($0.44)        $0.02
Weighted average number 
 of common shares 
 outstanding       86,413,616   79,749,922    83,011,249    78,728,064


                                          Balance Sheet             
                                 Nov. 30,                Feb. 28,  
                                   1998                    1998    
Assets:       
 Current Assets               $ 119,635,658           $ 139,301,858  
 Other assets                    98,923,449              88,000,771  
 Total                        $ 218,559,107           $ 227,302,629 

Liabilities and Equity:                    
 Current liabilities            $87,368,253            $ 79,132,963  
 Notes payable and other 
  liabilities                    39,580,947              31,267,798  
 Stockholders' equity            91,609,907             116,901,868  
 Total                        $ 218,559,107           $ 227,302,629