LoJack Reports First Quarter Net Income of $.15 Per Share on Revenues of $24,316,000
7 July 2000
LoJack Reports First Quarter Net Income of $.15 Per Share on Revenues of $24,316,000
DEDHAM, Mass. - LoJack Corporation announced today that for the first
quarter ended May 31, 2000 revenues were $24,316,000, an increase of 8% over
revenues of $22,501,000 for the same period a year ago. Net income was
$2,511,000, or $.15 per diluted share, compared to $2,245,000, or $.12 per
diluted share, for the same period a year ago.
Contributing to the increase in revenues in the first quarter of fiscal
2001 was a 6% increase in the domestic sale of LoJack Units and a 70% increase
in revenues from product sales and fees pursuant to license agreements for the
company's technology in international markets.
In making the announcement, C. Michael Daley, chairman, said, "We are
pleased with the 25% growth in our diluted earnings per share for the first
quarter. The return to growth in our international business segment was a
major contributor, led by strong sales to our South African and South American
licensees as well as the initial shipments of product to our new licensee in
Brazil. We expect that our international business will continue to show strong
growth in revenues for the balance of the year.
"Domestic growth was the result of several factors -- a strong showing in
our Texas and Arizona markets, a solid start in our California expansion to
the Oakland/Bay Area and continued growth and improvement in our commercial
business segment. The remainder of our domestic business experienced modest
growth because new car sales during the quarter, as reported by major
manufacturers, slowed down compared to the same period a year ago. Having said
that, domestic sales of LoJack Units for the first quarter set a new record
for the company. We estimate that we can increase our domestic growth rate for
the balance of the year through our push into new geographic markets,
continued growth in the commercial business, and by becoming more aggressive
in increasing the number of dealers selling our product. We believe that the
possibility of a longer term slow down in new car sales should be beneficial
to LoJack as dealers look for additional profit opportunities."
The foregoing statements concerning expectations for the balance of fiscal
2001 and thereafter are forward-looking statements which involve a number of
risks and uncertainties which could cause actual results to differ from those
projected. Such risks and uncertainties include, without limitation, matters
affecting the sales of automobiles, and the state of the economy in general,
as well as matters affecting the company, such as timing of commencement of
operations of new markets and the success and financial condition of the
company's new and existing foreign licensees, the results of the company's
domestic markets, and other factors which are listed in Exhibit 99 to the
company's Annual Report on Form 10-K for the fiscal year ended February 29,
2000.
LoJack Corporation
Consolidated Financial Information
(Unaudited)
Quarter Ended
May 31, May 31,
2000 1999
Revenues $24,316,000 $22,501,000
Operating Income 4,038,000 3,596,000
Pre-tax Income 4,117,000 3,679,000
Net Income 2,511,000 2,245,000
Diluted Earnings Per Share $.15 $.12
Weight Average Number
Of Shares Outstanding 16,781,000 18,158,000