AURA Announces Results for Period Ending August 31, 2000
16 October 2000
AURA Announces Results for Period Ending August 31, 2000
EL SEGUNDO, Calif.--Oct. 16, 2000---AURA SYSTEMS, INC. (OTC:AURA) announced today results for the period ending August 31, 2000.Net revenues were $386,885 and $768,406 for the three and six months as compared to $2,644,388 and $5,225,081 for the corresponding periods in the prior year. The decrease in revenues is primarily attributable to the sale of the Company's wholly owned subsidiary Aura Ceramics, and the discontinuation of the Aura Sound business.
The loss was $6,726,320 and $9,336,586 for the three and six month periods as compared to $5,899,369 and $11,386,249 for the corresponding periods in the prior year.
The current quarter loss includes $1.25 million in legal costs and settlements, $1.7 million in depreciation and amortization and $1.3 million reserve for bad debts associated with lines of business in which the company is no longer engaged.
More information about the Company is available on Aura's web site: http://www.aurasystems.com/.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in the Company's Securities and Exchange Commission filings.
Following are condensed financial statements of Aura Systems, Inc.
Balance Sheet
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August 31, February 29,
2000 2000
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Current Assets $ 14,029,424 $17,826,048
Total Assets $ 51,076,101 $56,122,538
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Liabilities $ 50,617,464 $54,606,530
Stockholders Equity $ 458,637 $ 1,516,008
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Total liabilities and
stockholders equity $ 51,076,101 $56,122,538
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Statement of Operations
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Ending August 31,
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Three months Six months
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2000 1999 2000 1999
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Net Revenues $ 386,885 $ 2,644,388 $ 768,406 $ 5,225,081
Net Loss $(6,726,320) $(5,899,369) $(9,336,586) $(11,386,249)
Net Loss
per share $ (0.03) $ (0.06) $ (0.04) $ (0.11)
Weighted average
number of common
shares
outstanding 250,037,915 107,822,043 243,572,557 107,804,271