LoJack Reports Q3 Net Income
10 January 2001
LoJack Corporation Reports Third Quarter Net Income of $.11 Per Share on Revenues of $24,352,000
DEDHAM, Mass., Jan. 10 LoJack Corporation
announced today that for the third quarter ended November 30, 2000 (fiscal
2001) revenues were $24,352,000, an increase of 10% over revenues of
$22,168,000 for the same period a year ago. Net income was $1,753,000, or
$.11 per diluted share, compared to $2,505,000, or $.15 per diluted share, for
the same period a year ago.
Revenues for the nine months ended November 30, 2000 were $74,984,000, a
9% increase over revenues of $68,754,000 for the same period a year ago. Net
income was $7,425,000, or $.44 per diluted share, for the first nine months of
fiscal 2001, compared to $7,271,000, or $.41 per diluted share, for the first
nine months of fiscal 2000.
The increase in revenues in the third quarter of fiscal 2001 of
$2,183,000 included a 1% increase in domestic revenue over the same period a
year ago and a 78% increase in international revenue. For the nine months
ended November 30, 2000, domestic revenues increased by $1,981,000, or 3%,
over the same period a year ago, and international revenue increased
$4,249,000, or 57%.
In announcing the results, Joseph F. Abely, president, said, "Domestic
revenue in the third quarter was impacted by the sudden, unanticipated decline
in U.S. car sales during the period. International revenue growth of 78%
during the quarter, compared to a year earlier, was driven by a growing base
of recurring sales of product to international licensees, particularly in
South Africa and South America. We expect that our international business
will continue to show strong growth in revenues during the fourth quarter of
fiscal 2001.
"In addition to the downturn in new car sales, earnings were impacted by
our continued investment in new markets, new product development, customer
service and advertising; all critical elements in maintaining our strong
franchise and market position.
"As part of our ongoing strategy to buy back shares under our stock
repurchase program, the Board of Directors has recently authorized an increase
of 2,000,000 shares that the company may repurchase, based on price levels
that provide a sound investment opportunity for the company."
Incoming Chief Executive Officer, Ronald Rossi, said, "Over the next
12 months we will continue with our domestic and international expansion, as
well as providing value added upgrades to existing products and introducing
new product technologies. Our confidence in our long-term growth strategy is
reflected by the company's aggressive share buyback program."
LoJack Corporation
Consolidated Financial Information
(Unaudited)
Three Months Ended
11/30/00 11/30/99
Revenues $24,352,000 $22,168,000
Operating Income 2,671,000 4,019,000
Pre-tax Income 2,874,000 4,108,000
Net Income 1,753,000 2,505,000
Diluted Earnings Per Share $.11 $.15
Weighted Average Number
Of Shares Outstanding 16,558,000 17,074,000
Nine Months Ended
11/30/00 11/30/99
Revenues $74,984,000 $68,754,000
Operating Income 11,769,000 11,362,000
Pre-tax Income 12,173,000 11,920,000
Net Income 7,425,000 7,271,000
Diluted Earnings Per Share $.44 $.41
Weighted Average Number
Of Shares Outstanding 16,717,000 17,712,000