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Lowrance Reports Third-Quarter Results
June 12, 2001 |
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Company: Lowrance Electronics Inc
 Tulsa, Oklahoma, USA -- Lowrance Electronics Inc.(Nasdaq:LEIX) today announced that net income for the third quarter ended April 30, 2001, was $861,000, or $0.23 per diluted share, compared to $2,474,000, or $0.66 per diluted share, in the same period last year.Net sales for the quarter were $23,282,000 compared to $25,366,000 last year. For the nine months ended April 30, 2001, net income was $466,000, or $0.12 per share, compared to $910,000, or $0.24 per diluted share, in the same period last year.Net sales for the nine-month period were $55,132,000 compared to $56,150,000 a year earlier. "An unusually long winter throughout the United States, combined with the general slowdown in the economy and reduced shipments to OEM boat manufacturers, prevented the company from achieving its third-quarter sales target," said Darrell Lowrance, president and CEO. "However, Lowrance's new offerings for SONAR and combination SONAR/GPS navigation applications have been well received, and we have significantly increased our advertising and marketing efforts to support the introduction of new products and features which will build on the strong interest in these products." About Lowrance Electronics Lowrance Electronics Inc.designs and manufactures SONAR products and orbital satellite receivers, plotters and mapping systems using the global positioning system (GPS) under the brand names "Lowrance" and "Eagle" Electronics.These products are used primarily for sport fishing, hunting, recreational boating and other outdoor applications, as well as in general aviation. This news release contains "forward-looking statements" concerning the company's projected financial performance for fiscal 1999 as allowed in the Private Securities Litigation Reform Act of 1995.The company believes that these statements are based on reasonable assumptions; however, no assurances can be given that the projected results will be achieved.Unforeseen production delays due to raw materials shortages or other factors that are discussed in the company's Securities and Exchange Commission filings could have a material adverse effect on the company's performance.
LOWRANCE ELECTRONICS INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(000s Omitted, Except for Per Share Data) (Unaudited)
Three Months Ended Nine Months Ended
April 30, April 30, April 30, April 30,
2001 2000 2001 2000
Net Sales $ 23,282 $ 25,366 $ 55,132 $ 56,150
Cost of Sales 14,357 15,173 34,508 35,058
Gross Profit 8,925 10,193 20,624 21,092
Operating Expenses:
Selling and Administrative 5,916 5,470 15,703 14,207
Severance and Merger Costs 371 -- 371 2,201
Research and Development 742 770 2,252 2,186
Total Operating Expenses 7,029 6,240 18,326 18,594
Operating Income 1,896 3,953 2,298 2,498
Other Expenses:
Interest Expense 504 505 1,324 1,484
Other, Net 25 56 234 104
Total Other Expenses 529 561 1,558 1,588
Income Before Income Taxes 1,367 3,392 740 910
Provision for Income Taxes 506 918 274 --
Net Income $ 861 $ 2,474 $ 466 $ 910
Net Income per Share $ 0.23 $ 0.66 $ 0.12 $ 0.24
Weighted Average Common
Shares Outstanding 3,769 3,769 3,769 3,769
Other Comprehensive Income
(Loss) Net of Tax:
Foreign Currency
Translation Adjustment (82) (82) (118) (9)
Comprehensive Income $ 779 $ 2,392 $ 348 $ 901
CONSOLIDATED BALANCE SHEETS
(in thousands)(Unaudited)
April 30, April 30, July 31,
2001 2000 2000
Assets
Total Current Assets $ 37,953 $ 25,994 $ 19,723
Property, Plant and
Equipment, Net 7,611 7,380 7,240
Other assets 2,018 1,555 2,258
$ 47,582 $ 34,929 $ 29,221
Liabilities and
Stockholders' Equity
Total Current Liabilities 14,847 10,860 8,693
Long-term Debt 20,432 13,674 8,573
Total Stockholders' Equity 12,303 10,395 11,955
$ 47,582 $ 34,929 $ 29,221
CONTACT: Lowrance Electronics Inc., Tulsa
Douglas J.Townsdin, 918/437-6881
or
Berkman Associates, Los Angeles
310/277-5162 (investors)
info@BerkmanAssociates.com
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