IRVINE, Calif., May 15, 2000 (PRIMEZONE) -- Litronic Inc. (Nasdaq:LTNX), a leader in professional Internet data security services and secure electronic commerce applications, announced today financial results for the first quarter ended March 31, 2000.
First Quarter 2000 Results
For the first quarter ended March 31, 2000, the Company reported revenues of $4.72 million versus $1.41 million in the same quarter last year. Net loss for the quarter was $3.46 million, or $0.35 per basic and diluted share, versus a net loss of $0.97 million, or $0.25 per basic and diluted share, in the same quarter last year. Revenues and expenses for the quarter ended March 31, 2000 include the results of Pulsar's operations. Pulsar Data Systems was acquired in June 1999.
About Litronic
Litronic provides professional Internet data security services and develops and markets software and microprocessor-based products needed to secure electronic commerce business transactions and communications over the Internet and other communications networks based on Internet protocols. Litronic's primary data security products use an advanced form of computer security technology referred to as PKI. Litronic's Internet security products can be used with world-wide-web browsers, including Netscape Communicator and Microsoft Internet Explorer. Further, Litronic provides the PKI hardware and software components that enable software applications developers to incorporate robust data security into applications such as data base management, e-mail, e-commerce, financial, medical, legal and other sensitive data systems.
Condensed Consolidated Statements of Operations
(in Thousands, Except per Share Data)
(Unaudited)
March 31, March 31,
1999 2000
Revenues:
Product $ 885 $ 4,351
License and service 156 371
Research and development 369 --
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Total revenues 1,410 4,722
Cost of sales-products 507 3,619
Cost of sales-license and service 140 168
Selling, general and administrative 871 2,380
Research and development 765 1,322
Amortization of goodwill and other intangibles -- 703
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Operating loss (873) (3,470)
Interest expense (income), net 109 (14)
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Loss before income taxes (982) (3,456)
Provision for (benefit from) income taxes (9) 5
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Net loss (973) $(3,461)
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Net loss per share - basic and diluted $ (0.25) $ (0.35)
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Shares used in per share computations
-- basic and diluted 3,871 9,872
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