IRVINE, Calif., August 14, 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 second quarter ended June 30, 2000.
Second Quarter and Year-to-Date Results
For the second quarter ended June 30, 2000, the Company reported revenues of $9.1 million versus $2.7 million in the same quarter last year. Net loss for the quarter was $2.4 million, or $0.24 per basic and diluted share, versus a net loss of $1.5 million, or $0.31 per basic and diluted share, in the same quarter last year. Revenues and expenses for the quarter ended June 30, 2000 include an entire quarter of Pulsar operations. Pulsar Data Systems was acquired in June 1999.
For the six months ended June 30, 2000, the Company reported revenues of $13.8 million versus $4.2 million in the same period a year ago. Net loss was $5.9 million, or $0.60 per basic and diluted share, versus a net loss of $2.5 million, or $0.57 per basic and diluted share, for the same period a year ago. Revenues and expenses for the six months ended June 30, 2000 include the results of an entire six months of Pulsar operations.
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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except per Share Data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
1999 2000 1999 2000
Total revenues 2,747 9,050 4,157 13,772
Total costs and
expenses 4,457 11,521 16,740 19,713
Operating loss (1,710) (2,471) (2,583) (5,941)
Interest expense
(income), net 85 (53) 193 (66)
Loss before
income taxes (1,795) (2,418) (2,776) (5,875)
Provision for
(benefit from)
income taxes (294) 2 (285) 6
Net loss $(1,501) $(2,420) $ (2,491) $ (5,881)
Net loss per
share-basic
and diluted $ (0.31) $ (0.24) $ (0.57) $ (0.60)
Shares used
in per share
computations -
basic and
diluted 4,839 9,881 4,360 9,874
CONTACT: Litronic Inc.
Roy Luna, Chief Financial Officer, 949-851-1085
or
Hill and Knowlton
Eileen Morcos, Financial Communications, 323-966-5748