IRVINE, Calif., Nov. 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 third quarter ended September 30, 2000.
Third Quarter and Year-to-Date Results
For the third quarter ended September 30, 2000, the Company reported revenues of $15.1 million versus $16.1 million in the same quarter last year. Net loss for the quarter was $1.7 million, or $0.17 per basic and diluted share, versus a net loss of $1.4 million, or $0.14 per basic and diluted share, in the same quarter last year.
For the nine months ended September 30, 2000, the Company reported revenues of $28.9 million versus $20.3 million in the same period a year ago. Net loss was $7.5 million, or $0.76 per basic and diluted share, versus a net loss of $3.9 million, or $0.63 per basic and diluted share, for the same period a year ago. Revenues and expenses for the nine months ended September 30, 2000 include the results of an entire nine months of Pulsar 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)
Three Months Ended Nine Months Ended
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Sept. 30, Sept. 30,
1999 2000 1999 2000
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Total revenues 16,128 15,111 20,285 28,883
Total costs and expenses 17,540 16,770 24,280 36,483
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Operating loss (1,412) (1,659) (3,995) (7,600)
Other expense (income),
net (33) (7) 161 (73)
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Loss before income taxes (1,379) (1,652) (4,156) (7,527)
Provision for (benefit from)
income taxes -- -- (285) 6
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Net loss $ (1,379) $ (1,652) $ (3,871) $ (7,533)
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Net loss per share
-- basic and diluted $ (0.14) $ (0.17) $ (0.63) $ (0.76)
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Shares used in per share
computations -- basic
and diluted 9,742 9,885 6,154 9,878
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