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Northstar Electronics Announces Revenue Growth of 272% Year to Date and Profitability On the Year
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Monday November 13, 8:46 am Eastern Time
Press Release
Northstar Electronics Announces Revenue Growth of 272% Year to Date and Profitability On the Year
VANCOUVER, Canada--(BUSINESS WIRE)--Nov. 13, 2000--Northstar Electronics Inc. (OTCBB:NEIK - news), an underwater wireless communications and electronic contract manufacturing company, today announced its results from operations for the three and nine month periods ended Sept. 30, 2000.
Revenues for the three months ended Sept. 30, 2000, were $273,024, an increase of 98.5%, as compared with revenues of $137,521 for the same period a year ago. The company achieved net income for the quarter of $26,690, or $0.004 per share, compared with a net loss of $21,940, or $0.003 per share, recorded for the prior year period.
Revenues for the nine months ended Sept. 30, 2000, were $1,164,702, an increase of 272.5%, as compared with revenues of $312,701, for the same period a year ago. The company achieved net income for the nine months of $13,946, or $0.002 per share, compared with a net loss of $287,274, or $0.043 per share, recorded for the prior year period.
Revenue growth for the three and nine-month periods increased due to an increase in sales of Northstar's NETMIND systems and activities associated with a contract Northstar has with Lockheed Martin for the production of submarine control consoles.
Commenting on the results, Wilson Russell, president and CEO of Northstar Electronics, stated, ``We are thrilled to report the company's second consecutive quarter of profitability and profitability through the first nine months of our fiscal year.
``These strong results are unprecedented in the history of the company and are indicative of the demand for our leading-edge technologies and production capabilities. We will continue to aggressively pursue profitable contracts in the defense, aerospace and offshore oil and gas industries to build on our positive momentum.''
About Northstar Electronics Inc.
Northstar Electronics Inc. is the parent company of both Northstar Network Ltd., a defense and aerospace contractor specializing in advanced electronics manufacturing, fiber optics, microelectronics design, software development and systems integration, and NORTHSTAR TECHNICAL INC., a developer of wireless communication systems for underwater applications and a manufacturer of submarine control consoles under contract to Lockheed Martin.
For more information, visit: http//www.northstarelectronics.com.
Except for historical financial information that may be contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including, but not limited to, such factors as market demand, pricing, and changes in worldwide economic conditions.
NORTHSTAR ELECTRONICS INC.
Statements of Operations
Three months ended Nine months ended
September 30, September 30,
2000 1999 2000 1999
Total Revenue $ 273,024 $ 137,521 $1,164,702 $ 312,701
Cost of Goods Sold 126,403 47,493 728,587 135,738
Gross Profit $ 146,621 $ 90,028 $ 436,115 $ 176,963
Operating Expenses $ 117,669 $ 114,026 $ 423,183 $ 470,478
Other Income (Expense) $ (2,262) $ 2,058 $ 1,014 $ 6,241
Net Income (Loss) $ 26,690 $ (21,940) $ 13,946 $ (287,274)
Net Income (Loss)
per Basic and
Diluted Share $ 0.004 $ (0.003) $ 0.002 $ (0.043)
--------------------------------------------------------------------------------
Contact:
For Northstar Electronics Inc.
North America: Magnum Financial Group LLC, Los Angeles
Kari Rundquist, 213/488-0443
kari@magnumfinancial.com
or
North America: YES International, Virginia Beach, Va.
Rich Kaiser, 800/631-8127
rich@yesinternational.com
or
Europe: The Quantum Group, Tel Aviv, Israel
David Harell, 011-972-9957-6548
davehar.el@usa.net |
