UNIQUE MOBILITY INC files 0930 qtr 10-Q. Reports $3.3 mil tot rev and $-0.09 EPS.
IFN Smart Edgar News - November 16, 1998 13:35
Excerpted from 10-Q filed on 11/16 by UNIQUE MOBILITY INC:
UNIQUE MOBILITY INC files 0930 qtr 10-Q. Reports $3.3 mil tot rev and $-0.09 EPS.
Results of Operations
Operations for the quarter ended September 30, 1998, resulted in a net loss of
$1,422,804 or $.09 per share compared to a net loss of $609,099 or $0.04 per
share for the quarter ended September 30, 1997. Operations for the six months
ended September 30, 1998, resulted in a net loss of $2,365,056 or $0.15 per
share compared to a net loss of $854,448 or $0.06 per share for the six months
ended September 30, 1997.
Operations for the quarter and six months ended September 30, 1998, were
adversely impacted by the strike against General Motors, to whom Franklin is a
Tier 2 supplier, and the relocation and setup of the Company's mechanical
products manufacturing operations. These two events occurred principally during
the second quarter.
Despite the impact of the foregoing events, product sales revenue for the
quarter ended September 30, 1998, rose over twenty four-fold to $2,941,800
compared to $118,870 for the comparable quarter last year and was 15 percent
above first quarter product sales of $2,553,447. For the six months ended
September 30, 1998, product sales revenue rose over fifteen-fold to $5,495,247
from $346,421 for the comparable period last year.
The increase in product sales is primarily due to the acquisition of Franklin
which generated revenue of $2,356,150 and $3,897,644 for the second quarter and
first half, respectively, and Aerocom which generated revenue of $529,776 and
$1,108,456 during the second quarter and first half, respectively.
Contract services revenue declined $227,765 or 34 percent to $445,994 during the
second quarter and $958,042 or 56 percent to $745,328 for the first half. The
decrease in contract services revenue is attributable to a shift in focus from
customer sponsored research programs to commercial product development
activities.
(End of Item Excerpt)
----------FINANCIAL DATA SCHEDULE--------
PERIOD-TYPE 3-MOS
FISCAL-YEAR-END MAR-31-1999
PERIOD-END SEP-30-1998
CASH 1,513,037
SECURITIES 0
RECEIVABLES 2,389,636
ALLOWANCES 0
INVENTORY 2,981,076
CURRENT-ASSETS 7,114,308
DEPRECIATION 2,810,492
TOTAL-ASSETS 25,685,680
CURRENT-LIABILITIES 4,512,548
BONDS 2,933,563
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 42,643,609
OTHER-SE (24,800,703)
TOTAL-LIABILITY-AND-EQUITY 25,685,680
SALES 2,941,800
TOTAL-REVENUES 3,387,794
CGS 3,412,846
TOTAL-COSTS 4,615,391
OTHER-EXPENSES (93,579)
LOSS-PROVISION 0
INTEREST-EXPENSE 101,628
INCOME-PRETAX (1,422,804)
INCOME-TAX 0
INCOME-CONTINUING (1,422,804)
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME (1,422,804)
EPS-PRIMARY (0.09)
EPS-DILUTED (0.09)
------------------------------------------------------------------------
DISCLAIMER:
The information provided through this news feed is excerpted from documents
filed with the Securities and Exchange Commission (SEC) and should not be
relied upon without review of the full documents filed with the SEC. In no
event will Internet Financial Network, Inc., its officers, directors,
employees, stockholders or agents, be liable to you or to any third party for
any damages, costs or expenses arising or incurred in connection with any
action taken or failure to act that is based upond the information contained
in or omitted from this news feed or the documents filed with the SEC.
ifn.com
------------------------------------------------------------------------
|
