The 2nd qtr report has been filed. Any questions on this feel free to query me.
FOR IMMEDIATE RELEASE
Contact Greg Zoraian, Controller
(516) 467-4200
Logitek, Inc.
Reports First Half Fiscal 1999 Results
RONKONKOMA, N.Y. February 18, 1999------------LOGITEK, INC. (LGTK, OTCBB) today announced results for the First Half of Fiscal 1999 ended December 31, 1998.
For the six months ended December 31, 1998 the company reported a profit of $123,638 or $0.04 per share on sales of $2,310,854 versus a profit of $164,259 or $0.05 per share on sales of $2,310,262 for the same period of the prior year. For the quarter ended December 31, 1998 the company reported a profit of $71,491 or $0.02 on sales of $1,220,949 compared to a profit $103,821 or $0.03 per share on sales of $1,209,400 for the prior year quarter.
Mr.Fischer President and CEO stated “We have been delayed receiving certain orders accounting for the drop in sales growth for this period. Issuance of these orders have been held up awaiting completion of special designs to satisfy certain specific customer requirements. These special designs are for several important programs which we believe will result in substantial long term business that should materialize in the near future and is expected to return our backlog to appropriate levels. In other cases the designs have been completed, prototype quantities delivered successfully with follow-on orders expected shortly. While it has been our policy not to undertake special design efforts, the significance of these programs warranted the investment. The effect of this engineering effort is seen in the small drop in earnings for the period. Management expects this situation to result in lower sales levels during the third and possibly into the fourth quarter. ”
LOGITEK, INC. manufactures and markets electronic power monitors and controls and electronic power supplies for use in major electronic systems such as data processing and tele-communications equipment as well as aircraft, missiles and space vehicles. |
