Saf T Lok Incorporated Announces Year-End Results
WEST PALM BEACH, Fla., April 16 /PRNewswire/ -- Saf T Lok Incorporated (Nasdaq:
LOCK - news) today announced its results of operations for its fiscal year ended December
31, 1998 as detailed in its Annual Report on Form 10-KSB filed with the Securities and Exchange Commission.
Total revenues for the year increased to $1,652,469 from $40,594 reported for the year ended December 31, 1997. The
Company's operating income for 1998 increased to $223,578, compared to $15,926 for 1997.
The Company's loss for fiscal year 1998 was $(6,066,394) or $0.48 per share, compared to $(5,264,606), or $0.76 per
share for fiscal year 1997. Per share results are based on a weighted average of 12,619,241 shares outstanding during 1998
and a weighted average of 6,920,820 shares outstanding during 1997. Diluted EPS is not presented as the effects would be
anti-dilutive.
Commenting on the results, Frank Brooks, Saf T Lok's Chairman, stated, ''Although we are facing a number of significant
challenges, we are optimistic that the combination of the publicity and endorsements that the Company and our product has
received, along with the national focus on handgun safety and recent significant sales to law enforcement agencies, will permit
the Company, either through financing or increased revenues through operations, to meet its current challenges.''
Saf T Lok Incorporated is the manufacturer of the Saf T Lok® child safety locks for handguns. Saf T Lok's patented
combination gun locks for revolvers and semi-automatic handguns become an integral part of the firearm so there is nothing to
remove, no keys or rings to find and no batteries to fail. The ''touch-sensitive'' combination allows for operation of the lock -
even in the dark. Unlike trigger locks, which require guns to be unloaded, the Saf T Lok attaches to the grip or magazine of a
handgun and blocks the weapon internally so it cannot be fired, even if it is loaded and the trigger pulled. Only someone who
knows the combination can use the gun or remove the lock.
In addition to endorsements and recommendations from prominent organizations described in the Company's 10-KSB, Saf T
Lok's gun locks are listed as one of the Best Buy's of '99 in the May 1999 issue of Guns & Ammo, the worlds leading sporting
firearms magazine for 40 years.
Except for historical information, this press release contains forward- looking statements concerning, among other things, future
plans and operating results. Such statements are based on the Company's current plans and expectations. Actual results could
differ materially based upon a number of factors, including but not limited to increased competition, dependence upon key
personnel, market acceptance of the Company's products and other factors described in the Company's periodic reports filed
with the Securities and Exchange Commission.
Saf T Lok Incorporated
Consolidated Statements of Operations
(Audited)
Years ended December 31, 1998 1997
Sales $1,652,469 $40,594
Cost of Sales 1,428,891 24,668
Gross Profit 223,578 15,926
Selling, general and administrative 3,536,833 2,276,018
expenses
Stock and options issued for
compensation and commissions 2,596,769 2,840,830
Depreciation 300,554 233,989
Other income 144,184 70,305
NET LOSS $(6,066,394) $(5,264,606)
LOSS PER COMMON SHARE $(.48) $(.76)
Weighted average number of
common shares outstanding 12,619,241 6,920,820
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