Sensar Corporation Announces First Quarter 1999 Results
PROVO, Utah, May 17 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII)
(formerly Larson-Davis Incorporated - Nasdaq symbol "LDII") announced today
that it has filed its report on Form 10-Q for the quarter ended March 31,
1999. The following financial data for the three months ended March 31, 1999
and 1998 and as of March 31, 1999 and December 31, 1998 should be read in
conjunction with the Company's reports on Form 10-Q and Form 10-K, which are
available upon request.
Statement of Operations Data For the three months ended March 31
1999 1998
(unaudited) (unaudited)
Net sales $1,579,141 $2,356,138
Cost of Sales 816,442 1,320,998
Research and development 392,161 858,779
Selling, general, and administrative 763,519 1,128,537
Unusual charges 195,000 --
Operating loss (587,981) (952,176)
Other income (expense) 2,115,446 (93,821)
Earnings (Loss) per common share 0.56 (0.68)
Weighted average common shares 2,663,262 2,504,918
Balance Sheet Data As of
March 31, 1999 December 31, 1998
(unaudited)
Cash and cash equivalents $1,841,866 $694,859
Total current assets 3,641,226 4,637,354
Total assets 4,579,584 6,489,407
Total current liabilities 1,716,711 2,270,850
Total liabilities 1,916,711 2,439,835
Total stockholders' equity 2,662,873 4,049,572
Mr. Landa, the newly appointed executive officer, stated that the net
income of $0.56 per share attributable to common shareholders was principally
the result of the sale of the acoustics division. Mr. Landa further stated
that management intends to use some of the cash reserves to invest or
participate in other companies. This strategy emulates a number of publicly
held companies who have used innovative investment strategies much like a
private venture capital company to create value for their shareholders. The
Company is actively reviewing possible transactions with a number of
companies. Management looks principally for three factors in any situation:
(1) product that can reach market; (2) management with sufficient experience
and energy; and (3) a viable exit strategy. The Company will continue to
operate its various lines of technology and believes it has more than
sufficient resources to do so.
As previously announced, a private placement of 250,000 shares of common
stock at a purchase price of $4.00 per share was completed May 3, 1999 in
order to provide the Company with some additional capital.
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