Wednesday May 19, 4:45 pm Eastern Time
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Company Press Release
SOURCE: Saf T Lok Incorporated
Saf T Lok Incorporated Reports First Quarter Results
WEST PALM BEACH, Fla., May 19 /PRNewswire/ -- Saf T Lok Incorporated (Nasdaq: LOCK - news) announced its results of operations for the three months ended March 31, 1999, as detailed in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission.
Total revenues for the quarter were $58,722 compared to $277,426 in the first quarter 1998. The Company's operating income for the quarter was $23,363 compared to $202,658 in the prior year. The Company's loss for the first quarter 1999 was ($499,728) or ($0.03) per share, compared to ($76,715), or ($0.01) per share for first quarter 1998.
Commenting on the results, Frank Brooks, Chairman of Saf T Lok, explained, ''The revenues for the first quarter of 1998 were the result of a single order, at wholesale prices, pursuant to the Company's distribution agreement with United Safety Action. In contrast, sales for the first quarter of 1999 were almost entirely from shipments to 10 law enforcement agencies in 10 different jurisdictions, reflecting the Company's increased marketing efforts to this sector.'' Citing second quarter sales and commitments from the Los Angeles, California Unified School District and the City of Hollywood, Florida, Mr. Brooks explained further that, ''We expect sales to law enforcement agencies to continue to be the dominant factor in the Company's financial results until we terminate the current distribution agreement and find a better way to address the retail market.''
Saf T Lok Incorporated is the manufacturer of the Saf T Lok® hand gun safety locks. The Company'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 gun locks attach 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.
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. |
