General Kinetics' 1992 losses much higher than first reported

EARNINGS

September 17, 1993

As expected, General Kinetics Corp. of Rockville said yesterday its loss for fiscal year 1992, which ended May 31 of last year, was sharply higher than first reported.

Additionally, the maker of secure facsimile machines and other products said it lost $3.1 million, or 88 cents a share, during fiscal 1993. The company did not report specific data for the fourth quarter of fiscal 1993, which also ended in May.

The company's loss for 1992 increased to $6.2 million from $3.6 million following an audit. Company Chief Executive David Shaw last month said the audit was delayed because the company did not have the money in 1992 to pay auditors.

He said then that the loss would grow in part because not all of the receivables have been collected, meaning the firm would have to write off the bad debts.

General .. .. .. .. .. Ticker .. .. .. .. .. Yesterday's

Kinetics .. .. .. .. .. .. Symbol .. .. .. .. .. Cls. .. .. .. .. Chg.

.. .. .. .. .. .. .. .. .. ..GKI .. .. .. .. .. 2 11/16 .. .. .. unch.

Period ended

05/31/93 .. .. .. .. .. .. 12 mos. .. .. .. .. .. Year ago .. .. ..Chg.

Revenue .. .. .. .. .. .. $13,473 .. .. .. .. .. $17,299 .. .. .. 22.1%

Net Income .. .. .. .. .. $(3,083) .. .. .. .. .. $(6,222) .. .. .. N/A

Primary EPS .. .. .. .. ..($0.88) .. .. .. .. .. ..($2.94) .. .. .. N/A

Figures in thousands (except per share data.)

Year ago figures are restated 1992 year end results. Originally reported loss was $3.6 million.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.