Lowrance announces increased sales, income for


Mar 11, 2001
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February 26, 2004

Lowrance Second Quarter Net Income Jumps 162% to $1,623,000 vs $620,000; Sales Increase 14%; Backlog Increases to $15,796,000 vs $13,590,000

TULSA, Okla.--(BUSINESS WIRE)--Feb. 26, 2004--Lowrance Electronics, Inc. (Nasdaq:LEIX) announced today that net income for the second quarter ended January 31, 2004 increased 162% to $1,623,000, or $0.41 per diluted share, compared to $620,000, or $0.16 per diluted share in the second quarter of fiscal 2003. Sales increased 14% to $24,468,000 compared to $21,514,000 in the same period last year. January 31, 2004 backlog increased to $15,796,000 compared to backlog of $13,590,000 at January 31, 2003.

For the six months ended January 31, 2004, Lowrance net profits increased $878,000, to $66,000, or $0.02 per diluted share. This $66,000, or $0.02 per diluted share, profit compares to a loss of $(812,000), or $(0.22) per share, for the first half of fiscal 2003. Sales increased 18% to $38,504,000 compared to $32,669,000 in the first six months of fiscal 2003.

"Our improving sales, coupled with the continual and rapid introduction of new, higher margin products, have led to a significant increase in the Company's profitability. Second quarter gross margin increased 30% and, as a percent of sales, improved to 41% compared to 36% of sales in the same quarter last year. With total operating expenses, as a percent of sales, nearly unchanged from last year's second quarter, operating income more than doubled on a 14% sales gain," said Darrell Lowrance, President and CEO.

Lowrance noted that second quarter results benefited from higher sales gains of premium price point product offerings and new aviation products. "Our expanded new product line-up and increased backlog have contributed to an excellent start for our third quarter, which is our seasonally strongest selling period," he said.

About Lowrance Electronics

Lowrance Electronics, Inc. http://www.Lowrance.com designs and manufactures SONAR and GPS products, digital mapping systems and other accessories under the brand names "Lowrance," and "Eagle" Electronics. These products are primarily used for boating, fishing, hunting, and other outdoor activities as well as in general aviation and automotive navigation applications.

This press release may include certain statements concerning expectations for the future that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the Company's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

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