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Northstar Electronics Announces Its Second Quarter Results

Dépèche transmise le 23 août 2011 par Business Wire

VANCOUVER, British Columbia--(BUSINESS WIRE)--Northstar Electronics, Inc. (OTCBB:NEIK), specializing in engineering and contract manufacturing for Aeronautics, Defense and Homeland Security announces its 2011 first quarter results.

For the quarter ended June 30, 2011, the Company reported total revenues of USD$143,771 compared with USD$945,977 for the comparative quarter in 2010. A net loss of USD$471,426 or $0.01 per share was incurred compared to a net loss of USD$179,625 or $0.01 per share for the same period of 2010. The decrease in revenues was partially due to delays encountered with the release of new contract sales orders for the Lockheed Martin P-3 Mid Life Upgrade program. The orders were received subsequent to the quarter. Adding to the loss was a delay in certain contract increases for the L3 Frigate Console upgrade program, which were received subsequent to the quarter.

Dr Wilson Russell, Northstar’s CEO, said, “An overall contributing factor to the decline of revenues was insufficient working capital to support production. We believe our working capital position will improve with expected equity investments in the current and following quarters, which we expect will lead to significant increases in revenues in the third and fourth quarters, along with improved margins.”

About Northstar:

Northstar Electronics, Inc., through its subsidiary, Northstar Network Ltd. (NNL), provides specialized design engineering, systems integration, prototyping and production services primarily to defense, aerospace and Homeland Security prime contractors. In particular, NNL designs and builds high performance sonar systems for customers and, together with its affiliated companies, carries out precision machining, sheet metal fabrication and electronic contract manufacturing.
Web: www.northstarelectronics.com

Safe Harbor Statement: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. Although the Company believes that such expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove correct. The Company’s actual results could differ materially from those anticipated in the forward-looking statements.