LoJack Corp. announced July 10 that for the first quarter ended May 31, 2001 (fiscal 2002) revenues were $24,547,000 compared to revenues of $24,486,000 for the same period a year ago.

Net income was $2,199,000 or $.14 per diluted share, compared to a loss of ($363,000), or ($.02) per diluted share, for the same period a year ago.

As previously disclosed, net income for last year's first quarter has been restated to reflect the adoption of the SEC's Staff Accounting Bulletin No. 101 ("SAB 101"), "Revenue Recognition in Financial Statements", which amounted to a one-time charge of $2,978,000, or ($.18) per diluted share, and resulted in the deferral of revenue previously recognized on international license fees. This adjustment will be recovered in future periods when the deferred international license fee revenue is recognized, according to LoJack. Revenue for last year's first quarter has been increased by $170,000 to reflect the adoption of SAB 101.

International revenues in the first quarter fiscal 2002 compared to a year ago increased $692,000, or 21 percent, while domestic revenues decreased $631,000, or 3 percent.

Domestic sales of LoJack units for the first quarter of fiscal 2002 were slightly less than the first quarter of fiscal 2001. LoJack's penetration of new vehicle sales increased marginally during the first quarter even though new vehicle registrations to consumers decreased approximately 6.5 percent in LoJack's covered markets. The decrease in domestic revenues reflects lower average revenues per LoJack unit as a result of volume variable pricing agreements.

The 21 percent growth in international revenue, reflecting a 35 percent growth in LoJack unit sales, was led by continued strong product sales to the company's South African and South American licensees. These sales were partially offset by a decrease in non-recurring revenues.

"While we are pleased with the increase of our domestic penetration in the face of the decline in new car sales, we have undertaken, as we have stated before, new initiatives in sales, marketing and new product introduction which we expect, over the next six months, will result in increased revenues," said Ronald J. Rossi, chairman of LoJack. "Our international growth rate should also continue to be strong as the year progresses."

During the first quarter of fiscal 2002 the company repurchased 144,000 shares under its stock buyback program. As of July 2, 2001, total shares repurchased since inception of the program was 7,139,000 shares.