LoJack Corporation has announced that for the third quarter ended Nov. 30, 2000 (fiscal 2001) revenues were $24,352,000, an increase of 10 percent over revenues of $22,168,000 for the same period a year ago.

Net income was $1,753,000, or $.11 per diluted share, compared to $2,505,000, or $.15 per diluted share, for the same period a year ago.

Revenues for the nine months ended Nov. 30, 2000 were $74,984,000, a 9 percent increase over revenues of $68,754,000 for the same period a year ago. Net income was $7,425,000, or $.44 per diluted share, for the first nine months of fiscal 2001, compared to $7,271,000, or $.41 per diluted share, for the first nine months of fiscal 2000.

The increase in revenues in the third quarter of fiscal 2001 of $2,183,000 included a 1 percent increase in domestic revenue over the same period a year ago and a 78 percent increase in international revenue. For the nine months ended Nov. 30, 2000, domestic revenues increased by $1,981,000, or 3 percent, over the same period a year ago, and international revenue increased $4,249,000, or 57 percent.

"Domestic revenue in the third quarter was impacted by the sudden, unanticipated decline in U.S. car sales during the period," said Joseph F. Abely, president. "International revenue growth of 78 percent during the quarter, compared to a year earlier, was driven by a growing base of recurring sales of product to international licensees, particularly in South Africa and South America. We expect that our international business will continue to show strong growth in revenues during the fourth quarter of fiscal 2001.

"In addition to the downturn in new car sales, earnings were impacted by our continued investment in new markets, new product development, customer service and advertising; all critical elements in maintaining our strong franchise and market position," Abely said.

"As part of our ongoing strategy to buy back shares under our stock repurchase program, the Board of Directors has recently authorized an increase of 2,000,000 shares that the company may repurchase, based on price levels that provide a sound investment opportunity for the company."

"Over the next 12 months we will continue with our domestic and international expansion, as well as providing value added upgrades to existing products and introducing new product technologies," said incoming CEO Ronald Rossi. "Our confidence in our long-term growth strategy is reflected by the company's aggressive share buyback program."

For more information, visit http://www.lojack.com.