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EMRISE Announces 2013 Second Quarter And Six-Month Results

Stocks in this article: EMRI

DURHAM, N.C., Aug. 14, 2013 (GLOBE NEWSWIRE) -- EMRISE CORPORATION (OTCQB:EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced financial results for its second quarter and first six months ended June 30, 2013.

Chairman and CEO Carmine T. Oliva said, "Even though net sales for the second quarter and first six months of this year were down year over year, we continued our focus on the Company's turnaround. During the quarter, we achieved a substantial increase in operating profits and EBITDA compared to the same periods in 2012, significantly increased gross margins, reduced operating costs, and ended the quarter with a solid backlog."

Overall net sales in this year's second quarter were $8.1 million compared to $8.6 million in the second quarter of last year and $7.7 million in this year's first quarter. For the first six months of 2013, overall net sales were $15.8 million compared to $16.1 million in the prior year's first six months.

"The year-over-year reductions in net sales for the 2013 second quarter and first six months were principally due to a second quarter decline in sales in our Electronic Devices segment, which was partially offset by an increase in our Communications Equipment segment," Oliva added. "We are, however, disappointed we were not able to offset the project timing issues that impacted sales in our Electronic Devices segment."

Income from operations in the 2013 second quarter was $75,000, an improvement of nearly $250,000 from last year's second quarter loss from operations of $174,000, and an improvement of more than $440,000 from the loss from operations of $368,000 in the 2013 first quarter. Loss from operations in the first six months of 2013 was $293,000, an improvement of $473,000 from loss from operations of $766,000 in the first six months of 2012.

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