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Aura Systems' Loss More Than Doubles

June 16, 1998|Bloomberg News

Aura Systems Inc.'s fiscal fourth-quarter loss more than doubled to $13.1 million, or 17 cents a share, as the maker of audio speakers and computer accessories settled lawsuits and recorded a $3.1-million reserve against technology license fees due from an Indian company. The El Segundo-based company lost $4.9 million, or 7 cents, a year ago. In the quarter ended Feb. 28, net sales fell to $27.9 million from $29.6 million. For the year, Aura's loss quadrupled to $11.6 million, or 15 cents a share from $2.9 million, or 4 cents. Net sales increased to $136.7 million from $110 million. Aura reported its fiscal 1998 earnings 15 days after requesting a 15-day extension from the Securities and Exchange Commission for filing of its 10-K annual report. The report, which was due at the end of last month, hasn't been filed yet. Aura's stock fell 19 cents to close at $2.19 on Nasdaq.

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