SOURCE: Northstar Electronics, Inc.

Northstar Electronics, Inc.

August 20, 2010 09:30 ET

Northstar Electronics, Inc. (NEIK) Announces Its 2010 Second Quarter Results

VANCOUVER, BC--(Marketwire - August 20, 2010) -  Northstar Electronics, Inc. (OTCBB: NEIK), specializing in engineering, systems integration and contract manufacturing for Aeronautics, Defense and Homeland Security, announces its 2010 Second quarter results.

The three month sales revenue for the period ended June 30, 2010 was $953,099 compared to $879,565 revenue recorded during the same three month period in 2009. Sales revenue for the six month period ended June 30, 2010 was $2,239,071 compared to $1,382,396 in the prior period. The net loss for the three month period ended June 30, 2010 was $(179,625) compared to a net loss of $(300,905) for the three months ended June 30, 2009. The reduction in the loss resulted from a small increase in gross margins and further streamlining of operational expenditures during this period.

During the quarter, NEIK increased its parts manufacturing on both the Lockheed Martin P3 and the L3 Communication MAPPS contracts. The Company's wholly owned subsidiary, Northstar Network, Ltd., continued work on the Master Purchase Order for the Wing Assembly Upgrade Components for aircraft from Lockheed Martin Aeronautics. The Company was in full development for the manufacture/assembly of the new prototype Machine Control Console for L3 Communication MAPPS Ltd. for the Canadian Navy Frigate Upgrade program.

Dr. Wilson Russell, Northstar's CEO, added, "We continue to expend considerable efforts to secure additional contracts for the manufacture and assembly of military/government systems, submarine command and control consoles, multi-mode fiber optic cables, precision machined parts and other components for aerospace and defense systems. We maintain austere cost controls and anticipate further revenue increases over the ensuing quarters of 2010."

For information contact Rich Kaiser, Investor Relations, YES INTERNATIONAL, yes@yesinternational.com, #800-631-8127 and/or Beverly Jedynak, Martin Janis & Co, Inc., b.jedynak-janispr@att.net, (312) 943-1000 Ext. 12.

About Northstar Electronics, Inc.
Northstar Electronics Inc., through its subsidiaries, Northstar Network Ltd. and Northstar Technical Inc., provides engineering, systems integration, prototyping and contract production services to the aeronautics, defense and Homeland Security industries. www.northstarelectronics.com

Safe Harbor:
Included in release are forward-looking statements within the meaning of Section 27A-1933 Securities Act as amended and Section 21E-1934 Securities Exchange Act as amended. The Company believes such expectations reflected in statements are reasonable; it can give no assurance that statements will prove correct.

Contact Information

  • Contact:
    Rich Kaiser
    800-631-8127