SOURCE: Northstar Electronics, Inc.

Northstar Electronics, Inc.

April 15, 2010 14:15 ET

Northstar Electronics, Inc. (NEIK) Reports 2009 Year End Results

VANCOUVER, BC--(Marketwire - April 15, 2010) -  Northstar Electronics, Inc. (OTCBB: NEIK), specializing in advanced sonar technology for Homeland Security and Defense and Aeronautics Contract Manufacturing, announces its 2009 year end results.

For 2009, reported total revenues were US$3,913,134 compared with US$2,254,657 in 2008. The Company incurred a net loss from operations of US$998,165 or $0.03 per share compared with a net loss of US$1,740,630 or $0.06 per share in 2008. Total revenues included sales of US$3,913,134 and US$nil in recovery of Research and Development costs compared with US$2,129,994 and US$124,663 in 2008. The Company showed a 74% increase in total revenues in 2009 over 2008 due to a larger contract backlog, and a 43% decrease in loss due to several factors including a reduction in operating expenses and a stand down on research and development activities.

The Company continued work on its contract with Lockheed Martin Aeronautics for the manufacture of parts for the P3/CP140 patrol aircraft refurbishment program (ASLEP). Northstar completed work on the Project X contract with Lockheed Martin Canada to develop a specialized underwater sonar system. A new contract, from L-3 Communications (MAPPS) Inc., was awarded in March for US$2.05M for the manufacture of marine consoles for navy patrol frigates. Subsequent to the year end, the contract was increased to US$3.0M.

From an industry certification standpoint, the Company improved its status in the aeronautics business by achieving the international aerospace quality standard AS9100.

At the end of the 3rd Quarter, a Line of Credit was established to support contract production activities. Both events were associated with Northstar's 100% owned subsidiary, Northstar Network Ltd.

Dr. Wilson Russell, Northstar's CEO, stated, "We believe, that with sufficient working capital in place and with expected new contracts, the Company can achieve a further improvement in our results in 2010."

For further information contact, Northstar Electronics, Inc., www.northstarelectronics.com, #604-685-0364 and/or Rich Kaiser Investor Relations, yes@yesinternational.com, #800-631-8127 and/or Ms. Beverly Jedynak, Media Relations, Martin Janis & Co, b.jedynak-janispr@att.net, (312) 943-1000 Ext. 12.

Safe Harbor:
Included in this release are forward-looking statements within the meaning of Section 27A-Securities Act of 1993, as amended, and Section 21E-Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. The Company's actual results could differ materially from those anticipated in the forward-looking statements.

Contact Information

  • Contact:
    Rich Kaiser
    800-631-8127