SOURCE: Northstar Electronics, Inc.

Northstar Electronics, Inc.

May 17, 2010 09:15 ET

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

VANCOUVER, BC--(Marketwire - May 17, 2010) - Northstar Electronics, Inc. (OTCBB: NEIK), specializing in engineering and contract manufacturing for Aeronautics, Defense and Homeland Security announces its 2010 first quarter results.

For the quarter ended March 31, 2010, the Company reported total revenues of USD$1,277,583 compared with USD$488,034 for the comparative quarter in 2009. This represents a 262% increase which is the largest quarterly revenue performance posted by the Company to date. A net loss of USD$124,270 or $0.00 per share was incurred compared to a net loss of USD$212,938 or $0.01 per share for the same period of 2009 (a 42% reduction). The loss reduction was mainly attributed to comparative expenses being approximately maintained while revenues increased. Revenues are expected to rise commensurate with the increased production work.

During the quarter, the Company continued work on parts manufacturing for refurbishment of the outer Wing Box on the P3 marine surveillance aircraft for Lockheed Martin Aeronautics. The first full Control Console shipset for the Canadian Frigate upgrade program was delivered to L-3 Communications MAPPS. Expansions to the P3 contract, and separately, fuselage component work, is anticipated following reviews during this operating quarter. As well, an increase in frigate console components is also anticipated during the quarter. 

Dr. Wilson Russell, Northstar's CEO, added, "We are realizing the benefits of streamlined production, delivering high quality components for our contracts with large prime contractors. We will continue to gear up for what we believe is an intensive period as the Company firmly establishes itself in the contract manufacturing field with Lockheed Martin, L-3, and other major defense and aerospace companies."

For information contact Rich Kaiser, Investor Relations, YES INTERNATIONAL, yes@yesinternational.com, #800-631-8127 and/or Beverly Jedynak, Media Relations, 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, prototyping and contract production services to the aeronautics, defense and Homeland Security industries. www.northstarelectronics.com

Safe Harbor:
Included in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. Although 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