Northstar Electronics, Inc., specializing in engineering and contract manufacturing for Aeronautics, Defense, and Homeland Security, announced their 2010 third quarter results.
Sales revenue for the three-month period ended September 30, 2010 was $528,520. This is in comparison to $875,049 of sales revenue recorded during the same three-month period in 2009. Sales revenue for the nine-month period ended September 30, 2010 was $2,767,591. This is in comparison to $2,257,445 in the same prior year period.
The net loss for the three-month period ended September 30, 2010 was $366,859, compared to a net loss of $288,009 for the three months ended September 30, 2009. The increase in the loss resulted from a temporary shortage of working capital during the period. This created delays in production. Subsequent to the quarter, Northstar Electronics, Inc. secured the first of several financings in support of their production workload. Therefore, normal production levels are now being exceeded.
During the quarter, their wholly owned subsidiary, Northstar Network Ltd., received a $9.1 million increase to their Master Purchase Order contract with Lockheed Martin Aeronautics for parts manufacturing on the P3 Orion aircraft Life Extension Program. The Company now has more than $12.5 million in signed contracts. Their near-term opportunities pipeline exceeds $22.5 million.
Dr. Wilson Russell, Northstar Electronics, Inc.’s CEO, added, “The Company has taken solid steps to ensure sufficient funding and staffing, and added supplier support will be in place to take on the many prospective projects being pursued at this time.”
Headquartered in Vancouver, British Columbia, Northstar Electronics Inc., via their subsidiaries, Northstar Network Ltd. and Northstar Technical Inc., provides engineering, prototyping, and contract production services to the aeronautics, defense, and Homeland Security industries. The Company has proven world-class expertise in advanced sonar technology. This benefits the Company’s prospects in many industries. The three main categories are Advanced Sonar Technology, Electronic Contract Manufacturing, and Systems Integration.
Northstar designs and manufactures sonar detection systems for the Homeland Security and military defense industries. These systems detect and track combat divers to protect aircraft carriers, ships, harbors, and ports.
Northstar has manufactured submarine control consoles for Lockheed Martin Naval Electronics in Virginia for a number of years. The Company recently signed a Manufacturing License Agreement (MLA) with Lockheed Martin that enables the Company to produce submarine control consoles for Lockheed Martin’s international clientele.
For Systems Integration, Northstar Network carries out multifaceted contracts. These require several subcontractors to perform specialized tasks. Northstar brings the various components together into a complete system.
For more information visit: www.northstarelectronics.com
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