Northstar Electronics, Inc. (OTCBB:NEIK), specializing in advanced sonar technologies for Homeland Security and defense, has announced its 2006 third quarter results.

Revenues for the three months ended September 30, 2006 were US$413,132 compared to US$221,543 in the same period last year. Revenue consists of product and contract sales and government assistance. The Company incurred a net loss from operations for the quarter of US$161,514, or US $0.01 per share compared to a net loss of US$395,036 or US $0.02 per share for the same period of 2005.

Revenues for the nine months ended September 30, 2006 were US$1,399,390 compared to revenues of US$882,109 for the same period a year earlier. The Company incurred a net loss from operations for the nine month period of US$501,264 or $0.03 per share compared to a net loss of US$848,110 or $0.05 per share recorded for the same period of 2005.

In the quarter, the Company continued work on a contract from Lockheed Martin awarded in 2005. Under this contract, Northstar is performing a technology update on command and control consoles for navy submarines.

The Company continued work on an advanced digital receiver for its wireless underwater products and on a sonar system for scientific and governmental fisheries research.

Northstar’s CEO, Dr. Wilson Russell, commenting on the results, said “We have taken measures to reduce salary and overhead expenses. These measures along with increased revenues have helped reduce the loss in the quarter to approximately 40% of the loss in the third quarter of 2005.

During the quarter, we made good progress in our efforts to secure new contracts in defense and Homeland Security and anticipate concrete results shortly in several areas.”

Image: Boat launch

Last Updated ( Thursday, 16 November 2006 )