PORTLAND, OR, Oct. 23 -- ThrustMaster, Inc. (NASDAQ: TMSR) today reported third quarter 1995 revenues of $5.0 million, an increase of 51% compared to $3.3 million for the same quarter last year. Net income was $475,000, an increase of 42% compared to $335,000 for the same quarter last year. This represents the Company's seventeenth consecutive profitable quarter. Earnings per share were $0.11 in the third quarter of 1995 versus $0.12 for the same quarter last year. The slight decrease in earnings per share was due to a 63% increase in the average number of shares outstanding. Shares increased as a result of the Company's successful initial public offering in February of this year.
Net sales for the nine months ended September 30, 1995 were $13.0 million, an increase of 53% compared to $8.5 million for the same period in 1994. Net income was $955,000, an increase of 52% compared to $627,000 for the nine month period of 1994. Earnings per share were $0.23 for both nine-month periods of 1995 and 1994.
"We are very pleased with the overall growth and quality of our earnings and revenue this quarter. As the Company enters the holiday season and our distribution continues to increase we are poised for an outstanding year. We introduced three new products this quarter and expect to launch another before year's end," said Stephen Aanderud, ThrustMaster's President and Chief Executive Officer. "During the third quarter, our new product offerings included Pro Play Golf and the F-16 FLCS-LE, our most recent state-of-the-art flight stick. In addition, we significantly enhanced our driving controls with the introduction of the Formula T2, a product we are now producing in China. These new offerings further enhance our existing product lines and should provide for continued growth in the fourth quarter and into 1996."
CONTACT: Kent E. Koski, VP Finance and CFO, ThrustMaster, 503-639-3200; or Heidi Flannery, Investor Relations Consultant, Fi.Comm, 503-221-7403/ (TMSR)