EMRISE Announces First Quarter 2010 Financial
Results
May 17, 2010 05:41 PM Eastern Daylight Time
EATONTOWN, N.J.--(EON: Enhanced Online News)--EMRISE CORPORATION (NYSE Arca: ERI), a
multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment,
today announced its financial results for its first quarter ended March 31, 2010.
EMRISE Chairman and Chief Executive Officer Carmine T. Oliva said the focus of executive management
throughout this year’s first quarter was to work with its investment bankers to deliver on its commitment to eliminate,
through the sale of assets, the Company’s approximately $18.1 of its $18.3 million in total debt and Advance
Control Components’ (“ACC”) related deferred purchase obligations. Progress on this commitment is evidenced by
the first quarter sale of RO Associates, Inc. (“RO”) and the elimination of its continuing losses going forward. At the
same time, the Company’s unit level management concentrated on generating business and building for the future in a
difficult and slowly recovering economy.
On March 31, 2010, certain additional assets within the electronic devices segment were classified as assets held for
sale and the financial results for those additional assets are presented as discontinued and held for sale operations for
the periods reported. Additionally, as has been done in prior periods, the financial results for the Digitran division of
EMRISE’s wholly-owned subsidiary, EMRISE Electronics Corporation, and XCEL Japan, Ltd., both sold in
March 2009, and the financial results for RO, sold March 22, 2010, are also presented as discontinued and held for
sale operations for the periods reported.
“The challenges we confronted throughout last year regarding our liquidity and the complications associated with our
credit facility and the economy, continued into this year’s first quarter, Oliva added. “In the face of these challenges
and the hurdles created by them, management and staff of our prod