STANTON, CALIFORNIA, Nov. 14, 2019 (GLOBE NEWSWIRE) — Aura systems Inc. (OTCBB: AUSI) today announced financial results for its fiscal 2020 second quarter ended August 31, 2019.
“For the first time in more than 10 years, Aura has realized an operational profit” explained the Company’s CFO, David Mann. Aura has reported positive net operating revenue of approximately $350,000 in the quarter ending August 31, 2019. This represents an improvement of more than eighteen thousand percent (18,000%) over net operating revenue reported during the same quarter in 2018. Similarly, Aura has reported positive net operating income in the amount of approximately $73,000 for the recent quarter ending August 31, 2019; in the same quarter in 2018 the Company reported an operating loss of more than one million one hundred thousand ($1,100,000). “There is still much work to be done but for the first time in more than a decade, shareholders experienced no additional loss per share” during the recent quarter ending August 31, 2019 explained Aura’s President Cipora Lavut.
Ms. Lavut and Mr. Mann were appointed as President and CFO, respectively, in July 2019 by the Board of Directors of the Company following shareholders removal of Ronald Buschur, Si Ryong Yu and William Anderson from Aura’s Board of directors. Aura’s previous CEO and CFO. Melvin Gagerman was terminated by the Board of Directors in July 2019.
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Cipora Lavut, Board Chair and President