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LOJACK CORPORATION REPORTS FIRST QUARTER 2002 RESULTS

Westwood, MA, May 14-LoJack Corporation, (NASDAQ NMS: "LOJN") reported that for the first quarter ended March 31, 2002 revenues increased by 18% to $27,400,000, from $23,245,000 in the same period a year ago. The net income for the first quarter was $84,000 compared to net income of $239,000 for the same period a year ago.

Domestic revenues increased by 24% in the first quarter to $23,515,000, compared to $18,987,000 for the same period a year ago. International sales for the first quarter were $3,885,000, a decrease of 9% compared to sales a year ago of $4,258,000.

Additions to deferred revenue during the quarter ended March 31, 2002, relating to payments received for warranty products sold in this three-month period, totaled $1,432,000. The company receives full payment for its extended warranty programs at the time of purchase, but recognition of this revenue is spread over the life of the warranties. These payments are becoming an increasingly significant component of the company's cash flow from operations.

In announcing the results, Ronald J. Rossi, chairman, said, "We are again very pleased to achieve record domestic unit and revenue sales in the first quarter. Domestic sales of LoJack units were 25% higher than the same period a year ago, while new car sales declined by 5% compared to year ago levels. We continue to see growth in our domestic revenues resulting from our national advertising campaign and investments in people, marketing, sales, information technology, and product development.

"The decrease in international revenues was a result of accelerated purchases of inventory by several major international licensees at the end of 2001 to take advantage of year-end volume rebates. In addition, as a result of turmoil in Argentina's banking and foreign exchange environment, LoJack has extended payment terms to its licensee in Argentina for amounts not covered by export insurance and has deferred revenue recognition of approximately $376,000 on product shipments in the first quarter of 2002 until payment is received. We expect to see a return to growth in international unit sales and revenue in the coming quarters.

"We will continue our multi-media advertising campaign and other investments in accordance with our strategic business plan. We expect the next quarter to have marginally higher profits, and we should begin to see growth in profits in the second half of 2002, with a return to strong profit margins in 2003."

During the first quarter the company repurchased 667,194 shares under its stock buyback program. The company may continue to repurchase shares as they become available at price levels we believe represent a good investment opportunity. As of March 31, 2002, a total of 8,663,034 shares have been repurchased since inception of the program.

To access the webcast of the company's conference call to be held at 9:30 AM EDT, Tuesday, May 14, 2002 log onto: http://www.videonewswire.com/event.asp?id=5227. The webcast will be available for one week, until May 21, 2002.

From time to time, information provided by the company or statements made by its employees may contain "forward-looking" information, which involve risk and uncertainties. Any statements in this news release that are not statements of historical fact are forward-looking statements (including, but not limited to, statements concerning the characteristics and growth of the company's objectives and plans for the company's future operations and products and the company's expected liquidity and capital resources). Such forward-looking statements are based on a number of assumptions and involve a number of risks and uncertainties, and accordingly, actual results could differ materially. Factors that may cause such differences include, but are not limited to: the continued and future acceptance of the company's products and services; the effectiveness of the company's marketing initiatives; the rate of growth in the industries of the company's customers; the presence of competitors with greater technical, marketing, and financial resources; the company's ability to promptly and effectively respond to technological change to meet evolving customer needs; capacity and supply constraints or difficulties; and the company's ability to successfully expand its operations. For a further discussion of these and other significant factors to consider in connection with forward-looking statements concerning the company, reference is made to the company's Annual Report on Form 10-K for the transition period from March 1, 2001 to December 31, 2001.

Contact:
Joseph F. Abely, President
(781)326-4700

John Swanson
Swanson Communications, Inc.
(212) 683-4890