LRAD(R) Corporation Reports Fiscal First Quarter 2014 Financial Results
February 04 2014 - 4:01PM
LRAD Corporation (Nasdaq:LRAD), the world's
leading provider of long range acoustic hailing devices (AHDs),
today reported financial results for the fiscal first quarter ended
December 31, 2013.
Fiscal First Quarter 2014 Financial
Highlights
-- Revenue: Fiscal first quarter 2014 revenue
grew by $843,000 or 28% to $3.8 million, compared to $3.0 million
of revenue generated in the fiscal first quarter of 2013.
- Revenue grew 28% despite the delay of a $1.3 million order from
a national police force in Southeast Asia, due to a component
supply issue. The delayed order is now scheduled to ship during the
fiscal second quarter.
-- Net Income: Net Income of $132,000, or $0.00
per share, increased by $232,000 from a loss of $100,000, or $0.00
per share, reported during the fiscal first quarter of 2013.
- Operating expenses increased by $224,000 or 14%, primarily due
to an increase in the business development team to allow for
expanded selling efforts, particularly in the mass notification
market.
-- Balance Sheet: Cash totaled $18.1 million at
December 31, 2013, an increase of $2.3 million from the $15.8
million reported at September 30, 2013. Working Capital increased
to $24.0 million from $23.7 million over the same period.
"We were extremely pleased to start fiscal 2014 with 28% revenue
growth," commented Tom Brown, President and CEO of LRAD
Corporation. "Orders from domestic and international oil platforms
and vessels combined with international public safety orders to
drive strong sales during the quarter. We continue to see strong
growth for our products in international markets which has offset
the continued domestic defense budget reductions. As a result, we
are focusing additional resources in these markets."
Select Operating and Business Highlights
- Launched the LRAD 360Xm, a highly intelligible, compact,
omni-directional product designed for shorter distances and defined
spaces, meeting customer demand for a smaller version of the 360X
in the mass notification and emergency warning system markets.
- Continued to see successes in International markets with 66% of
revenues coming from outside the U.S. during the fiscal first
quarter of 2014.
- Received a $4.0 million order for our LRAD-2000X in January
2014 for perimeter/border security; our first significant order for
this new product.
"Our products continue to gain acceptance throughout the world
across a growing number of markets, particularly public safety, oil
and gas, bird mitigation, perimeter/border security and mass
notification. We are pursuing a number of opportunities in the mass
notification market, which will take some time to develop, but we
are well positioned with the right product offering. We are
anticipating strong growth in this product line over the next 12-18
months. Fiscal 2014 is off to a good start. Demand for our product
is increasing and we anticipate continued growth this year in spite
of global economic weakness and reduced domestic defense spending,"
concluded Mr. Brown.
Webcast and Conference Call Details
Management will host a conference call to discuss fiscal first
quarter 2014 financial results this afternoon at 4:30 p.m. ET. The
conference call can be accessed by dialing toll-free at
888-567-1602, or toll/international at 862-255-5346. A webcast will
also be available at the following link:
http://www.visualwebcaster.com/event.asp?id=97826. A replay of the
call will be available two hours after the airing of the call, and
available for 90 days at the aforementioned webcast link. Questions
to management may be submitted during the call by emailing them to:
investor@lradx.com.
About LRAD Corporation
LRAD Corporation is using long range communication to peacefully
resolve uncertain situations and save lives on both sides of its
proprietary Long Range Acoustic Device®. LRAD® systems are in
service in more than 65 countries around the world in diverse
applications including fixed and mobile military deployments,
maritime security, critical infrastructure and perimeter security,
commercial security, border and port security, law enforcement and
emergency responder communications, emergency warning and mass
notification, asset protection and wildlife preservation and
control. For more information about the Company and its LRAD
systems, please visit www.lradx.com.
Forward-looking Statements
Except for historical information contained herein, the matters
discussed are forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934. You should not
place undue reliance on these statements. We base these statements
on particular assumptions that we have made in light of our
industry experience, the stage of product and market development as
well as our perception of historical trends, current market
conditions, current economic data, expected future developments and
other factors that we believe are appropriate under the
circumstances. These statements involve risks and uncertainties
that could cause actual results to differ materially from those
suggested in the forward-looking statements. These risks and
uncertainties are identified and discussed in our filings with the
Securities and Exchange Commission. These forward-looking
statements are based on information and management's expectations
as of the date hereof. Future results may differ materially from
our current expectations. For more information regarding other
potential risks and uncertainties, see the "Risk Factors" section
of the Company's Form 10-K for the fiscal year ended September 30,
2013. LRAD Corporation disclaims any intent or obligation to update
those forward-looking statements, except as otherwise specifically
stated.
|
LRAD Corporation and
Subsidiary |
Consolidated Balance
Sheets |
(000's
omitted) |
|
|
|
December 31, |
|
|
2013 |
September 30, |
|
(Unaudited) |
2013 |
|
|
|
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 18,086 |
$ 15,805 |
Accounts receivable, net |
1,901 |
4,958 |
Inventories, net |
5,345 |
4,588 |
Prepaid expenses and other |
513 |
1,004 |
Total current assets |
25,845 |
26,355 |
Property and equipment,
net |
328 |
237 |
Intangible assets, net |
50 |
52 |
Prepaid expenses and other -
noncurrent |
868 |
915 |
Total assets |
$ 27,091 |
$ 27,559 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 569 |
$ 1,597 |
Accrued liabilities |
1,239 |
1,055 |
Total current
liabilities |
1,808 |
2,652 |
Other liabilities -
noncurrent |
147 |
146 |
Total liabilities |
1,955 |
2,798 |
Total stockholders'
equity |
25,136 |
24,761 |
Total liabilities and stockholders'
equity |
$ 27,091 |
$ 27,559 |
|
|
LRAD Corporation and
Subsidiary |
Consolidated Statements
of Operations |
(000's omitted except
share and per share amounts) |
(Unaudited) |
|
|
Three months
ended |
|
December
31, |
|
2013 |
2012 |
|
|
|
Revenues |
$ 3,823 |
$ 2,980 |
Cost of revenues |
1,878 |
1,494 |
Gross profit |
1,945 |
1,486 |
|
|
|
Operating expenses: |
|
|
Selling, general and administrative |
1,424 |
1,172 |
Research and development |
394 |
422 |
Total operating expenses |
1,818 |
1,594 |
|
|
|
Income from operations |
127 |
(108) |
Other income |
5 |
8 |
Income from operations before income
taxes |
132 |
(100) |
Income tax expense (benefit) |
-- |
-- |
Net income |
$ 132 |
$ (100) |
|
|
|
Net income per common
share: |
|
|
Basic |
$ 0.00 |
$ 0.00 |
Diluted |
$ 0.00 |
$ 0.00 |
Weighted average common shares
outstanding: |
|
|
Basic |
33,028,646 |
32,399,199 |
Diluted |
33,473,582 |
32,399,199 |
CONTACT: Company Contact
E. Brian Harvey
Director, Investor Relations and Capital Markets
858.753.8974
ebharvey@lradx.com
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