LRAD® Corporation Announces $11.0 Million US Army Program of Record Order
August 23 2018 - 9:00AM
LRAD Corporation (NASDAQ: LRAD), a global leader in long range
voice broadcast systems, advanced mass notification and distributed
recipient solutions, today announced an $11.0 million LRAD 500X
systems and accessories order for the U.S. Army
(“Army”). The combat proven acoustic hailing devices (“AHDs”) will
be deployed with active duty, reserve and National Guard units for
a variety of missions, including transportation security and
military law enforcement.
“This is our largest domestic order to date,
surpassing last year’s $6.0 million Army order,” noted Richard S.
Danforth, Chief Executive Officer of LRAD Corporation. “This order
is part of a larger AHD requirement and demonstrates the Army’s
continuing commitment to supplying our soldiers with the best
equipment and capabilities. Following delivery of this order, LRAD
will have shipped more than 1,500 AHDs to the Army, which includes
nearly 700 LRAD 500X systems under the current multi-year
program.”
Rugged, compact and lightweight, the LRAD 500X
is the Army’s AHD of choice due to its extended frequency range
that ensures voice broadcasts and deterrent tones are clearly heard
in any environment. The LRAD 500X easily mounts and transports to
provide defense forces with unparalleled long-range communication
and scalable, non-kinetic escalation of force.
“We achieved record annual bookings of $28.4
million in fiscal 2017,” Danforth continued. “With this
order, we have surpassed last fiscal year's record and we expect
further bookings before the end of fiscal 2018.”
We include in this press release the Non-GAAP
operational metric of bookings, which we believe provides helpful
information to investors with respect to evaluating the Company’s
performance. We consider bookings a leading indicator of future
revenues and use this metric to support production planning.
Bookings is an internal, operational metric that measures the total
dollar value of customer purchase orders executed in a period,
regardless of the timing of the related revenue recognition.
About LRAD Corporation
The Company's proprietary Long Range Acoustic
Devices®, advanced ONE VOICE® mass notification systems, and
innovative Genasys™ mass messaging solutions are designed to enable
users to safely hail and warn, inform and direct, prevent
misunderstandings, determine intent, establish large safety zones,
resolve uncertain situations, and save lives.
LRAD systems are in service in 72 countries
around the world in diverse applications including mass
notification, defense, law enforcement and public safety, homeland
and border security, critical infrastructure protection, fire
rescue and emergency management, maritime and port security, and
wildlife control and preservation. For more information, please
visit LRAD.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,
2017. LRAD Corporation disclaims any intent or obligation to update
those forward-looking statements, except as otherwise specifically
stated.
Company Contact
E. Brian Harvey
Director, Investor Relations and Capital Markets
858.753.8974
ebharvey@lrad.com
LRAD (NASDAQ:LRAD)
Historical Stock Chart
From Mar 2024 to Apr 2024
LRAD (NASDAQ:LRAD)
Historical Stock Chart
From Apr 2023 to Apr 2024