Ballistic Recovery Systems Releases Second Quarter 2005 Results
May 25 2005 - 10:00AM
PR Newswire (US)
Ballistic Recovery Systems Releases Second Quarter 2005 Results
Company Also Announces That Letter of Intent With Free Flight
Enterprises Is Cancelled SOUTH ST. PAUL, Minn., May 25
/PRNewswire-FirstCall/ -- Ballistic Recovery Systems, Inc.
(OTC:BRSI) (BULLETIN BOARD: BRSI) ( http://brsparachutes.com/ )
reported today a total of $2,115,148 in sales for the second
quarter of fiscal year 2005 ending March 31. This total represents
an increase of $631,670 or 42.6% over the $1,483,478 figure
reported for same period in fiscal year 2004. Fiscal year 2005
second-quarter and year-to-date revenue growth primarily reflects a
combination of an increase in the number of after market General
Aviation sales, Cirrus Design production increases and stronger
overall sales in the sport product line. Ballistic Recovery Systems
Chief Executive Officer and President Larry E. Williams said: "We
are pleased with our ongoing efforts to extend our product
applications and generate solid and consistent revenue growth. At
the same time, we are deriving benefits from our increase in
research and development spending as well as ongoing improved
operating efficiencies." Ballistic Recovery Systems is a South St.
Paul, Minnesota based manufacturer of parachute recovery systems
for general aviation and recreational aircraft. Over the company's
25 year history, BRS has sold nearly 20,000 of its whole-plane
parachute systems; and these have been documented to have saved
over 177 lives. BRS also announced today the cancellation of an
April 4, 2005 Letter of Intent between BRS and Free Flight
Enterprises of Lake Elsinore, Calif. The transaction was subject to
completion of diligence by BRS and the negotiation and execution of
a definite agreement. According to Williams both parties could not
satisfactorily agree to final conditions to close a deal: "It's
disappointing we were unable to carry out the acquisition of Free
Flight, but as part of our overall growth strategy, BRS will
continue to look toward other acquisition candidates." The
forward-looking matters discussed here should be considered subject
to risks and uncertainties, including market fluctuations, pricing,
procurement, manufacturing efficiencies, and other risks that could
cause the actual results to differ materially from those projected.
For more information, review the company's filings with the
Securities and Exchange Commission, particularly the Company's
annual report on Form 10-KSB. For more information on BRS contact:
Larry E Williams; BRS CEO & President: Fleming Field, 300
Airport Road; South St. Paul, MN 55075; USA ( ) TEL 651.457.7491;
FAX 651.457.8651 or Robb Leer at 952.842.8133 ( ) DATASOURCE:
Ballistic Recovery Systems, Inc. CONTACT: Robb Leer for Ballistic
Recovery Systems, +1-612-701-0608; or Larry E. Williams of
Ballistic Recovery Systems (BRS), +1-651-457-7491 or Web site:
http://brsparachutes.com/
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