Ballistic Recovery Systems (BRS) Releases Fiscal Year 2005 Results
December 23 2005 - 4:51PM
PR Newswire (US)
SOUTH ST. PAUL, Minn., Dec. 23 /PRNewswire-FirstCall/ -- Ballistic
Recovery Systems, Inc. (OTC:BRSI) (BULLETIN BOARD: BRSI) (
http://brsparachutes.com/ ), a manufacturer of whole-airplane
parachute recovery systems for general aviation and recreational
aircraft, reported today a total of $8,115,544 in sales for the
fiscal year ending September 30, 2005. This total represents an
increase of more than 23 percent over the $6,558,551 figure
reported for the fiscal year ended September 30, 2004. The Company
reported a net loss of $1,119,764 for the year ended September 30,
2005 compared to net income of $301,474 for the year ended
September 30, 2004. The Company recorded $2,010,000 in legal
settlements in 2005, contributing to the net loss. Commenting on
the results, Larry E. Williams, Chief Executive Officer and
President/COO, said, "This was a tough year for BRS; we were
challenged by changes in executive management, increased costs from
key suppliers, continued competitive pressures in Europe and an
unfavorable ruling in a lawsuit. But our response to these
challenges was both swift and effective. Through relentless hard
work, creative problem solving, and dedication to our customers, we
are building a dramatically different company -- a much more
competitive, cost-effective and customer-focused company
demonstrating the commitment and the professionalism of BRS people
throughout our organization." "We have increased total revenue by
nearly 24 percent over the previous 12 months. We believe our
performance is unique in our industry and a true validation of our
strategy. On behalf of our employees, I'd like to thank our
customers and partners for their support during this year," said
Williams. "We would not have been able to achieve so much this year
without the total focus and commitment of all BRS employees,
pulling together to address the issues we have faced. Our work is
not done yet. We have made significant progress and we will
continue to make the tough decisions to successfully meet the goals
of fiscal year 2006." Ballistic Recovery Systems, Inc. commemorated
a milestone in 2005 with a 25th Anniversary celebration of saving
lives. BRS saved another seven lives this year, which included a
dramatic deployment on June 30th near Haverstraw, New York. That
brings the total number of BRS lives saved to 181. BRS is a South
St. Paul, Minnesota, based company that designs, manufactures and
distributes whole-plane emergency parachute systems for use on
general aviation and recreational aircraft. Since the early 1980's,
BRS has delivered more than 20,000 parachute systems to aircraft
owners around the world including over 2000 systems on certified
aircraft like the Cirrus Design aircraft manufactured in Duluth,
Minnesota. 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, Inc: Fleming
Field, 300 Airport Road; South St. Paul, MN 55075; USA () TEL
651.457.7491; FAX 651.457.8651 or Robb Leer media liaison at
952-842-8133 () DATASOURCE: Ballistic Recovery Systems, Inc.
CONTACT: Robb Leer for Ballistic Recovery Systems, Inc.,
+1-612-701-0608, , or, Larry E. Williams of Ballistic Recovery
Systems, Inc. +1-651-457-7491, Web site: http://brsparachutes.com/
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