Ballistic Recovery Systems (BRS) Releases Third Quarter Fiscal Results
August 08 2007 - 4:00PM
Business Wire
Ballistic Recovery Systems, Inc.
(BRSI)(OTCBB:BRSI)(BRSparachutes.com), a manufacturer of
whole-airplane parachute recovery systems for general aviation and
recreational aircraft, today reported a 28.6% increase in third
quarter income before taxes over the same period a year ago. The
Company showed $81,824 in income before taxes for the quarter
ending June 30, 2007 compared with $63,604 for the quarter ending
June 30, 2006. Third-Quarter Highlights Total sales increased
$137,872, or 5.6% from $2,468,209 for the three months ended June
30, 2006 to $2,606,081 for the three months ended June 30, 2007. On
a year-to-date basis, sales increased $208,498 or 3.1% from
$6,691,717 for the nine months ended June 30, 2006 to $6,900,215
for the nine months ended June 30, 2007. Sales from the Company�s
general aviation products, which consist primarily of sales to
Cirrus, increased $178,315 or 9.9% for the third quarter. Sales
from the Company�s general aviation products accounted for 76.2% of
total revenue for the three months ended June 30, 2007. Sales from
the Company�s recreational and LSA products decreased $72,366 or
11.0% for the third quarter ending June 30, 2007. The Company
announced agreements for four new BRS general aviation aircraft
installation applications and four new LSA installation approvals.
"Our focus on superior customer service and execution has resulted
in a banner quarter and we are pleased net revenue is up as
expected,� BRS CEO Larry Williams said. �With our execution and
consistency in the third quarter, we are able to report stronger
income over fiscal year 2006. While we experienced some softness in
sport/recreational product sales compared to last fiscal year, the
third quarter marked several new announcements on new product
applications, including the Diamond DA50 and the Lancair Evolution.
We also achieved several important strategic and operational
milestones in the quarter that will further strengthen BRS for the
future. We remain committed to our Company�s growth by providing
our customers with products that deliver the best quality,
application and value in the business.� Chief Financial Officer
Donald Hedquist added, �We are very pleased with our results in the
third quarter. By targeting our efforts and focusing on the primary
drivers of our business, we have been able to maintain our
aggressive product development efforts to meet customer demand. We
were also able to make unscheduled principle payments this quarter
to reduce debt and at the same time we have continued with our
accelerated new product development schedule.� 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. Ballistic Recovery
Systems is now a publicly traded company (BRS or
BRSI-BRSparachutes.com) and has delivered more than 27,000
parachute systems to aircraft owners around the world including
over 3,500 systems on certified aircraft like the Cirrus Design
SR-20 and SR-22. To date, BRS parachute recovery systems have been
credited with saving the lives of more than 203 pilots and
passengers. 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
(LarryWilliams@BRSparachutes.com) TEL 651.457.7491; FAX
651.457.8651
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