BRS Fiscal Year 2003 Revenues Up 29.5%
December 24 2003 - 10:05AM
PR Newswire (US)
BRS Fiscal Year 2003 Revenues Up 29.5% SOUTH ST. PAUL, Minn., Dec.
24 /PRNewswire-FirstCall/ -- For the fourth year in a row,
Ballistic Recovery Systems, Inc. (BULLETIN BOARD: BRSI) (
BRSparachutes.com ) set a new Company record for revenues. In
fiscal year 2003, sales reached $6,549,011, up 29.5% from
$5,057,092 in fiscal 2002. The increase is attributed to the
Company's new general aviation products and to a growth in sales of
parachute systems for recreational aircraft (up 36.1%). Income
before taxes for fiscal year 2003 was $909,567, up 13.5% to beat
last year's $801,490. With its start-up deficits fully erased, net
operating losses (NOLs) are no longer available to reduce taxes.
After taxes, BRS fiscal 2003 net income was $549,567 or 8.4% of
revenues, yielding $0.09 per share earnings on a fully diluted
basis compared to $604,801 or $0.10 per share in fiscal year 2002.
"The Company is forecasting further growth in fiscal 2004," said
BRS President and CEO, Mark Thomas, "as the company's principal
customer, Cirrus Design, is expected to exceed fiscal 2003
manufacturing volumes for its aircraft that are all equipped with a
BRS parachute system." In the fiscal year just ended, BRS delivered
466 parachutes to Cirrus. The Company understands that the Duluth
airplane manufacturer maintains a healthy backlog of approximately
200 aircraft as calendar 2004 begins. BRS continues to pursue new
agreements with other aircraft builders who will commit to equip
their aircraft with parachute systems. Therefore, the Company has a
technology and product development plan that will keep BRS as the
industry leader. "We also believe that research and development is
an integral part of the growth strategy for BRS and will continue
to play an important role in the Company's success," said Thomas.
The Company is proceeding with its fourth NASA contract. The grant
funds research called, "Advanced Aircraft Parachute Recovery
System." Based in South St. Paul, Minnesota, BRS, Inc. designs,
manufactures, and markets unique and proprietary ballistic
parachute systems that lower aircraft to the ground in the event of
an in-flight emergency. Since the early 1980s BRS has delivered
over 18,000 parachute systems to aircraft owners around the world
including over 1,200 systems for certified aircraft. Actual
documented uses of these systems are credited with saving the lives
of 159 persons through December 2003. This press release may
contain forward-looking statements as defined by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be characterized by words such as
intends, estimates, expects, projects, plans, anticipates, goal,
believes, targets, schedule, and similar expressions. Such
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from anticipated
results, including: economic conditions; changes in federal, state,
and industry regulations; the company's competitive environment;
approval and certification of products with the Federal Aviation
Administration (FAA); contract research and development;
availability of funding for research; development and testing of
new products; issuance of patents; introduction and acceptance of
new products; the timing of contracts; and dependence on key
customers. For a complete discussion of factors that could cause
the company's actual results to vary materially from those
anticipated in the forward-looking statements, please see the
company's annual reports on Form 10-KSB filed with the Securities
and Exchange Commission. Ballistic Recovery Systems, Inc. Financial
Data FY2003 Results, Audited Statements of Operations For the Years
Ended September 30, 2003 2002 Sales $6,549,011 $5,057,092 Cost of
sales 3,966,125 3,030,189 Gross profit 2,582,886 2,026,903 Selling,
general and administrative 1,211,567 873,690 Research and
development, net 407,171 303,188 Income from operations 964,148
850,025 Other expense 54,581 48,535 Pretax net income $909,567
$801,490 Income Tax Expense 360,000 196,689 Net Income $549,567
$604,801 Earnings per Share: Basic $0.09 $0.10 Diluted $0.09 $0.10
Weighted Average Number of Shares Outstanding: Basic 6,222,399
6,184,925 Diluted 6,346,373 6,330,360 BALANCE SHEETS At September
30, 2003 2002 Current assets $2,481,701 $2,371,843 Furniture and
leasehold improvements, net 260,540 197,018 Other assets 159,319
228,329 Total assets $2,901,560 $2,797,190 Current liabilities
$581,746 $698,264 Covenant, less current portion 49,254 89,816
Shareholders' equity 2,270,560 2,009,110 Total liabilities and
shareholders' equity $2,901,560 $2,797,190 DATASOURCE: Ballistic
Recovery Systems, Inc. CONTACT: Mark Thomas, President & CEO,
+1-651-457-7491, or Media, Dan Johnson, +1-651-450-0930, both of
Ballistic Recovery Systems Web site: http://www.brsparachutes.com/
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