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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