BRS Revenues Continue Strong; First Quarter 2004 Results
February 13 2004 - 5:12PM
PR Newswire (US)
BRS Revenues Continue Strong; First Quarter 2004 Results SOUTH ST.
PAUL, Minn., Feb. 13 /PRNewswire-FirstCall/ -- Ballistic Recovery
Systems, Inc. (BULLETIN BOARD: BRSI) ( BRSparachutes.com ) reported
gross revenues for the first quarter of fiscalyear 2004 of
$1,489,965 versus $1,519,229 in the year-ago period. The results
compare to an all-time record first quarter in fiscal year 2003,
which was a 93% increase over 2002. The Company recorded a
reduction in sales of $35,000 for the first quarter of fiscal year
2004, which was attributed to an adjustment for stock based
compensation relating to the Cirrus Design stock purchase warrants.
Income before taxes was $118,119 compared to $148,057 in the
year-earlier period. Net income after taxeswas $56,478 compared to
$78,646 in the year- earlier first quarter. These earnings
calculate to $0.01 per share for both periods. CEO Mark Thomas
said, "We are delighted to follow last year's record pace with a
strong performance for the first quarter of fiscal 2004. Although
slightly behind the record 2003 first quarter results, it still
represents a 90% increase over the first quarter 2002 performance."
Thomas further added, "The Company believes that the strong first
quarter numbers indicate that 2004, like 2003, will show continued
strong growth in revenue and market share." BRS also reported that
work to certify a parachute system for Cessna's 182 Skylane is
proceeding in line with expectations. "This very popular model
represents another sizable market for the company's emergency
parachutes," said new vice president of sales, John Gilmore. BRS
designs, manufactures and distributes whole-aircraft emergency
parachute systems for use on general aviation and recreational
aircraft. Since the early 1980s BRS has delivered over 18,000
parachute systems to aircraft owners around the world including
over 1,200 systems on certified aircraft. Actual documented uses of
these systems are credited with saving the lives of 159 persons
through December 2003. The matters discussed here may be considered
forward-looking statements which may be subject to risks and
uncertainties, including market fluctuations, pricing, procurement,
manufacturing efficiencies, and other risks, that could cause
theactual 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. Ballistic Recovery Systems, Inc. Financial Data
FY2004 1st Quarter Results, Unaudited Three Months Ended December
31, 2003 2002 Sales $1,489,965 $1,519,229 Cost of sales 960,826
951,811 Gross profit 529,139 567,418 Selling, general and
administrative 351,947 278,446 Research and development 48,528
125,559 Income from operations 128,664 163,413 Other expense 10,545
15,356 Pre-tax income 118,119 148,057 Income tax expense 61,641
69,411 Net income 56,478 78,646 Earnings per share: Basic $0.01
$0.01 Diluted $0.01 $0.01 Weighted average number of shares
outstanding: Basic 6,248,929 6,209,736 Diluted 6,407,680 6,340,857
Dividends per common share $0.06 $0.00 BALANCE SHEETS December 31,
September 30, 2003 2003 Current assets $2,031,770 $2,481,701
Furniture, fixtures and leasehold improvements, net 295,375 260,540
Other assets 143,401 159,319 Total assets $2,470,546 $2,901,560
Current liabilities $445,421 $581,746 Covenant not to compete, less
current portions 38,400 49,254 Shareholders' equity 1,986,725
2,270,560 Total liabilities and shareholders' equity $2,470,546
$2,901,560 DATASOURCE: Ballistic Recovery Systems, Inc. CONTACT:
Mark B. Thomas, President & CEO, +1-651-457-7491, or Media, Dan
Johnson, +1-651-450-0930, both of Ballistic Recovery Systems, Inc.
Web site: http://www.brsparachutes.com/
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