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LRAD Corporation Announces Fiscal Q1 2013 Results

Forward-looking Statements: This release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include, among others, statements that refer to expected sales growth and other improvements in fiscal 2013 financial results. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These risks and uncertainties are identified and discussed in our filings with the SEC. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations due to a variety of factors including, among others, general economic conditions, our dependence on a limited number of customers, our dependence on continued sales to U.S. and international governments and businesses that sell to governments, our ability to obtain financing on favorable terms, or at all, and our ability to expand our customer base and the acceptance of our products. For more information regarding other potential risks and uncertainties, see the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended September 30, 2012. The Company disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.

LRAD Corporation and Subsidiary
Consolidated Balance Sheets
(000's omitted)
  December 31, 2012 September 30,
  (Unaudited) 2012
Current assets:    
 Cash and cash equivalents  $ 16,139  $ 13,860
 Accounts receivable, net 2,269 5,518
 Inventories, net 4,192 3,112
 Prepaid expenses and other 357 442
Total current assets 22,957 22,932
Property and equipment, net 265 213
Intangible assets, net 148 158
Prepaid expenses and other - noncurrent 1,055 1,102
Total assets  $ 24,425  $ 24,405
Current liabilities:    
 Accounts payable  $ 791  $ 995
 Accrued liabilities 723 624
Total current liabilities 1,514 1,619
Other liabilities - noncurrent 365 364
Total liabilities 1,879 1,983
Total stockholders' equity 22,546 22,422
Total liabilities and stockholders' equity  $ 24,425  $ 24,405
LRAD Corporation and Subsidiary
Consolidated Statements of Operations
(000's omitted except share and per share amounts)
  Three months ended December 31,
  2012 2011
Revenues  $ 2,980  $ 3,612
Cost of revenues 1,494 1,863
Gross profit 1,486 1,749
Operating expenses:    
 Selling, general and administrative 1,172 1,057
 Research and development 422 381
Total operating expenses 1,594 1,438
(Loss) income from operations (108) 311
Other income 8 13
(Loss) income from operations before income taxes (100) 324
Income tax expense  --   10
Net (loss) income   $ (100)  $ 314
Net income per common share - basic and diluted  $ 0.00  $ 0.01
Weighted average common shares outstanding:    
 Basic  32,399,199  32,374,499
 Diluted  32,399,199  33,061,520
         Robert Putnam
         (858) 676-0519

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