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Dallas, April 2, 2013 (GLOBE NEWSWIRE) -- COPsync, Inc., which operates the nation's largest law enforcement real-time, in-car information sharing, communication and data interoperability network, announces preliminary unaudited financial results for the fiscal year ended December 31, 2012.
Annual 2012 Financial Highlights
The Company reported a year-over-year revenue increase of 27% relating to record total revenues of $3,225,000 for 2012, compared to total revenues of $2,549,000 for 2011.
Revenues for recurring, software subscription revenues from the COPsync network were $1,561,000 for 2012 compared to $1,205,000 for the same period in 2011, for a year-over-year increase of 30%.
R&D expenses were $2,218,000 for 2012 compared to $712,000 for 2011, for a year-over-year increase of 212%.
Total operating expenses, inclusive of R&D expenses, were $5,035,000 for 2012 compared to $2,957,000 for 2011, for a year-over-year increase of 70%.
The Company reported a GAAP net loss of $4,288,000 ($0.03 per share) for 2012 compared to a net loss of $2,833,000 ($0.02 per share) for 2011.
Outlook for Full Year 2013
"The Company made significant R&D investments in 2012, which are already positively impacting the Company's 2013 sales results. These investments funded initiatives to enhance the scalability of the Company's information sharing network to support foreseeable accelerated growth in the number of officers and agencies using the COPsync network. Also funded were two product innovations: VidTac, the nation's only in-vehicle, software-driven, 1080p resolution, law enforcement video system, and WARRANTsync, Texas' only real-time Class C misdemeanor warrant clearing database. Contracted sales bookings for Q1 were $1,432,000, which represents an increase of 165% over comparable contracted bookings of $541,000 for Q1 of 2012," said Ronald A. Woessner, COPsync's chief executive officer. "We have reduced the pace of our operating expenses, while our 2013 sales are expected materially to outpace 2012 sales. The Company believes it will achieve cash-flow breakeven in 2013, perhaps as early as Q2."