SAN DIEGO, Nov. 21, 2013 (GLOBE NEWSWIRE) -- LRAD Corporation (Nasdaq:LRAD), the world's leading provider of long range acoustic hailing devices (AHDs), today reported financial results for the fourth quarter and fiscal year ended September 30, 2013. Fourth Quarter 2013 Highlights
- Revenue: Fourth quarter 2013 revenue grew by $3.1 million or 56% to $8.8 million, compared to $5.6 million of revenue generated in the fourth quarter of 2012.
- Net Income: Net Income of $2.9 million, or $0.09 per diluted share, was more than double the $1.2 million, or $0.04 per diluted share, reported during the fourth quarter of 2012.
- Revenue: Revenues for fiscal year 2013 were $17.1 million, up 16% from $14.8 million reported for fiscal year 2012.
- Net Income: Net income totaled $1.3 million, or $0.04 per diluted share, in fiscal year 2013, down 14% from net income of $1.5 million, or $0.04 per diluted share in fiscal year 2012. The decrease in net income was the result of increased legal and other professional fees related to a lawsuit and potential proxy contest during fiscal year 2013 and increased commission expense to the Company's international partners.
- Balance Sheet: Cash totaled $15.8 million at September 30, 2013, an increase of $1.9 million from the $13.9 million reported at September 30, 2012. Working Capital increased to $23.7 million from $21.3 million over the same period. The Company maintained no debt at fiscal year end.
Select Operating and Business Highlights
- Achieved the fourth consecutive year of profitability, the first four profitable years in the Company's history, despite challenging global market conditions, ongoing United States defense budget uncertainty, and sequestration which reduced U.S. government purchases of LRAD products by 35% compared to fiscal 2012.
- Successfully increased revenues into international markets by 84% in fiscal 2013 compared to fiscal 2012.
- Established a new reseller and eventual manufacturing arm for the government market in China. Revenues into China increased by $1.1 million in fiscal 2013 compared to fiscal 2012.
- Expanded distribution channels by signing new third party sales representatives, primarily in Central and South American territories.
- Received a $12.2 million award with the U.S. Navy in a competitive bid scenario which once again confirms LRAD products as the "best in class" AHDs. Delivered $2.0 million on this contract during fiscal Q4.
- Expanded the business development team from a total of 5 to 7 people at September 30, 2013, including new management personnel, and reorganized our business development team into geographic markets of responsibility.
- Expanded our product offering in the worldwide mass notification market. Introduced the LRAD 360X in late fiscal 2012, resulting in revenues of $882,000 in fiscal 2013. During fiscal 2013 we added several additional product configurations, and introduced the LRAD 360Xm, a smaller version of the LRAD 360X, subsequent to fiscal year 2013 end.
|LRAD Corporation and Subsidiary|
|Consolidated Balance Sheets|
|September 30,||September 30,|
|Cash and cash equivalents||$ 15,805||$ 13,860|
|Accounts receivable, net||4,958||5,518|
|Prepaid expenses and other||1,004||442|
|Total current assets||26,355||22,932|
|Property and equipment, net||237||213|
|Intangible assets, net||52||158|
|Prepaid expenses and other - noncurrent||915||1,102|
|Total assets||$ 27,559||$ 24,405|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable||$ 1,597||$ 995|
|Total current liabilities||2,652||1,619|
|Other liabilities - noncurrent||146||364|
|Total stockholders' equity||24,761||22,422|
|Total liabilities and stockholders' equity||$ 27,559||$ 24,405|
|LRAD Corporation and Subsidiary|
|Consolidated Statements of Operations|
|(000's omitted except share and per share amounts)|
|Years Ended September 30,|
|Revenues||$ 17,088||$ 14,792|
|Cost of revenues||8,843||7,314|
|Selling, general and administrative||5,438||4,541|
|Research and development||1,841||1,660|
|Total operating expenses||7,279||6,201|
|Income from operations||966||1,277|
|Income from operations before income taxes||1,265||1,311|
|Income tax expense (benefit)||2||(151)|
|Net income||$ 1,263||$ 1,462|
|Net income per common share:|
|Basic||$ 0.04||$ 0.05|
|Diluted||$ 0.04||$ 0.04|
|Weighted average common shares outstanding:|
CONTACT: Company Contact E. Brian Harvey Director, Investor Relations and Capital Markets 858.753.8974 email@example.com