SAN DIEGO, Calif., May 7, 2014 (GLOBE NEWSWIRE) -- LRAD Corporation (Nasdaq:LRAD), the world's leading provider of long range acoustic hailing devices (AHDs), today reported financial results for the fiscal second quarter and six months ended March 31, 2014. Fiscal Second Quarter 2014 Financial Highlights
- Revenue: Fiscal second quarter 2014 revenue grew by $2.2 million or 69% to $5.4 million, compared to $3.2 million of revenue in the fiscal second quarter of 2013.
- Revenue grew 69% as a result of continued demand from international markets, including the delivery of a $1.3 million order for a national police force in Southeast Asia.
- Net Income: Net Income of $526,000, or $0.02 per diluted share, increased by $985,000 from a loss of $459,000, or $0.01 per share, reported during the fiscal second quarter of 2013.
- Operating expenses increased by $380,000 or 21%, primarily due to an increase in salaries, travel and consulting fees related to business development personnel and a bonus accrual for meeting forecasted performance targets, partially offset by a decrease in legal expenses due to the lawsuit in the prior year.
- Balance Sheet: Cash totaled $18.5 million at March 31, 2014, an increase of $2.7 million from the $15.8 million reported at September 30, 2013. Working Capital increased to $24.6 million from $23.7 million over the same period.
- Revenue: Revenue for the six month period ended March 31, 2014 totaled $9.2 million, representing an increase of $3.0 million, or 49%, from the $6.2 million for the six month period ended March 31, 2013.
- Net Income: Net Income during the six month period ended March 31, 2014 totaled $657,000, or $0.02 per diluted share, a $1.2 million improvement from the $560,000 loss, or $0.02 per diluted share, reported for the six months ended March 31, 2013.
Select Operating and Business Highlights
- Launched a newly designed mobile mass notification system which includes a self-contained, ruggedized trailer with a LRAD 360X unit mounted on a 30-foot telescoping mast. This product will provide mobility to our mass notification and emergency warning applications.
- Received a $763,000 follow-on order for LRAD devices and accessories to be used for bird mitigation and wildlife preservation and control for an international mining concern.
- Repurchased 80,265 shares of stock at an average price of $1.86, bringing the total number of shares repurchased to 133,073.
|LRAD Corporation and Subsidiary|
|Consolidated Balance Sheets|
|Cash and cash equivalents||$ 18,532||$ 15,805|
|Accounts receivable, net||2,760||4,958|
|Prepaid expenses and other||626||1,004|
|Total current assets||27,413||26,355|
|Property and equipment, net||357||237|
|Intangible assets, net||45||52|
|Prepaid expenses and other - noncurrent||821||915|
|Total assets||$ 28,636||$ 27,559|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable||$ 1,118||$ 1,597|
|Total current liabilities||2,773||2,652|
|Other liabilities - noncurrent||159||146|
|Total stockholders' equity||25,704||24,761|
|Total liabilities and stockholders' equity||$ 28,636||$ 27,559|
|LRAD Corporation and Subsidiary|
|Consolidated Statements of Operations|
|(000's omitted except share and per share amounts)|
|Three months ended March 31,||Six months ended March 31,|
|Revenues||$ 5,387||$ 3,190||$ 9,210||$ 6,170|
|Cost of revenues||2,658||1,828||4,536||3,322|
|Selling, general and administrative||1,631||1,370||3,056||2,543|
|Research and development||576||457||969||878|
|Total operating expenses||2,207||1,827||4,025||3,421|
|Income (loss) from operations||522||(465)||649||(573)|
|Income from operations before income taxes||527||(458)||659||(558)|
|Income tax expense||1||1||2||2|
|Net income (loss)||$ 526||$ (459)||$ 657||$ (560)|
|Net income (loss) per common share:|
|Basic||$ 0.02||$ (0.01)||$ 0.02||$ (0.02)|
|Diluted||$ 0.02||$ (0.01)||$ 0.02||$ (0.02)|
|Weighted average common shares outstanding:|
CONTACT: Company Contact E. Brian Harvey Director, Investor Relations and Capital Markets 858.753.8974 email@example.com