SAN DIEGO, Aug. 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 third quarter and nine months ended June 30, 2014. Fiscal Third Quarter 2014 Financial Highlights
- Revenue: Fiscal third quarter 2014 revenues grew by $5.8 million or 271% to $8.0 million, compared to $2.2 million of revenues in the fiscal third quarter of 2013.
- Strong demand from international markets continued to drive growth, including the delivery of a $4.0 million order for border security to a country in the Middle East.
- Net Income: Net Income of $1.9 million, or $0.06 per diluted share, increased by $3.0 million from a loss of $1.1 million, or $0.03 per share, reported during the fiscal third quarter of 2013.
- Gross profit of $5.0 million, or 63.1% of revenues, compared to $915,000, or 42.4% of revenues, due to the strong revenue growth, favorable fixed overhead absorption and favorable channel mix.
- Operating expenses increased by $1.1 million or 53%, primarily due to commissions paid to third party sales representatives, bonus accruals for meeting forecasted performance targets, and salaries, travel and consulting fees related to business development personnel, partially offset by a decrease in legal expenses due to a lawsuit in the prior year.
- Balance Sheet: Cash totaled $21.2 million at June 30, 2014, an increase of $5.4 million from the $15.8 million reported at September 30, 2013. Working Capital increased to $26.6 million from $23.7 million over the same period.
- Revenue: Revenue for the nine month period ended June 30, 2014 totaled $17.2 million, representing an increase of $8.9 million, or 107%, from the $8.3 million for the nine month period ended June 30, 2013.
- Net Income: Net Income during the nine month period ended June 30, 2014 totaled $2.6 million, or $0.08 per diluted share, a $4.3 million improvement from the $1.7 million loss, or $0.05 per share, reported for the nine months ended June 30, 2013.
Select Operating and Business Highlights
- Launched the LRAD Mobile Sound Barrier, a vehicle mounted speaker system that can be secured to any armored, VIP, or other government or corporate vehicle, to create a 360° deterrent zone to safely and effectively warn and ward off threats. Two initial orders were received from a U.S. Government agency, with additional development costs being absorbed by the customer in order to customize the product for permanent mounting on certain government vehicles.
- Received a $1.7 million order for LRAD-RX systems and accessories from an international navy in Southeast Asia. An initial $950,000 is scheduled to ship by September 30, 2014, with the balance to be shipped as new vessels are built and commissioned.
- Repurchased 123,009 shares of stock at an average price of $1.85, bringing the total number of shares repurchased to 256,082 at an average price paid per share of $1.86.
|LRAD Corporation and Subsidiary|
|Consolidated Balance Sheets|
|Cash and cash equivalents||$ 21,200||$ 15,805|
|Accounts receivable, net||3,748||4,958|
|Prepaid expenses and other||550||1,004|
|Total current assets||30,230||26,355|
|Property and equipment, net||337||237|
|Intangible assets, net||47||52|
|Prepaid expenses and other - noncurrent||774||915|
|Total assets||$ 31,388||$ 27,559|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accounts payable||$ 652||$ 1,597|
|Total current liabilities||3,660||2,652|
|Other liabilities - noncurrent||161||146|
|Total stockholders' equity||27,567||24,761|
|Total liabilities and stockholders' equity||$ 31,388||$ 27,559|
|LRAD Corporation and Subsidiary|
|Consolidated Statements of Operations|
|(000's omitted except share and per share amounts)|
|Three months ended||Nine months ended|
|June 30,||June 30,|
|Revenues||$ 8,004||$ 2,158||$ 17,214||$ 8,328|
|Cost of revenues||2,955||1,242||7,491||4,564|
|Selling, general and administrative||2,488||1,607||5,544||4,150|
|Research and development||622||424||1,592||1,302|
|Total operating expenses||3,110||2,031||7,136||5,452|
|Income (loss) from operations||1,939||(1,115)||2,587||(1,688)|
|Income from operations before income taxes||1,944||(1,108)||2,602||(1,666)|
|Income tax expense||1||--||2||2|
|Net income (loss)||$ 1,943||$ (1,108)||$ 2,600||$ (1,668)|
|Net income (loss) per common share:|
|Basic||$ 0.06||$ (0.03)||$ 0.08||$ (0.05)|
|Diluted||$ 0.06||$ (0.03)||$ 0.08||$ (0.05)|
|Weighted average common shares outstanding:|
CONTACT: Company Contact E. Brian Harvey Director, Investor Relations and Capital Markets 858.753.8974 email@example.com