- Revenues: Fiscal first quarter 2016 revenues totaled $2.8 million, compared to $4.4 million reported in the fiscal first quarter of 2015.
- Revenues were negatively impacted due to the timing of customer orders and deliveries. Shipments during the quarter included follow-on and initial LRAD deliveries for energy security, law enforcement/military police, border/perimeter security, mass notification, U.S. Navy ("Navy"), U.S. Coast Guard ("Coast Guard"), and military vehicle applications.
- Backlog, at December 31, 2015, scheduled for delivery during the current fiscal year ending September 30, 2016 is approximately $5.2 million.
- Net Income/Loss: The Company reported a net loss of $380,000, or $0.01 per share, during the fiscal first quarter of 2016, compared with net income of $506,000, or $0.01 per diluted share, during the fiscal first quarter of 2015.
- The net loss included a $310,000 income tax benefit.
- Balance Sheet: Cash and cash equivalents totaled $15.6 million at December 31, 2015, a decline from $18.3 million reported at September 30, 2015, primarily due to the use of $1.6 million to repurchase over 1.0 million shares of LRAD common stock, and the movement of $624,000 from cash equivalents to short and long-term marketable securities. Working capital totaled $23.9 million at December 31, 2015, compared to $25.6 million at September 30, 2015, primarily due to the reduction in cash and cash equivalents, and an increase in liabilities due to the dividend declared during the quarter.
"Additionally we responded to a RFP from the Military Sea Lift Command for the Navy and Coast Guard that is expected to be awarded in April, and a Request for Information ("RFI") for Acoustic Hailing Devices ("AHDs") mounted on Common Remotely Operated Weapon Stations ("CROWS") for Escalation of Force ("EOF") capabilities," Brown continued. "We also developed a new helicopter mount for the National Guard and U.S. State Department ("State Department"), and delivered several orders to the Coast Guard and State Department."Select Operating and Business Highlights
- Executed a contract modification with the Navy that allows the Army to purchase LRAD AHDs under an existing firm-fixed-price, indefinite-delivery/indefinite-quantity contract.
- Received orders including $710,000 for Latin American prison security, and $735,000 of opening orders for perimeter security and public safety in Asia and the U.S.
- Repurchased 1,031,208 shares at an average price of $1.59 during fiscal first quarter of 2016, bringing the total repurchases to $3.7 million out of $4.0 million approved for this program. The Board of Directors initiated a new share repurchase program for calendar year 2016 to repurchase up to an additional $4.0 million of LRAD outstanding common shares.
Forward-looking StatementsExcept for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended September 30, 2015. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
|LRAD Corporation and Subsidiary|
|Consolidated Balance Sheets|
|Cash and cash equivalents||$||15,583||$||18,316|
|Short-term marketable securities||2,642||1,252|
|Prepaid expenses and other||448||566|
|Total current assets||25,829||27,176|
|Long-term marketable securities||2,277||3,047|
|Deferred tax assets||8,650||8,339|
|Property and equipment, net||488||472|
|Intangible assets, net||58||59|
|Prepaid expenses and other - noncurrent||532||579|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Total current liabilities||1,932||1,575|
|Other liabilities - noncurrent||151||148|
|Total stockholders' equity||35,751||37,949|
|Total liabilities and stockholders' equity||$||37,834||$||39,672|
|LRAD Corporation and Subsidiary|
|Consolidated Statements of Operations|
|(000's omitted except share and per share amounts)|
|Three months ended|
|Cost of revenues||1,523||2,026|
|Selling, general and administrative||1,460||1,402|
|Research and development||561||477|
|Total operating expenses||2,021||1,879|
|(Loss) income from operations||(723||)||480|
|(Loss) income from operations before income taxes||(690||)||506|
|Income tax benefit||(310||)||-|
|Net (loss) income||$||(380||)||$||506|
|Net (loss) income per common share:|
|Weighted average common shares outstanding:|
|Cash dividends declared per common share||$||0.01||$||-|