- Revenues of $7.6 million, an increase of 159% compared to the first fiscal quarter of 2017
- Operating income of $1.0 million, an increase of $2.3 million compared to the first fiscal quarter of 2017
- Gross profit margin improved 25% over the first fiscal quarter of 2017
- Revenues: Fiscal first quarter 2018 revenues totaled $7.6 million, compared to $2.9 million reported in same period of fiscal 2017.
- The 159% increase in revenues was driven by increases of 297% in mass notification system sales and 128% in AHD sales.
- Revenues increased in all of the Company's geographic sales regions, led by a $4.5 million improvement in the Americas, to $6.1 million, versus $1.6 million for the same period a year ago.
- Operating Income: Operating income was $1.0 million for the quarter ended December 31, 2017, compared to an operating loss of $1.3 million for the same quarter in the prior fiscal year.
- Gross profit improved to $4.0 million in the fiscal first quarter of 2018, compared to $1.2 million in the fiscal first quarter of 2017, primarily due to higher sales and better fixed overhead absorption.
- Net Loss: In connection with the recent passage of the U.S. "Tax Cuts and Jobs Act", the Company recorded non-cash tax charges of $2.7 million related to a $2.5 million re-measurement of the Company's Federal net deferred tax assets at the new lower statutory rate, and $0.2 million in quarterly income tax expense. As a result, the Company reported a net loss of $1.7 million, or $0.05 per share, for the fiscal first quarter of 2018, compared with a net loss of $0.8 million, or $0.03 per share, for the fiscal first quarter of 2017.
- Balance Sheet: Cash and cash equivalents increased $2.3 million to $15.1 million at December 31, 2017, compared to $12.8 million reported at September 30, 2017.
- Higher cash and cash equivalents were primarily due to $1.8 million of cash generated from operations during the quarter.
- Working capital totaled $26.5 million at December 31, 2017, compared to $25.4 million at September 30, 2017.
Select Fiscal First Quarter 2018 Operating and Business Highlights
- Announced our largest order for the U.S. Air Force, a $1.0 million LRAD 500X-RE systems and accessories order for domestic and international U.S. Air Force bases.
- Received $870,000 in AHD orders for the U.S. Army and U.S. Marine Corps.
- Announced a $1.1 million follow-on AHD order from Southeast Asia for border and maritime security.
- Received a $1.5 million follow-on LRAD 360XT order from one of the largest oil & gas companies in Eurasia. The mobile mass notification systems are being equipped with our solar power option and integrated with a gas detection alarm system.
Company ContactE. Brian HarveyDirector, Investor Relations and Capital Markets858.753.8974 firstname.lastname@example.org
|LRAD Corporation and Subsidiary|
|Consolidated Balance Sheets|
|Cash and cash equivalents||$||15,118||$||12,804|
|Short-term marketable securities||3,602||4,360|
|Accounts receivable, net||5,678||5,682|
|Prepaid expenses and other||590||983|
|Total current assets||30,248||29,086|
|Long-term marketable securities||1,006||711|
|Deferred tax assets, net||5,622||8,331|
|Property and equipment, net||505||510|
|Intangible assets, net||54||56|
|Prepaid expenses and other - noncurrent||117||164|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Total stockholders' equity||33,791||35,184|
|Total liabilities and stockholders' equity||$||37,552||$||38,858|
|LRAD Corporation and Subsidiary|
|Consolidated Statements of Operations|
|(000's omitted except share and per share amounts)|
|Three months ended|
|Cost of revenues||3,671||1,716|
|Selling, general and administrative||2,189||1,967|
|Research and development||778||587|
|Total operating expenses||2,967||2,554|
|Income (loss) from operations||991||(1,329||)|
|Income (loss) from operations before income taxes||1,026||(1,299||)|
|Income tax expense (benefit)||2,709||(486||)|
|Net loss per common share - basic and diluted||$||(0.05||)||$||(0.03||)|
|Weighted average common shares outstanding:|
|Basic and diluted||32,236,039||31,800,103|