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
Nine Months Ended June 30, 2014 Financial Highlights
"Increased product offerings, additional business development staff and support, and continued expansion of international markets offset domestic defense budget reductions, and led to nine-month revenue that exceeded revenue for the full fiscal year 2013," commented Tom Brown, President and CEO of LRAD Corporation. "Our fiscal third quarter, in particular, was positively impacted by sales of our border security solution, the LRAD 2000X, which saw a $4.0 million shipment to a Middle Eastern country to assist in their border and perimeter security program."
Select Operating and Business Highlights
"Our fourth quarter is off to a good start and we anticipate that we will end the year achieving one of our strongest financial performances in the Company's history from both a top and bottom line standpoint," Brown concluded.
Webcast and Conference Call Details
Management will host a conference call to discuss fiscal third quarter 2014 financial results this afternoon at 4:30 p.m. ET. The conference call can be accessed by dialing toll-free at 888-567-1602, or toll/international at 862-255-5346. A webcast will also be available at the following link: http://www.visualwebcaster.com/event.asp?id=100101. A replay of the call will be available two hours after the airing of the call, and available for 90 days at the aforementioned webcast link. Questions to management may be submitted during the call by emailing them to: email@example.com.
About LRAD Corporation
LRAD Corporation is using long range communication to peacefully resolve uncertain situations and save lives on both sides of its proprietary Long Range Acoustic Device®. LRAD® systems are being sold into 70 countries around the world in diverse applications including fixed and mobile military deployments, maritime security, critical infrastructure and perimeter security, commercial security, border and port security, law enforcement and emergency responder communications, emergency warning and mass notification, asset protection and wildlife preservation and control. For more information about the Company and its LRAD systems, please visit www.lradx.com.
Except 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, 2013. 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||$ 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:|
Company Contact E. Brian Harvey Director, Investor Relations and Capital Markets 858.753.8974