SAN DIEGO, Feb. 5, 2015 (GLOBE NEWSWIRE) -- LRAD Corporation (Nasdaq:LRAD), the world's leading provider of long range acoustic hailing devices (AHDs) and advanced mass notification systems, today reported financial results for the first quarter of fiscal 2015, ended December 31, 2014.
First Quarter Fiscal 2015 Financial Highlights
- Revenues: First quarter 2015 revenues grew by $562,000 or 15% to $4.4 million, compared to $3.8 million in the first quarter of 2014, driven by continued revenue growth in international markets.
- Net Income: Net Income totaled $506,000, or $0.01 per diluted share, an increase of $374,000, compared to $132,000, or $0.00 per diluted share, reported during the first quarter of 2014.
- Balance Sheet: Cash totaled $20.1 million at December 31, 2014, a decline of $3.8 million from the $23.9 million reported at September 30, 2014, in part due to the investment of $3.1 million in short and long-term marketable securities during the quarter ended December 31, 2014. Working Capital decreased to $25.8 million from $27.7 million over the same period as nearly $2.5 million of marketable securities purchased during the quarter were classified as long-term.
"Asian Navy, international public safety, and several follow-on mass notification orders drove 15% revenue growth during what is traditionally our slowest seasonal quarter," commented Tom Brown, President and CEO of LRAD Corporation.
Select Operating and Business Highlights
- Omnidirectional product line revenues have grown to 15% of total revenues and doubled compared to the first quarter of fiscal 2014. The Company received multiple follow-on orders from cities and towns in Asia during the quarter.
- Shipped the first units of the newly launched LRAD 450XL to the New York National Guard for vehicle applications. The LRAD 450XL uses an enhanced, patent pending technology to provide the output of a unit almost twice its size and weight.
- Shipped the first units of the newly launched LRAD 500RX for Asian Coast Guard installations. The LRAD 500RX can be remotely operated across any IP network, enabling system operators to respond to potential threats from a safe location while creating a completely unmanned security solution.
- Participated in a number of trade shows during the quarter, including the Association of the United States Army (AUSA) in Washington, D.C., International WorkBoat Show & Annual Conference in New Orleans, LA, as well as displaying mass notification products at IAEM-USA 2014 Annual Conference & EMEX in San Antonio, Texas.
"Fiscal 2015 is off to a good start as we continue to make progress in each of our mass notification, public safety, defense, homeland security and wildlife business areas," Brown continued. "We're also pursuing large opportunities in the mass notification market and with the United States militaries. While these opportunities are taking time to develop, we believe we are well positioned with the right product offerings and anticipate further progress throughout this year."
Webcast and Conference Call Details
Management will host a conference call to discuss the first quarter of fiscal 2015 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=101371. 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: investor@lradx.com.
About LRAD Corporation
LRAD Corporation manufactures long range communication devices 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.
Forward-looking Statements
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, 2014. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
| LRAD Corporation | ||
| Consolidated Balance Sheets | ||
| (000's omitted) | ||
| December 31, | ||
| 2014 | September 30, | |
| (Unaudited) | 2014 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 20,090 | $ 23,895 |
| Short-term marketable securities | 626 | -- |
| Accounts receivable, net | 2,487 | 4,284 |
| Inventories, net | 4,393 | 3,896 |
| Prepaid expenses and other | 470 | 524 |
| Total current assets | 28,066 | 32,599 |
| Lont-term marketable securities | 2,498 | -- |
| Property and equipment, net | 379 | 360 |
| Intangible assets, net | 52 | 54 |
| Prepaid expenses and other - noncurrent | 720 | 766 |
| Total assets | $ 31,715 | $ 33,779 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 936 | $ 830 |
| Accrued liabilities | 1,286 | 4,088 |
| Total current liabilities | 2,222 | 4,918 |
| Other liabilities - noncurrent | 153 | 158 |
| Total liabilities | 2,375 | 5,076 |
| Total stockholders' equity | 29,340 | 28,703 |
| Total liabilities and stockholders' equity | $ 31,715 | $ 33,779 |
| LRAD Corporation | ||
| Consolidated Statements of Operations | ||
| (000's omitted except share and per share amounts) | ||
| (Unaudited) | ||
| Three months ended | ||
| December 31, | ||
| 2014 | 2013 | |
| Revenues | $ 4,385 | $ 3,823 |
| Cost of revenues | 2,026 | 1,878 |
| Gross profit | 2,359 | 1,945 |
| Operating expenses: | ||
| Selling, general and administrative | 1,402 | 1,424 |
| Research and development | 477 | 394 |
| Total operating expenses | 1,879 | 1,818 |
| Income from operations | 480 | 127 |
| Other income | 26 | 5 |
| Income from operations before income taxes | 506 | 132 |
| Income tax expense | -- | -- |
| Net income | $ 506 | $ 132 |
| Net income per common share: | ||
| Basic | $ 0.02 | $ 0.00 |
| Diluted | $ 0.01 | $ 0.00 |
| Weighted average common shares outstanding: | ||
| Basic | 33,236,489 | 33,028,646 |
| Diluted | 33,785,996 | 33,473,582 |