Fiscal Third Quarter 2018 Financial Highlights:
SAN DIEGO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- LRAD Corporation (NASDAQ: LRAD), a global leader in long-range voice broadcast systems, advanced mass notification and distributed recipient solutions, today announced financial results for its fiscal third quarter ended June 30, 2018.
Fiscal Third Quarter 2018 Financial Summary
“Significant increases in mass notification and AHD sales and the first full quarter of Genasys revenues contributed to our fourth consecutive fiscal quarter of more than $7.5 million in revenues,” commented Richard S. Danforth, Chief Executive Officer of LRAD Corporation. “During the quarter, we continued to build the foundation to support and accelerate Company growth by investing in key personnel and business infrastructure.”
Nine Months Ended June 30, 2018 Financial Summary
Select Fiscal Third Quarter Operating and Business Highlights
“LRAD is in a much stronger position today than it was when I joined the Company two years ago,” added Danforth. “We've made significant progress in growing our product lines, strengthening our sales channels, and expanding our domestic and international business.”
“We're pursuing additional M&A opportunities to expand our addressable markets and we'll continue to strategically utilize the share repurchase program to increase shareholder value,” Danforth concluded. “With record fiscal first nine-month revenues, a $9.3 million backlog, and a robust, growing pipeline, LRAD is well positioned to achieve record fiscal year revenues.”
We include in this press release Non-GAAP operational metrics of bookings and backlog, which we believe provide helpful information to investors with respect to evaluating the Company’s performance. We consider bookings and backlog as leading indicators of future revenues and use these metrics to support production planning. Bookings is an internal, operational metric that measures the total dollar value of customer purchase orders executed in a period, regardless of the timing of the related revenue recognition. Backlog is a measure of purchase orders received that have not been shipped, but are planned to ship within the next 12 months.
Webcast and Conference Call Details
Management will host a conference call to discuss fiscal third quarter 2018 financial results this afternoon at 4:30 p.m. E.T. To access the conference call, dial toll-free 888-390-3967, or toll/international at 862-298-0702. A webcast will also be available at the following link: https://www.webcaster4.com/Webcast/Page/1375/26829. A replay of the call will be available approximately four hours after the call concludes, and remain available for 90 days at the aforementioned webcast link. Questions to management may be submitted before or during the call by emailing them to: investor@LRAD.com.
About LRAD Corporation
The Company's proprietary Long Range Acoustic Devices®, advanced ONE VOICE® mass notification systems, and innovative Genasys™ mass messaging solutions are designed to enable users to safely hail and warn, inform and direct, prevent misunderstandings, determine intent, establish large safety zones, resolve uncertain situations, and save lives.
LRAD systems are in service in 72 countries around the world in diverse applications including mass notification, defense, law enforcement and public safety, homeland and border security, critical infrastructure protection, fire rescue and emergency management, maritime and port security, and wildlife control and preservation. For more information, please visit LRAD.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, 2017. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
Company Contact
E. Brian Harvey
Director, Investor Relations and Capital Markets
858.753.8974
ebharvey@lrad.com
LRAD Corporation and Subsidiary | ||||||
Condensed Consolidated Balance Sheets | ||||||
(000's omitted) | ||||||
June 30, | ||||||
2018 | September 30, | |||||
(unaudited) | 2017 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 12,030 | $ | 12,764 | ||
Short-term marketable securities | 3,662 | 4,360 | ||||
Restricted cash | 346 | 40 | ||||
Accounts receivable, net | 6,583 | 5,682 | ||||
Inventories, net | 5,405 | 5,257 | ||||
Prepaid expenses and other | 863 | 983 | ||||
Total current assets | 28,889 | 29,086 | ||||
Long-term marketable securities | 1,270 | 711 | ||||
Deferred tax assets, net | 98 | 8,331 | ||||
Long-term restricted cash | 5,537 | - | ||||
Property and equipment, net | 497 | 510 | ||||
Goodwill | 2,456 | - | ||||
Intangible assets, net | 1,654 | 56 | ||||
Prepaid expenses and other - noncurrent | 242 | 164 | ||||
Total assets | $ | 40,643 | $ | 38,858 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 1,754 | $ | 1,112 | ||
Accrued liabilities | 3,530 | 2,562 | ||||
Notes payable, current portion | 533 | - | ||||
Total current liabilities | 5,817 | 3,674 | ||||
Notes payable, less current portion | 208 | - | ||||
Total liabilities | 6,025 | 3,674 | ||||
Total stockholders' equity | 34,618 | 35,184 | ||||
Total liabilities and stockholders' equity | $ | 40,643 | $ | 38,858 | ||
LRAD Corporation and Subsidiary | |||||||||||
Condensed Consolidated Statements of Operations | |||||||||||
(000's omitted except share and per share amounts) | |||||||||||
(Unaudited) | |||||||||||
Three months ended | Nine months ended | ||||||||||
June 30, | June 30, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Revenues | $ | 7,514 | $ | 4,129 | $ | 23,011 | $ | 12,813 | |||
Cost of revenues | 3,815 | 2,420 | 11,319 | 6,945 | |||||||
Gross profit | 3,699 | 1,709 | 11,692 | 5,868 | |||||||
Operating expenses: | |||||||||||
Selling, general and administrative | 2,904 | 2,040 | 7,610 | 5,899 | |||||||
Research and development | 973 | 666 | 2,665 | 1,859 | |||||||
Total operating expenses | 3,877 | 2,706 | 10,275 | 7,758 | |||||||
Income (loss) from operations | (178) | (997) | 1,417 | (1,890) | |||||||
Other income and expense, net | 24 | 33 | 74 | 95 | |||||||
Income (loss) before income taxes | (154) | (964) | 1,491 | (1,795) | |||||||
Income tax expense (benefit) | (74) | (436) | 2,794 | (753) | |||||||
Net loss | $ | (80) | $ | (528) | $ | (1,303) | $ | (1,042) | |||
Net loss per common share - basic and diluted | $ | - | $ | (0.02) | $ | (0.04) | $ | (0.03) | |||
Weighted average common shares outstanding: | |||||||||||
Basic and diluted | 32,306,207 | 31,861,916 | 32,314,038 | 31,820,632 | |||||||