Law Enforcement Associates Corporation
Consolidated Statement of Operations
Three months ended
June 30, June 30,
2007 2006
(Compiled) (Compiled)
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Net sales $ 2,011,982 $ 1,607,685
Cost of sales 1,308,175 984,305
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Gross profit 703,807 623,380
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Research and development 16,548 37,100
Operating expenses 709,619 673,701
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Total operating expenses 726,167 710,801
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Net loss before other income (expense) and
benefit from income taxes (22,360) (87,421)
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Other income (expense):
Interest income (expense), net 706 (3,460)
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Total other income (expense) 706 (3,460)
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Net loss before benefit from income taxes (21,654) (90,881)
Benefit from income taxes (6,770) (29,749)
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Net loss $ (14,884) $ (61,132)
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Net loss per weighted average share, basic $ (0.00) $ (0.00)
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Weighted average number of shares 25,336,719 25,152,433
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Law Enforcement Associates Corporation
Consolidated Statement of Operations
Six months ended
2007 2006
(Compiled) (Compiled)
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Net sales $ 3,777,036 $ 3,681,591
Cost of sales 2,298,037 2,185,275
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Gross profit 1,478,999 1,496,316
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Research and development 40,620 38,201
Operating expenses 1,389,375 1,286,255
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Total operating expenses 1,429,995 1,324,456
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Net income before other income (expense) and
provision for income taxes 49,004 171,860
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Other income (expense):
Interest income (expense), net 334 (976)
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Total other income (expense) 334 (976)
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Net income before provision for income taxes 49,338 170,884
Provision for income taxes 9,319 69,544
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Net income $ 40,019 $ 101,340
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Net income per weighted average share, basic $ 0.00 $ 0.00
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Weighted average number of shares 25,294,809 25,152,433
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Law Enforcement Associates Corporation
Consolidated Balance Sheet
June 30, December 31,
2007 2006
Assets (Compiled) (Audited)
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Current assets:
Cash $ 542,592 $ 452,124
Trade accounts receivable (net of allowance
for doubtful accounts of $20,000 at
June 30, 2007 and December 31, 2006) 1,043,101 984,996
Inventories 1,414,595 1,241,558
Refundable income taxes 52,194 62,264
Prepaid expenses 56,734 20,505
Deferred tax asset-current 238,539 242,480
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Total current assets 3,347,755 3,003,927
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Property and equipment, net 296,810 309,185
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Other assets:
Intangibles, net 2,438,328 2,520,753
Deferred tax asset less current portion 188,187 193,747
Deferred charges - 413
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Total other assets 2,626,515 2,714,913
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Total assets $ 6,271,080 $ 6,028,025
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Liabilities and Stockholders' Equity
Current liabilities:
Current maturities of long-term debt $ - $ 40,000
Trade accounts payable 497,075 377,553
Accrued expenses: 203,696 177,553
Customer deposits 49,220 36,089
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Total current liabilities 749,991 631,195
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Total liabilities 749,991 631,195
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Stockholders' equity:
Common stock, $0.001 par value, 50,000,000
authorized, 25,382,433 and 25,252,433 issued
and outstanding at June 30, 2007 and December
31, 2006, respectively 25,382 25,252
Treasury stock at cost, 595 shares of common
stock held by the Company (625) (625)
Paid in capital in excess of par 5,398,222 5,314,112
Retained earnings 98,110 58,091
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Total stockholders' equity 5,521,089 5,396,830
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Total liabilities and stockholders'
equity $ 6,271,080 $ 6,028,025
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Contact Information: CONTACT: Pfeiffer High Investor Relations, Inc. Geoff High 303-393-7044