SAN DIEGO, CA / ACCESSWIRE / February 8, 2017 / LRAD Corporation (NASDAQ: LRAD), the world's leading provider of acoustic hailing devices ("AHDs") and advanced mass notification systems, today announced financial results for its fiscal first quarter ended December 31, 2016.
Fiscal First Quarter 2017 Financial Summary
-- Revenues: Fiscal first quarter revenues were $2.9 million, compared to
$2.8 million reported in the fiscal first quarter of 2016.
-- The revenue increase was primarily due to 150% growth in U.S. and
international mass notification revenues and an AHD order for
perimeter safety and security for utility infrastructure.
-- Net Loss: The Company reported a net loss of $813,000, or $0.03 per share
for the fiscal first quarter of 2017, compared with a net loss of
$380,000, or $0.01 per share reported for the fiscal first quarter of
2016.
-- The net loss was due primarily to decreased gross margins as a
result of changes in product mix and $307,000 of non-cash
share-based compensation expense primarily due to a non-recurring
expense related to the departure of the Company's prior chief
executive officer.
-- In the fiscal first quarter of 2017, the Company reported a
$486,000 income tax benefit compared to $310,000 in the same
period of 2016.
-- Balance Sheet: Cash and cash equivalents increased by $1.5 million to
$15.0 million at December 31, 2016, compared to $13.5 million reported at
September 30, 2016.
-- Higher balances of cash and cash equivalents resulted from strong
cash generated from operations, particularly accounts receivable
collections.
-- Working capital totaled $22.6 million at December 31, 2016,
compared to $23.1 million at September 30, 2016.
"We had strong bookings in our first quarter, most notably from our mass notification products, where bookings exceeded full fiscal year 2016 mass notification revenues," remarked Richard S. Danforth, Chief Executive Officer of LRAD Corporation. "The superior performance of our mass notification products is being recognized as facility infrastructure safety and security orders fueled bookings and revenue growth in our energy and oil & gas business segment."
Select Fiscal First Quarter 2017 Operating and Business Highlights
-- Announced a $1.3 million award for multiple LRAD 360XT systems from one
of the largest oil and gas companies in Eurasia.
-- Received $1.1 million in LRAD mass notification and perimeter security
systems orders for critical infrastructure and other facilities in the
United States.
-- Honored by American Security Today with Platinum Awards recognizing the
LRAD 360X as "Best Mass Notification System" and the LRAD 100X as "Best
Long Range Acoustic Hailing System."
-- Expanded both the AHD and mass notification product lines with the
release of the LRAD 950RXL, the Company's latest addition to its award
winning AHD product line, and the LRAD 360XL-MID, the Company's first
mass notification system that incorporates LRAD's patent pending XL
driver technology.
"After several years of declining domestic defense spending, we expect U.S. defense budgets will increase under the new administration," added Danforth. "With growing global unrest and increasing interest in our long range, clear voice communication capabilities, we anticipate bookings across all LRAD product lines to remain robust throughout our fiscal year."
Webcast and Conference Call Details
Management will host a conference call to discuss fiscal first quarter 2017 financial results this afternoon at 4:30 p.m. E.T. To access the conference call, dial toll-free 888.567.1602, or toll/international at 862.255.5346. A webcast will also be available at the following link: webcaster4.com. 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@lradx.com.
About LRAD Corporation
Using advanced technology and superior voice intelligibility, LRAD Corporation's proprietary Long Range Acoustic Devices(R) and revolutionary ONE VOICE(R) mass notification systems are designed to enable users to safely hail and warn, inform and direct, prevent misunderstandings, determine intent, establish large safety zones, and resolve uncertain situations. LRAD systems are in service in more than 70 countries around the world in diverse applications, including mass notification and public address, fixed and mobile defense deployments, homeland, border, critical infrastructure, maritime, oil & gas, and port security, public safety, law enforcement and emergency responder communications, asset protection, and wildlife control and preservation. For more information, please visit lrad.com.
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