American Technology Corporation Updates Revenue Guidance; Reports Record Order Backlog
September 08, 2005 08:45:02 (ET)
SAN DIEGO, Sep 08, 2005 (BUSINESS WIRE) -- American Technology Corporation (ATC) (ATCO, Trade), an innovator of proprietary directed sound technologies, today updated its revenue guidance for fiscal year 2005 and the fourth fiscal quarter ending September 30, 2005 due to recent uncertainties regarding the timing and amount of expected government and military orders and related deliveries.
"We built inventory to support federal government agencies fiscal year end purchases," said Kalani Jones, president and chief operating officer of American Technology Corporation. "Based on recent information we have received from government officials, including reports of Hurricane Katrina's adverse effect on discretionary spending by agencies and departments, we are revising guidance to conform to updated expectations for year end orders."
The company is now forecasting fiscal 2005 revenues to range from $10.1 million to $11.1 million, and revenues for the fourth quarter of fiscal 2005 to range from $1.5 million to $2.5 million. Revenues for fiscal 2005 are expected to be at least 77% higher than the $5.7 million the company recorded in fiscal 2004.
To date this quarter, the company has received LRAD(TM) contracts valued at over $600,000 from military agencies, a U.K.-based cruise line company, and from the Boston Police Department. The company believes other government orders previously anticipated for the fourth fiscal quarter may still be received in fiscal 2006.
The company also reported that with recent orders for its new HSS(R) H450, its order backlog now exceeds $6.3 million. The company is seeing strong interest from dealers and end-users for digital signage and other applications. The company expects to receive and ship new national and international HSS H450 orders this calendar year.
Although the company is generating revenues from a more diverse product group and expects commercial group revenue in the fourth fiscal quarter to exceed that of recent quarters, HSS H450 shipments against the backlog are not expected to become significant until ATC's first fiscal 2006 quarter ending December 31, 2005.
"We are pleased to see the acceptance of the new HSS H450 and an acceleration in commercial group revenues," added Jones. "After having successfully completed several product development milestones, we expect operating expenses this quarter to be significantly less than operating expenses in the most previous third quarter due to a substantial reduction in research and development and associated staffing costs. We are committed to growing revenues while maintaining a lean and highly effective organization."
Jones concluded, "With more HSS H450 digital signage orders anticipated this calendar year beyond the recently announced IBN order, and continuing orders for our full line of proprietary commercial and government/military sound reproduction products, we expect an increase in fiscal year 2006 revenues over fiscal 2005 as we penetrate the global markets for our directed sound technologies."
About American Technology Corporation
American Technology Corporation is Shaping the Future of Sound(R) by developing, manufacturing and globally distributing its proprietary sound technologies and products which include: the award-winning HSS(R) (HyperSonic(R) Sound technology); LRAD(TM) (Long Range Acoustic Device) products family; NeoPlanar(R) products family, and others. The Company is establishing a strong portfolio of patents, trademarks, and intellectual property including over 320 U.S. and foreign patents and pending patent applications to date. For more information on the company and its technologies and products please visit our web site at www.atcsd.com. |
