TASER International, Inc. Reports Record First Quarter Revenue of $13.9 Million, $0.8 Million Operating Income, $0.7 Million Net Income and $0.01 Basic EPS for the First Quarter of 2006
Wednesday April 26, 7:30 am ET
SCOTTSDALE, Ariz., April 26, 2006 (PRIMEZONE) -- TASER International, Inc. (NasdaqNM:TASR - News) a market leader in advanced electronic control devices reported today that revenues for the first quarter of 2006 were $13.9 million, a record for the first quarter, with operating income of $0.8 million, net income of $0.7 million and basic and diluted earnings per share of $0.01. Compared to the first quarter of 2005, sales in the first quarter of 2006 increased by $3.7 million, or 36%, and net income increased by $0.7 million. Business also continued to improve sequentially as revenues in the first quarter of 2006 increased by $1.3 million over the fourth quarter of 2005. The Company generated $1.9 million of cash from operations in first quarter of 2006 which increased the total cash, cash equivalents and investments balance to $45.4 million.
Significant events in the first quarter of 2006 include:
1. The Company achieved ISO 9001:2000 certification of its quality
management system demonstrating a commitment to quality for its
customers, suppliers and employees.
2. The Company successfully completed a live-fire demonstration of
the TASER XREP(tm) (eXtended Range Electro-Muscular Projectile),
completing a research and development program for the Office of
Naval Research. Multiple rounds were fired from a 12-gauge
shotgun, one of the most prevalent shoulder fired launchers in
use today, at ranges up to 30 meters. While the XREP is currently
a development prototype, it is expected to transition to
production in 2007.
3. A landmark survey published in the Society of Academic Emergency
Medicine found that the TASER(R) X26 electronic control device
did not affect recordable cardiac electrical activity within
a 24-hour period following a standard five-second application.
This study can be viewed at:
aemj.org.
4. Two more product liability suits were dismissed representing
the eleventh and twelfth wrongful death or injury lawsuit that
has been dismissed or judgment entered in favor of the Company
in the past 24 months.
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``We believe the first quarter results have given us a strong start to 2006, with the highest first quarter revenues in our Company's history,'' commented Rick Smith, Chief Executive Officer of TASER International, Inc. ``Qualitatively, we believe many of the challenges of 2005 are behind us and we believe that we are beginning to re-establish momentum in the marketplace. We also believe the launch of the TASER Cam(tm) in the second quarter will further enhance our market position as the leader in non-lethal technology and enable us to continue revenue growth. This also further continues our lead in pioneering technology that increases accountability.''
The Company will be hosting its first quarter 2006 earnings conference call on April 26, 2006 at 10:00 a.m. E.D.T. The conference call is available via web cast and can be accessed on the ``Investor Relations'' page at taser.com. To access the teleconference, please dial: 800-688-0836 or 617-614-4072 for international callers. The pass code is 54390424 for both numbers. |
