American Technology Announces Fiscal Q1 2008 Results
SAN DIEGO, CA, February 11 / MARKET WIRE/ --
American Technology Corporation (ATC)
(NASDAQ: ATCO), a leading innovator of directed sound products and
technologies, today reported results for its first fiscal quarter of 2008
ended December 31, 2007.
Revenues for the first quarter of fiscal 2008 were $2.5 million, up 60%
from $1.6 million for the immediately preceding quarter. The increase in
revenues during the first three months of fiscal 2008 was due to increased
LRAD? (Long Range Acoustic Device) sales to an expanding customer base.
Although revenues decreased by 35% from $3.9 million in the quarter ended
December 31, 2006, which included a U.S. military order totaling
approximately $979,000, fiscal Q1 2008 revenues exceeded each of the
immediately preceding three fiscal quarters.
Gross profit for the quarter ended December 31, 2007 was $1.2 million or
46% of revenues, compared to a gross loss of $670,000 for the immediately
preceding quarter that included a $1.2 million obsolescence charge. The 46%
gross margin was comparable to the 50% gross margin for the quarter ended
December 31, 2006 and higher than the 34% gross margin for fiscal year
2007.
Operating expenses for the first fiscal quarter of 2008 were $2.8 million,
an increase of 23% from $2.3 million for the immediately preceding quarter.
Operating expenses increased $286,000 or 11% from the quarter ended
December 31, 2006. The increase in operating expenses was due to additional
research and development expenses on new products including the recently
introduced LRAD 1000X? and a $396,000 increase in non-cash share-based
compensation expenses.
The net loss for fiscal Q1 2008 was $1.7 million or $(0.06) per share,
compared to a net loss of $2.9 million or $(0.09) per share for the
immediately preceding quarter. The net loss included $547,000 of non-cash
expenses. The net loss for the quarter ended December 31, 2006 was $514,000
or $(0.02) per share, due to the U.S. military order and reduced levels of
non-cash share-based compensation expenses.
"We're off to a solid start to fiscal 2008 with improved revenues and gross
margin compared to the fourth quarter of fiscal 2007," remarked Tom Brown,
president and chief executive officer of American Technology Corporation.
"With new HSS? and NeoPlanar? directed sound product shipments as well
as scheduled deliveries of our LRAD-R? to L-3 Communications, LRAD
1000X? to the U.S. Navy and LRAD 500X? to the U.S. Army, we expect our
current quarter to improve over our first quarter reported today. We look
forward to discussing the financial results and business developments of
fiscal Q1 2008 during our February 15th conference call."
About American Technology Corporation
American Technology Corporation is Shaping the Future of Sound? by
providing directed audio solutions that place clear, highly intelligible
sound exactly where needed. ATC's Long Range Acoustic Device (LRAD?),
HyperSonic? Sound, and NeoPlanar? product lines make up the core of an
expanding portfolio of directed sound products and technologies. For more
information about ATC and its directed sound solutions please visit the
company's web site at www.atcsd.com.
Safe Harbor statement under the Private Securities Litigation Reform Act of
1995: Except for historical information contained herein, the matters
discussed are forward-looking statements within the meaning of Section 21E
of the Securities Exchange Act. 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, including but not limited to, the performance of our management
team, market acceptance of our directed sound technologies and products,
entry of competitors, the possibility our intellectual property protections
will not prevent others from marketing products similar to or competitive
with our products, potential technical or manufacturing difficulties that
could delay product deliveries or increase warranty costs, and other risks
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, 2007 and
Form 10-Q for the quarter ended December 31, 2007. American Technology
Corporation disclaims any intent or obligation to update those
forward-looking statements, except as otherwise specifically stated.
American Technology Corporation
Condensed Consolidated Balance Sheets
(000's omitted)
December 31,
2007 September 30,
(Unaudited) 2007
-------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 6,356 $ 6,415
Accounts receivable, net 1,276 938
Inventories, net 3,316 3,803
Prepaid expenses and other 314 259
-------------- --------------
Total current assets 11,262 11,415
Equipment, net 400 422
Patents, net 1,357 1,364
Deposits 58 58
-------------- --------------
Total assets $ 13,077 $ 13,259
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,169 $ 772
Accrued liabilities 1,469 871
-------------- --------------
Total current liabilities 2,638 1,643
Total stockholders' equity 10,439 11,616
-------------- --------------
Total liabilities and stockholders' equity $ 13,077 $ 13,259
============== ==============
American Technology Corporation
Condensed Consolidated Statements of Operations
(000's omitted except share and per share amounts)
(Unaudited)
For the three months ended
December 31,
2007 2006
============= =============
Total revenues $ 2,536 $ 3,904
Cost of revenues 1,382 1,948
------------- -------------
Gross profit 1,154 1,956
------------- -------------
Operating expenses:
Selling, general and administrative 2,030 2,012
Research and development 810 541
------------- -------------
Total operating expenses 2,840 2,553
------------- -------------
Loss from operations (1,686) (597)
------------- -------------
Other income (expense):
Interest income 71 116
Finance expense (109) (33)
------------- -------------
Total other income (38) 83
------------- -------------
Net loss $ (1,724) $ (514)
============= =============
Net loss per share of common stock - basic
and diluted $ (0.06) $ (0.02)
============= =============
Average weighted number of common shares
outstanding 30,535,207 30,089,640
============= =============
FOR FURTHER INFORMATION CONTACT:
Investor Relations:
Robert Putnam
(858) 676-0519Email Contact |
