Financials & CC
LRAD Corporation Announces Fiscal Year 2010 Conference Call & Webcast
SAN DIEGO, CA, Nov 23, 2010 (MARKETWIRE via COMTEX) -- LRAD Corporation (LRAD)
will conduct a conference call and webcast to discuss the Company's fiscal year
2010 business and financial results on December 2, 2010 at 1:30 p.m. Pacific
Time. The Company is scheduled to issue its fiscal year 2010 financial results
after market close on December 1, 2010.
To access the conference call, please dial (866) 244-4530; the conference
participant code is 1499153. A question and answer session will be available to
dial-in callers after the speakers' presentation. The conference call will also
be available through the Webcast link below (listen-only mode):
WEBCAST LINK
event.on24.com
To participate, please dial-in/log-on at least 5 minutes prior to the scheduled
start time in order to download and install any necessary audio software and/or
to register for the call. Questions to management can be submitted prior to the
conference call by e-mailing them to: investor@lradx.com. The webcast will be
recorded and available for replay through the Webcast link above approximately 24
hours after the conference call. The replay will be available for approximately
thirty days.
==============
LRAD Corporation Reports Record Revenues and Profitable Results for Fiscal Year
2010
Company Reports Net Income of $0.10 per Share and Over $13 Million in 12-Month
Order Backlog; Strong Revenue Growth Forecast for Fiscal 2011
SAN DIEGO, CA, Dec 01, 2010 (MARKETWIRE via COMTEX) -- LRAD Corporation (LRAD),
the global leader in acoustic hailing devices (AHDs), today reported record
revenues of $16.7 million for the fiscal year ended September 30, 2010. The
reported record revenues did not include $607,000 in fiscal year 2010 HSS(R)
product sales that are accounted for in the Company's Annual Report on Form 10-K
(filed today) as discontinued operations due to the September 27, 2010 spinoff of
the HSS technology business to Parametric Sound Corporation.
In addition to record fiscal year revenues, accomplishments in fiscal 2010
included:
--Achieved profitability for the first time in the Company's history.
--Recorded a fourth consecutive fiscal year of record LRAD(R) systems
and services revenues.
--Achieved record Company revenues for the third straight fiscal year
and achieved positive cash flow from operations.
--Awarded a $6.6 million contract from the U.S. Navy for the Shipboard
Protection System ("SPS") Block 2 in a competitive bid. This award is
in addition to the $5.0 million contract the Company won in fiscal
2007 for the SPS Block 0, against which the Company is still receiving
orders.
--Awarded a $17.6 million LRAD systems and services contract, of which
$12.1 million in LRAD systems is scheduled for delivery to a military
service of a foreign government before March 31, 2011.
--Introduced two enhancements to the Company's product line, the LRAD
300Xi(TM) and LRAD 1000Xi(TM). These systems have fully integrated
electronics and offer end users a flexible option to the remotely
controlled LRAD 300X(TM) and LRAD 1000X(TM).
--Managed the balance sheet and controlled expenses while investing in
new product development and markets.
"We accomplished many of our goals for fiscal 2010 including changing our
corporate identity, spinning off the HSS technology business, growing our LRAD
business at a double digit rate and positioning the Company for significant new
domestic and foreign military sales," said Tom Brown, president and CEO of LRAD
Corporation.
Revenues from continuing operations for fiscal year 2010 increased 10% to $16.7
million, compared to $15.2 million for fiscal year 2009.
Gross profit for fiscal 2010 was $9.2 million or 55% of revenues, compared to
$7.4 million, or 49% of revenues for fiscal 2009. The gross profit margin was
favorably affected by increased LRAD system shipments and reduced product costs.
Operating expenses for fiscal 2010 decreased 13% to $6.7 million, compared to
$7.7 million in fiscal 2009. The decrease was primarily due to a $607,000
reduction in non-cash share-based compensation costs, a $355,000 decrease in
commission expense due to lower commissionable sales, and an $85,000 reduction in
professional services, offset by a $65,000 increase in product development
expense.
Net income from continuing operations for fiscal 2010 was $3.0 million, or $0.10
per share, compared to a net loss of $376,000, or $(0.01) per share, for fiscal
2009. Net income for fiscal 2010 included a $748,000 unrealized gain on
derivative revaluation and a $167,000 provision for income taxes. The profitable
results were due primarily to increased sales of the Company's higher margin
LRAD-X(R) products and systems and reduced operating expenses. In addition, the
Company recognized net losses from discontinued operations of $49,000 and
$667,000 for the fiscal years ended September 2010 and 2009, respectively from
the HSS technology business.
"We anticipate record first half and full year fiscal 2011 revenues and a fifth
consecutive year of double digit LRAD sales growth," Brown concluded. "We'll
discuss our fiscal year 2010 financial results and some of our fiscal 2011 LRAD
business prospects during our December 2nd conference call."
About LRAD Corporation LRAD Corporation's Long Range Acoustic Device(R) (LRAD(R))
directional sound systems are being used around the world in diverse applications
including, fixed and mobile military deployments, maritime security, critical
infrastructure and perimeter security, commercial security, border and port
security, law enforcement and emergency responder communications, and wildlife
preservation and control. For more information about LRAD Corporation and its
long-range directional sound systems, please visit the company's web site at
lradx.com.
Forward-looking Statements: Except for historical information contained herein,
the matters discussed are forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934. 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, 2010. LRAD
Corporation disclaims any intent or obligation to update those forward-looking
statements, except as otherwise specifically stated.
LRAD Corporation and Subsidiary
Condensed Consolidated Balance Sheets
(000's omitted)
September 30,
20102009
------------------------------
ASSETS
Current assets:
Cash and cash equivalents$5,421$5,103
Accounts receivable, net4,1881,433
Inventories, net2,7842,645
Prepaid expenses and other205195
Current assets of discontinued operations113452
------------------------------
Total current assets12,7119,828
Equipment, net124230
Patents, net278344
Deposits5858
Other assets of discontinued operations-554
------------------------------
Total assets$13,171$11,014
==============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$965$956
Accrued liabilities1,8151,931
Current liabilities of discontinued
operations5383
------------------------------
Total current liabilities2,8332,970
------------------------------
Total stockholders' equity10,3388,044
------------------------------
Total liabilities and stockholders' equity$13,171$11,014
==============================
LRAD Corporation and Subsidiary
Condensed Consolidated Statements of Operations
(000's omitted except share and per share amounts)
Years Ended September 30,
20102009
------------------------------
Revenues$16,694$15,218
Cost of revenues7,5207,832
------------------------------
Gross profit9,1747,386
------------------------------
Operating expenses:
Selling, general and administrative4,6605,703
Research and development2,0621,992
------------------------------
Total operating expenses6,7227,695
------------------------------
Income from operations2,452(309)
Other income74829
------------------------------
Income (loss) from continuing operations
before income taxes3,200(280)
Provision for income taxes(167)(96)
------------------------------
Income (loss) from continuing operations3,033(376)
Loss from discontinued operations, net of
taxes(49)(667)
------------------------------
Net income (loss)$2,984$(1,043)
==============================
Net income per common share - basic and
diluted:
Continuing operations$0.10$(0.01)
Discontinued operations$(0.00)$(0.02)
------------------------------
Total net income (loss) per common share
- basic and diluted$0.10$(0.03)
==============================
Weighted average common shares
outstanding:
Basic30,589,21230,537,424
==============================
Diluted31,111,33030,537,424
============================== |
