LRAD Corporation to Report $2.2 Million in Fiscal Q1 2011 Revenues and Over $7.0
Million of LRAD(R) Systems Order in Transit
Company on Track to Report Record First Half Fiscal 2011 Revenues
SAN DIEGO, CA, Jan 11, 2011 (MARKETWIRE via COMTEX) -- LRAD Corporation (LRAD),
the global leader in acoustic hailing devices (AHDs), announced today that it
expects to report fiscal Q1 2011 revenues of $2.2 million with an additional $7.2
million of LRAD(R) systems in transit (FOB destination) for the period ended
December 31, 2010. The Company also announced that it is on track to report
record first half fiscal year revenues with $12.8 million in back orders as of
December 31, 2010, which includes the $7.2 million in transit, scheduled for
delivery and receipt prior to March 31, 2011.
"As we have previously indicated, we're on pace to report record first half and
full fiscal year revenues," remarked Tom Brown, president and CEO of LRAD
Corporation. "In addition to the $2.2 million in revenues we expect to report for
fiscal Q1 2011, we built $7.2 million of LRAD systems that are in transit to an
international customer. This revenue will be recognized this quarter (fiscal Q2
2011)."
"We are scheduled to build and ship the balance of the $12.8 million in LRAD back
orders along with other U.S. and international orders this quarter," Brown
concluded. "In spite of the budget uncertainty for near-term domestic defense
spending, we anticipate continued strong financial performance and major revenue
growth this fiscal year."
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.
SOURCE: LRAD Corporation |
