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SAN DIEGO, Feb. 12, 2019 (GLOBE NEWSWIRE) -- LRAD Corporation (NASDAQ: LRAD), a global leader in long range voice broadcast systems, advanced mass notification systems, and distributed recipient software solutions, today announced financial results for its fiscal first quarter ended December 31, 2018.
Fiscal First Quarter 2019 Financial Summary
• Revenues: Fiscal first quarter 2019 revenues totaled $10.2 million, compared to $7.6 million in fiscal first quarter 2018.
• Net Income/(Loss): The Company reported net income of $1.0 million, or $0.03 per basic and diluted share, in fiscal first quarter 2019, compared to a net loss of $1.7 million, or ($0.05) per basic and diluted share, in fiscal first quarter 2018.
• Balance Sheet: Cash and cash equivalents totaled $4.4 million at December 31, 2018, down from $11.1 million at September 30, 2018.
“Army deliveries propelled our record fiscal first quarter revenues and strong start to fiscal year 2019,” commented Richard S. Danforth, Chief Executive Officer of LRAD Corporation. “Cash used in the quarter to support record revenues has been replenished with $7.4 million in accounts receivable collected as of January 31, 2019. Bookings for the quarter were $6.9 million and backlog remained strong at $20.0 million.”
Select Fiscal First Quarter 2019 Operating and Business Highlights
“During the first fiscal quarter, U.S. Customs and Border Patrol special response teams deployed LRAD AHDs at a port of entry and we conducted several emergency mass notification demonstrations at the request of fire officials in California,” added Danforth. “As a result, we are working multiple border and public safety business opportunities in the state.”
Danforth concluded, “Extensive pipeline growth in both our AHD and Genasys mass notification business segments, strong bookings, and a robust backlog have the Company on track for fiscal year profitability and record revenues.”
We include in this press release Non-GAAP operational metrics of bookings and backlog, which we believe provide helpful information to investors with respect to evaluating the Company’s performance. We consider bookings and backlog as leading indicators of future revenues and use these metrics to support production planning. Bookings is an internal, operational metric that measures the total dollar value of customer purchase orders executed in a period, regardless of the timing of the related revenue recognition. Backlog is a measure of purchase orders received that have not been shipped, but are planned to ship within the next 12 months.
Webcast and Conference Call Details
Management will host a conference call to discuss fiscal first quarter 2019 financial results this afternoon at 4:30 p.m. E.T. To access the conference call, dial toll-free 888.390.3967, or international at 862.298.0702. A webcast will also be available at the following link: https://www.webcaster4.com/Webcast/Page/1375/29205.
A replay of the call will be available approximately four hours after the call concludes and remain available for 90 days at the aforementioned webcast link. Questions to management may be submitted before or during the call by emailing them to: email@example.com.
About LRAD Corporation
The Company's proprietary Long Range Acoustic Devices® and advanced Genasys™ mass notification systems and mobile alert solutions are designed to enable users to safely hail and warn, inform and direct, prevent misunderstandings, determine intent, establish large safety zones, resolve uncertain situations, and save lives.
LRAD systems are in service in 72 countries around the world in diverse applications including mass notification, defense, law enforcement, public safety, homeland and border security, critical infrastructure protection, fire rescue, incident management, maritime and port security, and wildlife control and preservation. For more information, please visit LRAD.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. These risks and uncertainties are 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, 2018. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
E. Brian Harvey
Director, Investor Relations and Capital Markets
|LRAD Corporation and Subsidiary|
|Condensed Consolidated Balance Sheets|
|Cash and cash equivalents||$||4,416||$||11,063|
|Short-term marketable securities||3,784||3,592|
|Accounts receivable, net||8,699||2,786|
|Prepaid expenses and other||954||3,091|
|Total current assets||26,959||27,670|
|Long-term marketable securities||900||1,201|
|Long-term restricted cash||340||340|
|Deferred tax assets, net||5,674||5,957|
|Property and equipment, net||2,363||2,449|
|Intangible assets, net||1,460||1,557|
|Prepaid expenses and other - noncurrent||241||241|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Notes payable, current portion||292||297|
|Total current liabilities||5,385||6,580|
|Notes payable, less current portion||52||53|
|Other liabilities, noncurrent||1,916||1,739|
|Total stockholders' equity||32,996||33,489|
|Total liabilities and stockholders' equity||$||40,349||$||41,861|
|LRAD Corporation and Subsidiary|
|Consolidated Statements of Operation|
|(000's omitted except share and per share amounts)|
|Three months ended|
|Cost of revenues||5,088||3,671|
|Selling, general and administrative||2,751||2,188|
|Research and development||1,048||778|
|Total operating expenses||3,799||2,966|
|Income from operations||1,290||991|
|Income before income taxes||1,329||1,026|
|Income tax expense||283||2,709|
|Net Income (loss)||$||1,046||$||(1,683||)|
|Net income (loss) per common share - basic and diluted||$||0.03||$||(0.05||)|
|Weighted average common shares outstanding:|