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Message: Nov 21 PR
LRAD® Corporation Reports Fiscal Year 2013 Financial Results
Strong Fourth Quarter Revenues Drive Year-Over-Year Revenue Growth of 16%
SAN DIEGO, CA - November 21, 2013 - LRAD Corporation (NASDAQ: LRAD), the world’s leading provider of long range acoustic hailing devices (AHDs), today reported financial results for the fourth quarter and fiscal year ended September 30, 2013.
Fourth Quarter 2013 Highlights
- Revenue: Fourth quarter 2013 revenue grew by $3.1 million or 56% to $8.8 million, compared to $5.6 million of revenue generated in the fourth quarter of 2012.
- Net Income: Net Income of $2.9 million, or $0.09 per diluted share, was more than double the $1.2 million, or $0.04 per diluted share, reported during the fourth quarter of 2012.
Fiscal Year 2013 Financial Highlights
- Revenue: Revenues for fiscal year 2013 were $17.1 million, up 16% from $14.8 million reported for fiscal year 2012.
- Net Income: Net income totaled $1.3 million, or $0.04 per diluted share, in fiscal year 2013, down 14% from net income of $1.5 million, or $0.04 per diluted share in fiscal year 2012. The decrease in net income was the result of increased legal and other professional fees related to a lawsuit and potential proxy contest during fiscal year 2013 and increased commission expense to the Company’s international partners.
- Balance Sheet: Cash totaled $15.8 million at September 30, 2013, an increase of $1.9 million from the $13.9 million reported at September 30, 2012. Working Capital increased to $23.7 million from $21.3 million over the same period. The Company maintained no debt at fiscal year end.
"We were extremely pleased that we were able to finish the year strong, with 51% of our revenues for fiscal 2013 reported in Q4," commented Tom Brown, President and CEO of LRAD Corporation. "In particular, our emphasis on growing international markets proved successful as international revenues grew by 84% to almost $10 million during fiscal year 2013, representing over 58% of net revenues."
Select Operating and Business Highlights
- Achieved the fourth consecutive year of profitability, the first four profitable years in the Company’s history, despite challenging global market conditions, ongoing United States defense budget uncertainty, and sequestration which reduced U.S. government purchases of LRAD products by 35% compared to fiscal 2012.
- Successfully increased revenues into international markets by 84% in fiscal 2013 compared to fiscal 2012.
- Established a new reseller and eventual manufacturing arm for the government market in China. Revenues into China increased by $1.1 million in fiscal 2013 compared to fiscal 2012.
- Expanded distribution channels by signing new third party sales representatives, primarily in Central and South American territories.
- Received a $12.2 million award with the U.S. Navy in a competitive bid scenario which once again confirms LRAD products as the "best in class" AHDs. Delivered $2.0 million on this contract during fiscal Q4.
- Expanded the business development team from a total of 5 to 7 people at September 30, 2013, including new management personnel, and reorganized our business development team into geographic markets of responsibility.
- Expanded our product offering in the worldwide mass notification market. Introduced the LRAD 360X in late fiscal 2012, resulting in revenues of $882,000 in fiscal 2013. During fiscal 2013 we added several additional product configurations, and introduced the LRAD 360Xm, a smaller version of the LRAD 360X, subsequent to fiscal year 2013 end.
"Despite the continued sequestration and U.S. defense budget headwinds, we believe our focus on new geographic markets and the fast growing worldwide public safety and mass notification markets will continue to drive opportunity and growth for us in fiscal 2014," concluded Mr. Brown.
Webcast and Conference Call Details
Management will host a conference call to discuss fourth quarter and fiscal year 2013 financial results this afternoon at 4:30 p.m. ET. The conference call can be accessed by dialing toll-free at 888-567-1602, or toll/international at 862-255-5346. A webcast will also be available at the following link: http://www.visualwebcaster.com/event.asp?id=97010. A replay of the call will be available two hours after the airing of the call, and available for 90 days at the aforementioned webcast link. Questions to management may be submitted during the call by emailing them to: [email protected].
About LRAD Corporation
LRAD Corporation is using long range communication to peacefully resolve uncertain situations and save lives on both sides of its proprietary Long Range Acoustic Device®. LRAD® systems are in service in more than 60 countries 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, emergency warning and mass notification, asset protection and wildlife preservation and control. For more information about the Company and its LRAD systems, please visit www.lradx.com.
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