SAN DIEGO, Aug. 12, 2019 (GLOBE NEWSWIRE) -- LRAD Corporation (NASDAQ: LRAD), a critical communications company, today announced financial results for its fiscal third quarter and first nine months ended June 30, 2019.
Fiscal Third Quarter 2019 Financial Results
- Revenues were $8.9 million in the third quarter of fiscal 2019, the highest in any fiscal third quarter in the Company’s history. Third quarter fiscal 2018 revenues were $7.5 million.
- Gross margin was 51.9% for the third quarter of fiscal 2019, compared with 49.2% in the same period last year.
- Net income was $638,000, or $0.02 per diluted share, in the third quarter of fiscal 2019. This represents an increase of $718,000 over the net loss of $80,000, or $ (0.00) per share, for the third quarter of fiscal 2018.
“A 66% increase in public safety revenues over fiscal Q3 2018 and strong defense shipments fueled record fiscal third quarter revenue results,” said Richard S. Danforth, Chief Executive Officer of LRAD Corporation. “Bookings for the quarter were $10.4 million, an increase of more than $3 million from the third quarter of fiscal 2018.”
First Nine Months Financial Results
- Revenues were $29.2 million in the first nine months of fiscal 2019, an increase of 27% when compared with $23.0 million for the first nine months of fiscal 2018.
- Gross margin was 50.9% for the first nine months of fiscal 2019, compared with 50.8% in the same period last year.
- Net income was $2.9 million, or $0.09 per diluted share, in the first nine months of fiscal 2019, an increase of $4.2 million when compared with a net loss of $1.3 million, or $(0.04) per share, for the first nine months of fiscal 2018.
- Cash and cash equivalents totaled $11.3 million at June 30, 2019, up from $11.1 million at September 30, 2018.
“The $29.2 million in revenues is a Company record for any first nine-month fiscal year period and surpasses all previous total fiscal year revenue results,” continued Mr. Danforth. “Bookings for the fiscal first nine-months were strong at $20.9 million, up $1.4 million from the same period a year ago.”
Select Fiscal Third Quarter 2019 Operating and Business Highlights
- Received a $4.75 million maintenance agreement for AHDs deployed by the Indian Navy
- Announced $1.7 million in defense and homeland security orders
- Received $850,000 in international public safety notification and wildlife preservation orders
- Announced a $500,000 follow-on Canadian Army order
- Presented a Federal Emergency Management Agency (FEMA) webinar for emergency managers and demonstrated LRAD’s compatibility with FEMA’s Integrated Public Alert and Warning System (IPAWS)
- Installed LRAD public safety notification systems packaged with Genasys software in Mill Valley, CA
“For the fiscal 4th quarter, robust bookings and backlog have the Company on track for an increase in revenues over fiscal Q4 2018,” Mr. Danforth concluded. “Growth in public safety, emergency warning mass notification and defense orders is expected to drive further increases in bookings and backlog, positioning the Company for continued revenue growth through fiscal 2020 and beyond.”
We include in this press release Non-GAAP operational metric of bookings, which we believe provides helpful information to investors with respect to evaluating the Company’s performance. We consider bookings a leading indicator of future revenues and use this metric 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.
Webcast and Conference Call Details
Management will host a conference call to discuss fiscal third quarter 2019 financial results this afternoon at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). 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:
Questions to management may be submitted before or during the call by emailing them to: ir@LRAD.com.
A replay of the call will be available approximately four hours after the conference call and remain available for 90 days in the Investor section of the Company’s website at https://www.lradx.com/investors/events-presentations/.
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, notify and direct, prevent misunderstandings, determine intent, establish large safety zones, resolve uncertain situations, and protect lives.
LRAD systems are in service in 72 countries around the world in diverse applications, including public safety, mass notification, defense, law enforcement, homeland and border security, critical infrastructure protection, fire rescue, incident management, maritime and port security, and wildlife control and preservation. For more information, visit LRAD.com.
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.
Investor Relations Contacts
Jim Fanucchi and Satya Chillara
Darrow Associates, Inc.
|LRAD Corporation and Subsidiary|
|Condensed Consolidated Balance Sheets|
|June 30, 2019||September 30, 2018|
|Cash and cash equivalents||$||11,290||$||11,063|
|Short-term marketable securities||2,978||3,592|
|Accounts receivable, net||6,814||2,786|
|Prepaid expenses and other||759||3,091|
|Total current assets||28,624||27,670|
|Long-term marketable securities||1,500||1,201|
|Long-term restricted cash||435||340|
|Deferred tax assets, net||5,282||5,957|
|Property and equipment, net||2,358||2,449|
|Intangible assets, net||1,297||1,557|
|Prepaid expenses and other - noncurrent||124||241|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Notes payable, current portion||291||297|
|Total current liabilities||4,739||6,580|
|Notes payable, less current portion||34||53|
|Other liabilities, noncurrent||2,511||1,739|
|Total stockholders' equity||34,732||33,489|
|Total liabilities and stockholders' equity||$||42,016||$||41,861|
|LRAD Corporation and Subsidiary|
|Condensed Consolidated Statements of Operations|
|(000's omitted except share and per share amounts)|
|Three months ended||Nine months ended|
|June 30,||June 30,|
|Cost of revenues||4,262||3,815||14,351||11,319|
|Selling, general and administrative||2,713||2,904||7,939||7,610|
|Research and development||1,203||973||3,531||2,665|
|Total operating expenses||3,916||3,877||11,470||10,275|
|Income from operations||686||(178)||3,412||1,417|
|Other income and expense, net||70||24||126||74|
|Income before income taxes||756||(154)||3,538||1,491|
|Income tax expense||118||(74)||675||2,794|
|Net income (loss)||$||638||$||(80)||$||2,863||$||(1,303)|
|Net income (loss) per common share - basic and diluted||$||0.02||$||(0.00)||$||0.09||$||(0.04)|
|Weighted average common shares outstanding:|