LRAD Corporation (LRAD) announced on February 7th its Fiscal Q1 2012 results:
- Revenues of $3.6 million and net income of $314,000, or $0.01 per diluted share, for its first fiscal quarter ended December 31, 2011.
- Revenues for fiscal Q1 2012 increased 64% from $2.2 million recorded in fiscal Q1 2011. The increase was primarily attributable to orders into growing commercial markets and deliveries on an order to the U.S. Navy.
- Gross profit for fiscal Q1 2012 was $1.7 million, or 48% of revenues, compared to $992,000, or 45% of revenues, for the same period a year ago. The increase was primarily due to increased revenue and fixed overhead absorption, partially offset by increased cost related to the amortization of prepaid expenses to support the large military sale in fiscal 2011.
- Operating expenses for fiscal Q1 2012 were relatively flat compared to the same period in the prior year at $1.4 million. Decreases of $77,000 for bad debt expense and $13,000 for travel expense and other reductions were offset by increases of $28,000 primarily for business development personnel, $26,000 for non-cash share-based compensation expense, $20,000 for increased audit and legal fees, and $20,000 for commission expense for third party sales representatives.
- Net income for fiscal Q1 2012 was $314,000, or $0.01 per diluted share, compared to a net loss of $355,000, or $(0.01) per share, for the same period last year. The increase was primarily the result of higher revenues and gross margin.
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15378 Avenue of Science, Suite 100
San Diego, CA 92128 USA
LRAD Corp. (LRAD) develops and markets long-range acoustic hailing devices (AHDs) that are designed to improve the delivery and intelligibility of audio broadcasts. The Company’s Long Range Acoustic Device® (LRAD®) technology uses advanced sound reproduction technologies and novel acoustic materials to broadcast authoritative and highly intelligible instructions, warnings, alarms, and other sounds over several miles.
LRAD® improves upon traditional speaker systems and megaphones by directing sound only where needed. Similar to a spotlight, which produces an intense beam of targeted light, each LRAD® system delivers a focused, directional audio broadcast. The beam width, frequency range, and maximum continuous output of LRAD® devices can be adjusted to target individuals, small groups, and large crowds at various ranges.
LRAD Corp.’s versatile product portfolio has a broad range of applications, including military, wildlife and asset protection, public safety/law enforcement, and commercial security.
LRAD Corp. believes that its largest market opportunity is with the U.S. military. The Company is working with Kongsberg Gruppen ASA (KOG-OSE)—a global military and defense contractor—to develop Common Remotely Operated Weapon Stations (CROWS) that provide soldiers escalation of force options and the ability to communicate to targets (via LRAD®) from within the safety of their armored vehicles.
2. Commercial Security
The Company’s LRAD® products can help secure perimeters and protect infrastructure both on land and at sea. In the maritime setting, LRAD® technology has been used to secure ports and waterfront perimeters as well as to protect personal vessels and cruises ships against pirate attacks and other threats. To date, LRAD® products have been used by the U.S. Navy, the South Korean Navy, and luxury cruise liners, among others, to successfully repel pirate attacks.
3. Law Enforcement
LRAD® can be a critical part of the layered defense/escalation of force strategy for law enforcement and government agencies trying to control protests, riots, or other large crowd scenarios. LRAD products were used for public safety in widely publicized events such as the G20 Summit in Pittsburgh during 2009 and the Occupy Wall Street movement in New York and Los Angeles in late 2011.