SAN DIEGO, May 07, 2019 (GLOBE NEWSWIRE) -- LRAD Corporation (NASDAQ: LRAD), a global leader in long range voice broadcast systems and advanced mass notification solutions, today announced financial results for its fiscal second quarter and first six months ended March 31, 2019.
Fiscal Second Quarter 2019 Financial Summary
Six Months Ended March 31, 2019 Financial Summary
“Defense, law enforcement and public safety mass notification sales were the principal drivers of our fiscal second quarter and first half revenue and earnings growth,” commented Richard S. Danforth, Chief Executive Officer of LRAD Corporation. “Of note in fiscal second quarter, demonstrations in California of our satellite-connected Genasys voice broadcast and emergency warning solutions resulted in a city ordering Genasys systems and software to replace its siren-only installations.”
Select Fiscal Second Quarter 2019 Operating and Business Highlights
“At the request of fire officials and emergency managers in California, we are continuing to demonstrate our Genasys multi-modal systems and critical communication solutions,” Danforth added. “Orders are projected from many of the emergency warning and public safety opportunities we are working in the state and in other domestic and international regions.”
“Fiscal second half sales are expected to remain strong for defense, law enforcement and public safety mass notification applications,” concluded Danforth. “Record first half revenues and anticipated increases in bookings and backlog have the Company well-positioned for profitability and record fiscal year 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 second 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/1375/30294.
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: investor@lrad.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, notify 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 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.
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.
Company Contact
E. Brian Harvey
Director, Investor Relations and Capital Markets
858.753.8974
ebharvey@lrad.com
| LRAD Corporation and Subsidiary | |||||
| Condensed Consolidated Balance Sheets | |||||
| (000's omitted) | |||||
| March 31, | |||||
| 2019 | September 30, | ||||
| (unaudited) | 2018 | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 7,723 | $ | 11,063 | |
| Short-term marketable securities | 3,109 | 3,592 | |||
| Restricted cash | 390 | 404 | |||
| Accounts receivable, net | 6,757 | 2,786 | |||
| Inventories, net | 8,306 | 6,734 | |||
| Prepaid expenses and other | 688 | 3,091 | |||
| Total current assets | 26,973 | 27,670 | |||
| Long-term marketable securities | 1,695 | 1,201 | |||
| Long-term restricted cash | 340 | 340 | |||
| Deferred tax assets, net | 5,400 | 5,957 | |||
| Property and equipment, net | 2,484 | 2,449 | |||
| Goodwill | 2,365 | 2,446 | |||
| Intangible assets, net | 1,356 | 1,557 | |||
| Prepaid expenses and other - noncurrent | 123 | 241 | |||
| Total assets | $ | 40,736 | $ | 41,861 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 1,228 | $ | 3,083 | |
| Accrued liabilities | 3,334 | 3,200 | |||
| Notes payable, current portion | 286 | 297 | |||
| Total current liabilities | 4,848 | 6,580 | |||
| Notes payable, less current portion | 34 | 53 | |||
| Other liabilities, noncurrent | 2,083 | 1,739 | |||
| Total liabilities | 6,965 | 8,372 | |||
| Total stockholders' equity | 33,771 | 33,489 | |||
| Total liabilities and stockholders' equity | $ | 40,736 | $ | 41,861 | |
| LRAD Corporation and Subsidiary | ||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||
| (000's omitted except share and per share amounts) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three months ended | Six months ended | |||||||||||
| March 31, | March 31, | |||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||
| Revenues | $ | 10,192 | $ | 7,868 | $ | 20,369 | $ | 15,497 | ||||
| Cost of revenues | 5,001 | 3,832 | 10,089 | 7,503 | ||||||||
| Gross profit | 5,191 | 4,036 | 10,280 | 7,994 | ||||||||
| Operating expenses: | ||||||||||||
| Selling, general and administrative | 2,475 | 2,518 | 5,227 | 4,706 | ||||||||
| Research and development | 1,280 | 914 | 2,328 | 1,692 | ||||||||
| Total operating expenses | 3,755 | 3,432 | 7,555 | 6,398 | ||||||||
| Income from operations | 1,436 | 604 | 2,725 | 1,596 | ||||||||
| Other income and expense, net | 17 | 15 | 57 | 49 | ||||||||
| Income before income taxes | 1,453 | 619 | 2,782 | 1,645 | ||||||||
| Income tax expense | 274 | 158 | 557 | 2,867 | ||||||||
| Net income (loss) | $ | 1,179 | $ | 461 | $ | 2,225 | $ | (1,222 | ) | |||
| Net income (loss) per common share - basic and diluted | $ | 0.04 | $ | 0.01 | $ | 0.07 | $ | (0.04 | ) | |||
| Weighted average common shares outstanding: | ||||||||||||
| Basic | 32,584,952 | 32,275,647 | 32,738,871 | 32,212,286 | ||||||||
| Diluted | 33,077,255 | 33,299,206 | 33,272,164 | 32,212,286 | ||||||||