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Technology Stocks : LRAD - Long Range Acoustic Device
LRAD 2.23+0.9%Dec 8 8:10 PM ESTNews

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From: Savant2/9/2017 12:41:31 AM
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SAN DIEGO, CA / ACCESSWIRE / February 8, 2017 / LRAD Corporation (NASDAQ: LRAD), the world's leading provider of acoustic hailing devices ("AHDs") and advanced mass notification systems, today announced financial results for its fiscal first quarter ended December 31, 2016.

Fiscal First Quarter 2017 Financial Summary

-- Revenues: Fiscal first quarter revenues were $2.9 million, compared to

$2.8 million reported in the fiscal first quarter of 2016.

-- The revenue increase was primarily due to 150% growth in U.S. and

international mass notification revenues and an AHD order for

perimeter safety and security for utility infrastructure.



-- Net Loss: The Company reported a net loss of $813,000, or $0.03 per share

for the fiscal first quarter of 2017, compared with a net loss of

$380,000, or $0.01 per share reported for the fiscal first quarter of

2016.

-- The net loss was due primarily to decreased gross margins as a

result of changes in product mix and $307,000 of non-cash

share-based compensation expense primarily due to a non-recurring

expense related to the departure of the Company's prior chief

executive officer.

-- In the fiscal first quarter of 2017, the Company reported a

$486,000 income tax benefit compared to $310,000 in the same

period of 2016.



-- Balance Sheet: Cash and cash equivalents increased by $1.5 million to

$15.0 million at December 31, 2016, compared to $13.5 million reported at

September 30, 2016.

-- Higher balances of cash and cash equivalents resulted from strong

cash generated from operations, particularly accounts receivable

collections.

-- Working capital totaled $22.6 million at December 31, 2016,

compared to $23.1 million at September 30, 2016.



"We had strong bookings in our first quarter, most notably from our mass notification products, where bookings exceeded full fiscal year 2016 mass notification revenues," remarked Richard S. Danforth, Chief Executive Officer of LRAD Corporation. "The superior performance of our mass notification products is being recognized as facility infrastructure safety and security orders fueled bookings and revenue growth in our energy and oil & gas business segment."

Select Fiscal First Quarter 2017 Operating and Business Highlights

-- Announced a $1.3 million award for multiple LRAD 360XT systems from one

of the largest oil and gas companies in Eurasia.

-- Received $1.1 million in LRAD mass notification and perimeter security

systems orders for critical infrastructure and other facilities in the

United States.

-- Honored by American Security Today with Platinum Awards recognizing the

LRAD 360X as "Best Mass Notification System" and the LRAD 100X as "Best

Long Range Acoustic Hailing System."

-- Expanded both the AHD and mass notification product lines with the

release of the LRAD 950RXL, the Company's latest addition to its award

winning AHD product line, and the LRAD 360XL-MID, the Company's first

mass notification system that incorporates LRAD's patent pending XL

driver technology.

"After several years of declining domestic defense spending, we expect U.S. defense budgets will increase under the new administration," added Danforth. "With growing global unrest and increasing interest in our long range, clear voice communication capabilities, we anticipate bookings across all LRAD product lines to remain robust throughout our fiscal year."

Webcast and Conference Call Details

Management will host a conference call to discuss fiscal first quarter 2017 financial results this afternoon at 4:30 p.m. E.T. To access the conference call, dial toll-free 888.567.1602, or toll/international at 862.255.5346. A webcast will also be available at the following link: webcaster4.com. 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@lradx.com.

About LRAD Corporation

Using advanced technology and superior voice intelligibility, LRAD Corporation's proprietary Long Range Acoustic Devices(R) and revolutionary ONE VOICE(R) mass notification systems are designed to enable users to safely hail and warn, inform and direct, prevent misunderstandings, determine intent, establish large safety zones, and resolve uncertain situations. LRAD systems are in service in more than 70 countries around the world in diverse applications, including mass notification and public address, fixed and mobile defense deployments, homeland, border, critical infrastructure, maritime, oil & gas, and port security, public safety, law enforcement and emergency responder communications, asset protection, and wildlife control and preservation. For more information, please visit lrad.com.

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