LRAD® Corporation Reports 2019 Fiscal Second Quarter and First Half Results
07 Mai 2019 - 10:01PM
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
- Revenues: Fiscal
second quarter 2019 revenues totaled $10.2 million, compared to
$7.9 million in fiscal second quarter 2018.
- Acoustic Hailing Device (“AHD”)
shipments increased 21%.
- Genasys™ contributed $545,000 in
revenue during the period.
- Revenues from the Company’s
Americas sales region increased 79% to $9.0 million.
- Net Income: The
Company reported net income of $1.2 million, or $0.04 per basic and
diluted share, in fiscal second quarter 2019, compared to net
income of $461,000, or $0.01 per basic and diluted share, in fiscal
second quarter 2018.
- Gross profit margin was 50.9%,
compared to 51.3% in the prior fiscal second quarter, largely due
to an increase in manufacturing overhead expenses to support
increased sales.
- Operating expenses increased
$323,000, or 9%, from fiscal second quarter 2018, primarily due to
increased investment in hardware and software development.
- Net income of $1.2 million was an
improvement of $718,000 from the same period a year ago. The
improved results reflected higher quarterly sales.
Six Months Ended March 31, 2019
Financial Summary
- Revenues: Revenues increased 31% for the six
months ended March 31, 2019 to $20.4 million, up from $15.5 million
reported during the same period in fiscal 2018. The increase was
primarily due to higher domestic revenues, particularly from the
United States Army.
- Net Income/(Loss): For the six months ended
March 31, 2019, the Company reported net income of $2.2 million, or
$0.07 per basic and diluted share, compared to a net loss of $1.2
million, or ($0.04) per basic and diluted share, reported during
the same period in fiscal 2018.
- Net income in the first six months was an improvement of $3.4
million over the net loss in the prior fiscal year period.
- The improved results were largely due to the $2.5 million tax
expense in fiscal year 2018 from the remeasurement of the Company’s
deferred tax assets as a result of tax reform, and higher fiscal
year 2019 sales.
- Balance Sheet:
Cash and cash equivalents totaled $7.7 million at March 31, 2019,
down from $11.1 million at September 30, 2018.
- Lower cash and cash equivalents
were due largely to working capital requirements to support
increased sales in the fiscal second quarter and anticipated sales
in fiscal year 2019.
- The Company used $2.2 million for
stock repurchases in the first half of fiscal 2019 under its 2018
and 2019 share buyback plans.
- At March 31, 2019, working capital
totaled $22.1 million, compared to $21.1 million at September 30,
2018. The increase in working capital was primarily due to the net
income from operations in the first six months of fiscal 2019.
“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
- Received $700,000 in domestic and international AHD law
enforcement orders
- Received $1.2 million in international and domestic AHD naval
orders
- Announced an order from a California city for Genasys public
safety mass notification systems and software
- Repurchased 200,000 shares at an average of $2.75 per share
under the Company’s new $5.0 million share buyback program
“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 HarveyDirector, Investor Relations and
Capital Markets858.753.8974 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 |
|
|
|
|
|
|
|
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