In my view the outlook for LRAD is good - even geopolitical instability could be viewed as increasing demand for mass notification and law enforcement technology. As far as valuation goes, with $21M in cash on the balance sheet and no debt, you could subtract that from the market cap in considering discounted cash flow valuation. At today's price of about $2.20 per share, with 34M shares outstanding, the market cap is about $75M. Subtract the $21M cash in hand and shareholders are valuing future cash flows at $54M for all time ahead. Trailing twelve months' earnings are $5M, and the outlook is to continue growing, even as competition comes in. I think today's valuations are quite low from this perspective, lumpy sales or not.
Put another way, this company is growing sales at over 100% per year in a growing global market, has no debt, and a P/E ratio at about 11 when you correct for cash on hand. It is the most compelling business investment I know of.
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