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LRAD..LRAD Corporation Reports Record Revenues and Profitable Results for Fiscal Year 2010

Posted 12/01/2010 04:30 PM ET


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LRAD L R A D Corporation * Top-Rated Company SAN DIEGO, CA, Dec 01, 2010 (MARKETWIRE via COMTEX) -- LRAD Corporation (LRAD), the global leader in acoustic hailing devices (AHDs), today reported record revenues of $16.7 million for the fiscal year ended September 30, 2010. The reported record revenues did not include $607,000 in fiscal year 2010 HSS(R) product sales that are accounted for in the Company's Annual Report on Form 10-K (filed today) as discontinued operations due to the September 27, 2010 spinoff of the HSS technology business to Parametric Sound Corporation.

In addition to record fiscal year revenues, accomplishments in fiscal 2010 included:



-- Achieved profitability for the first time in the Company's history.
-- Recorded a fourth consecutive fiscal year of record LRAD(R) systems
and services revenues.
-- Achieved record Company revenues for the third straight fiscal year
and achieved positive cash flow from operations.
-- Awarded a $6.6 million contract from the U.S. Navy for the Shipboard
Protection System ("SPS") Block 2 in a competitive bid. This award is
in addition to the $5.0 million contract the Company won in fiscal
2007 for the SPS Block 0, against which the Company is still receiving
orders.
-- Awarded a $17.6 million LRAD systems and services contract, of which
$12.1 million in LRAD systems is scheduled for delivery to a military
service of a foreign government before March 31, 2011.
-- Introduced two enhancements to the Company's product line, the LRAD
300Xi(TM) and LRAD 1000Xi(TM). These systems have fully integrated
electronics and offer end users a flexible option to the remotely
controlled LRAD 300X(TM) and LRAD 1000X(TM).
-- Managed the balance sheet and controlled expenses while investing in
new product development and markets.



"We accomplished many of our goals for fiscal 2010 including changing our corporate identity, spinning off the HSS technology business, growing our LRAD business at a double digit rate and positioning the Company for significant new domestic and foreign military sales," said Tom Brown, president and CEO of LRAD Corporation.

Revenues from continuing operations for fiscal year 2010 increased 10% to $16.7 million, compared to $15.2 million for fiscal year 2009.

Gross profit for fiscal 2010 was $9.2 million or 55% of revenues, compared to $7.4 million, or 49% of revenues for fiscal 2009. The gross profit margin was favorably affected by increased LRAD system shipments and reduced product costs.

Operating expenses for fiscal 2010 decreased 13% to $6.7 million, compared to $7.7 million in fiscal 2009. The decrease was primarily due to a $607,000 reduction in non-cash share-based compensation costs, a $355,000 decrease in commission expense due to lower commissionable sales, and an $85,000 reduction in professional services, offset by a $65,000 increase in product development expense.




http://www.investors.com/NewsAndAnalysis/Newsfeed/Article/122935677/201012011630/lrad-corporation-reports-record-revenues-and-profitable-results-forfiscal-year-2010.aspx