The Global Leader in Long Range Acoustic Hailing Devices

LRAD® Corporation Reports Record Fiscal First Quarter Revenues

Fiscal First Quarter 2018 Highlights:
  • Revenues of $7.6 million, an increase of 159% compared to the first fiscal quarter of 2017
  • Operating income of $1.0 million, an increase of $2.3 million compared to the first fiscal quarter of 2017
  • Gross profit margin improved 25% over the first fiscal quarter of 2017

SAN DIEGO, CA – February 8, 2018 – LRAD Corporation (NASDAQ: LRAD), the global leader in acoustic hailing devices (“AHDs”) and advanced mass notification systems today announced financial results for the fiscal first quarter ended December 31, 2017.

Fiscal First Quarter 2018 Financial Summary
  • Revenues: Fiscal first quarter 2018 revenues totaled $7.6 million, compared to $2.9 million reported in same period of fiscal 2017.

    • The 159% increase in revenues was driven by increases of 297% in mass notification system sales and 128% in AHD sales.
    • Revenues increased in all of the Company’s geographic sales regions, led by a $4.5 million improvement in the Americas, to $6.1 million, versus $1.6 million for the same period a year ago.
  • Operating Income: Operating income was $1.0 million for the quarter ended December 31, 2017, compared to an operating loss of $1.3 million for the same quarter in the prior fiscal year.
    • Gross profit improved to $4.0 million in the fiscal first quarter of 2018, compared to $1.2 million in the fiscal first quarter of 2017, primarily due to higher sales and better fixed overhead absorption.
  • Net Loss:In connection with the recent passage of the U.S. “Tax Cuts and Jobs Act”, the Company recorded non-cash tax charges of $2.7 million related to a $2.5 million re-measurement of the Company’s Federal net deferred tax assets at the new lower statutory rate, and $0.2 million in quarterly income tax expense. As a result, the Company reported a net loss of $1.7 million, or $0.05 per share, for the fiscal first quarter of 2018, compared with a net loss of $0.8 million, or $0.03 per share, for the fiscal first quarter of 2017.