Yesterday we published a Quarterly Update on LRAD Corp. (LRAD-NASDAQ), a California-based company marketing advanced sound technologies in the form of acoustic hailing devices (AHDs) capable of broadcasting intelligible speech, alarms, and other sounds at great distances. LRAD Corp. added to its already comprehensive portfolio with the launch of two new products in 2012, which are allowing the Company to pursue greater market opportunities in 2013. With annual FY 2012 sales of $14.8 million, LRAD Corp. has now achieved three consecutive years of profitability.
Highlights from the recently released Update are included below. To read the full 12-page report, please visit our Corporate Profile page on LRAD Corp.
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Fiscal year 2012 (ended September 30, 2012) was the third consecutive year of profitability for LRAD Corp. Despite an uncertain climate for defense investments and federal budgets over the past year, LRAD Corp. recorded FY 2012 revenues of $14.8 million, which included inaugural sales of the LRAD 2000X™ AHD for large security applications and the omnidirectional LRAD 360X™ for mass notifications and emergency communications. Previously, in FY 2011, the Company recorded revenues of $26.5 million, which included a one-time $12.1 million foreign government order.
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During FY 2012, LRAD Corp.’s U.S. revenues expanded by 19% over FY 2011, and the Company increased working capital by 12%.
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A September 2012 order from the U.S. Air National Guard for LRAD 100X™ systems marked the use of LRAD® systems by every major force of the U.S. Department of Defense.
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During fiscal 2013, LRAD Corp. is focusing on its international business while it continues to pursue domestic law enforcement and military sales opportunities. As well, continuing with the Company’s strategy of developing new AHD markets, LRAD Corp. plans to expand into the emergency/warning mass notification market with its recently released omnidirectional LRAD 360X™ systems during 2013.
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As of September 30, 2012, LRAD Corp. had cash and cash equivalents of nearly $13.9 million.
Additionally, on the heels of this Update, LRAD announced this morning that it has received a $1.4 million LRAD-RX systems order from an Asian company for commercial maritime shipping security installations. The LRAD-RX is the only remotely controlled AHD to have passed rigorous U.S. Navy testing and to be deployed on U.S. Navy vessels.