Company Achieves Record Fiscal Year Bookings with Order
SAN DIEGO, CA – August 23, 2018 – LRAD Corporation (NASDAQ: LRAD), a global leader in long-range voice broadcast systems, advanced mass notification and distributed recipient solutions, today announced an $11.0 million LRAD 500X systems and accessories order for the U.S. Army (“Army”). The combat-proven acoustic hailing devices (“AHDs”) will be deployed with active duty, reserve, and National Guard units for a variety of missions, including transportation security and military law enforcement.
“This is our largest domestic order to date, surpassing last year’s $6.0 million Army order,” noted Richard S. Danforth, Chief Executive Officer of LRAD Corporation. “This order is part of a larger AHD requirement and demonstrates the Army’s continuing commitment to supplying our soldiers with the best equipment and capabilities. Following delivery of this order, LRAD will have shipped more than 1,500 AHDs to the Army, which includes nearly 700 LRAD 500X systems under the current multi-year program.”
Rugged, compact and lightweight, the LRAD 500X is the Army’s AHD of choice due to its extended frequency range that ensures voice broadcasts and deterrent tones are clearly heard in any environment. The LRAD 500X easily mounts and transports to provide defense forces with unparalleled long-range communication and scalable, non-kinetic escalation of force.
“We achieved record annual bookings of $28.4 million in fiscal 2017,” Danforth continued. “With this order, we have surpassed last fiscal year’s record and we expect further bookings before the end of fiscal 2018.”
We include in this press release the Non-GAAP operational metric of bookings, which we believe provides helpful information to investors with respect to evaluating the Company’s performance. We consider bookings a leading indicator of future revenues and use this metric 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.
About LRAD Corporation
The Company’s proprietary Long Range Acoustic Devices®, advanced ONE VOICE® mass notification systems, and innovative Genasys™ mass messaging solutions are designed to enable users to safely hail and warn, inform 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 mass notification, defense, law enforcement and public safety, homeland and border security, critical infrastructure protection, fire rescue and emergency management, maritime and port security, and wildlife control and preservation. For more information, please visit www.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, 2017. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
E. Brian Harvey
Director, Investor Relations and Capital Markets