ENGLEWOOD, Colo., Jan. 4 /PRNewswire/ -- Laser Technology, Inc (Amex: LSR - news), a leading designer, manufacturer and marketer of pulse laser measuring systems for a variety of commercial and consumer applications, recently reported its financial results for the quarter and fiscal year ended September 30, 2001.
For the fiscal year ended September 30, 2001 the Company reported a net income of $409,113, or $.06 per diluted share, on net sales of $11,472,459. These results compared with net income of $341,412, or $.06 per diluted share, and net sales of $12,720,299 in FY 2000.
For the three months ended September 30, 2001, net sales totaled $2,690,096, versus net sales of $3,392,643 in the fourth quarter of the previous fiscal year. The Company reported net income of $ 211,675 or $0.04 per basic share, in the fourth quarter of FY2001, compared with net income of $96,930 or $0.02 per basic share, in the corresponding period of the prior year.
Net sales of Traffic Safety products decreased 17% from $8,332,207 in 2000 to $6,957,280 in 2001. North American Traffic Safety product sales increased 4% from $4,009,206 in 2000 to $4,162,020 in 2001, primarily due to a more experienced sales force producing greater revenue per salesperson. International Traffic Safety product sales decreased 35% from $4,323,001 in 2000 to $2,795,259 in 2001.
"Despite difficult economic times, LTI remained profitable. Although international sales were hurt by a continued strong dollar, which made the prices of foreign products more competitive, we strengthened our international presence by officially certifying Tele-Traffic (UK), in Warwick, England as a designated full service center for all of our traffic safety products. This is the first full service center with the ability to repair our traffic safety products outside of the United States. It reflects our effort to continuously provide the best support and service possible to our international customers.
In addition, the Micro Digi-Cam was introduced in our international markets. We anticipate a continuing positive acceptance of this product as law enforcement officials look for low-cost alternatives for providing visual evidence of speeding violations," commented Eric Miller, President and CEO of Laser Technology, Inc.
Royalty income earned in 2001, derived primarily from our agreement with Bushnell for sales of the Yardage Pro series of consumer laser rangefinders, increased approximately 8% from $959,015 in 2000 to $1,033,129 in 2001. The increase during 2001 was supported by the introduction of the new Yardage Pro Sport into the Bushnell product line and increased sales into the professional markets.
"We continue to maintain a solid stream of royalty income. This can partially be attributed to the release of the Yardage Pro Sport, our most recent co-developed product with Bushnell, which incorporates our proprietary ASIC chip. The ASIC has provided the ability to market the latest digital technology allowing exceptional performance at the lowest possible price," stated Mr. Miller.
Laser Technology, Inc. manufactures and markets laser-based speed and distance measuring instruments, which utilize proprietary technology developed by the Company. Its products are sold worldwide and are used in a wide variety of applications, including traffic speed enforcement, natural resource management, GIS mapping, surveying, consumer sporting/recreational activities, and industrial control systems. The Company's headquarters and primary manufacturing facilities are located in Englewood, Colorado.
The common stock of Laser Technology, Inc. is traded on the American Stock Exchange under the ticker symbol "LSR".
This press release includes statements that may constitute
"forward-looking" statements, usually containing the words "believe,"
"estimate," "project," "expect" or similar expressions.
These statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements.
Factors that would cause or contribute
to such differences include, but are not limited to, continued acceptance of
the Company's products in the marketplace, competitive factors, dependence
upon third-party vendors, and other risks detailed in the Company's periodic
report filings with the Securities and Exchange Commission.
By making these
forward-looking statements, the Company undertakes no obligation to update
these statements for revisions or changes after the date of this release.
For further information, please contact:
Maggie Urban-Phillips, Investor Relations at (303) 649-1000
or Elizabeth Hearty, Controller at (303) 649-1000
(Financial Highlights to Follow)
LASER TECHNOLOGY, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Twelve Months Ended
Sept. 30, Sept. 30,
2001 2000
Net sales $11,472,459 $12,720,299
Cost of sales 5,416,379 5,802,123
Gross profit 6,056,080 6,918,176
Royalty & licensing income 1,033,129 959,015
Operating expenses:
General & administrative expenses 6,769,882 7,361,190
Total operating expenses 6,769,882 7,361,190
Income (loss) from operations 319,327 516,001
Other income, net 203,400 59,211
Income (loss) before income taxes 522,727 575,212
Provision for income taxes 113,614 233,800
Net (loss) income $409,113 $341,412
Earnings (loss) per common share:
Basic $0.07 $0.07
Diluted $0.06 $0.06
Weighted average number of shares outstanding:
Basic 5,446,633 5,011,220
Diluted 6,401,833 5,642,720
LASER TECHNOLOGY, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended
Sept. 30, Sept.30,
2001 2000
Net sales $2,690,096 $3,392,643
Cost of sales 1,340,183 1,564,170
Gross profit 1,349,913 1,828,474
Royalty & licensing income 444,178 400,407
Operating expenses:
General & administrative expenses 1,637,874 2,059,241
Total operating expenses 1,637,874 2,059,241
Income (loss) from operations 156,217 169,639
Other income (expense), net 75,153 23,563
Income (loss) before income taxes 231,370 193,202
Provision for income taxes 19,695 96,272
Net (loss) income $211,675 $96,930
Earnings (loss) per common share:
Basic $0.04 $0.02
Diluted $0.03 $0.02
Weighted average number of shares outstanding:
Basic 5,710,867 5,011,220
Diluted 6,666,037 5,642,720
LASER TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
Sept. 30, Sept. 30,
2001 2000
Current Assets:
Cash and cash equivalents $1,641,586 $2,024,088
Investments (Note 2) --- 721,730
Accounts receivable, net 2,363,225 2,724,344
Income tax refund receivable -- ---
Royalties receivable 443,713 1,697
Inventories 4,493,440 3,096,862
Deferred income tax benefit --- 60,000
Prepaid expenses and other assets 194,423 83,254
Total current assets 9,136,387 8,740,902
Property and equipment, net 788,983 1,155,165
Long-term investments -- --
Other assets 1,068,559 967,146
TOTAL ASSETS $10,993,929 $10,863,213
Current Liabilities:
Accounts payable $593,271 $790,260
Accrued expenses 327,094 948,696
Current maturities of long-term debt 14,611 83,727
Total current liabilities 934,976 1,822,683
Long-term debt, less current maturities --- 14,364
Total liabilities 934,976 1,837,047
Stockholders' equity:
Common stock ($0.01 par value, 25,000,000
shares authorized, 5,235,867 and 5,244,201
shares issued and outstanding) 57,109 52,359
Additional paid-in capital 10,314,226 9,695,302
Stock Subscription Receivable -- ---
Treasury Stock, at cost, 224,650
and 224,650 shares (194,259) (194,259)
Retained earnings (118,123) (527,236)
Total stockholders' equity 10,058,953 9,026,166
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $10,993,929 $10,863,213