ENGLEWOOD, Colo., Feb. 14 /PRNewswire-FirstCall/ -- Laser Technology, Inc. (Amex: LSR - news), a leading designer, manufacturer and marketer of pulse laser measuring systems, today reported operating results for the first quarter of its 2002 fiscal year.
For the three months ended December 31, 2001, total revenues increased 2% to $2,466,079 from $2,409,642 realized in the first quarter ended December 31, 2000. The Company reported a net loss of $110,604 in the quarter ended December 31, 2001, or a loss of $.02 per share, compared to a net loss of $88,301, in the corresponding period of the prior year, or $.02 loss per share.
Sales of Traffic Safety products increased 5% to $1,652,523 from $1,574,586 realized in the prior year first quarter. North American sales increased 18% to $938,851 from $796,767, while International sales of Traffic Safety products declined 8% to $713,673 from $777,819. Increased domestic sales comparisons this year reflected the contribution of sales of our Angle Encoder product, which were absent in the quarter ended December 31, 2000, due to the difficulty in securing certain product components. The decrease in International sales reflects a lower demand due to the buying cycles of certain governments and the unanticipated delay in market acceptance of our new MicroDigicam which was developed to replace our higher cost, lower margin Digicam system.
"Success in a more competitive and economically challenged international market requires a continued, focused effort. Recently the Company has increased its promotion of our products in overseas markets. Our distribution channels are being re-evaluated, changes are being made where necessary, and a restructuring of the international sales force has taken place. These adjustments should allow LTI added opportunities abroad," stated Arnie Clarke, Director of International Sales.
Sales of Survey and Mapping products declined 17% to $546,767 in our first quarter fiscal year 2001 as compared to $661,153 realized a year earlier. North American sales declined 27% to $295,511 from $405,494. In management's opinion the decline was due primarily to the downturn of the domestic economy which slowed private spending coupled with a reduction in government purchases. International sales decreased 2% to $251,256 from $255,659. International sales remained relatively steady due to continued market acceptance of our products.
"Domestic sales of our Survey and Mapping products have been impacted by the slowdown in the U.S. economy," stated Eric A. Miller, President and CEO of Laser Technology, Inc. "However, Traffic Safety sales increased as government spending continues to support traffic management programs which promote highway safety and law enforcement contact with the motoring public," concluded Mr. Miller.
Royalty and licensing income totaled $221,710 in the quarter ended December 31, 2001 compared with $252,732 in the year-earlier period, representing a 12% decrease. The decline is attributed to higher sales of lower priced laser rangefinders.
The Company reported total operating expenses decreased 2% to $1,685,795 in its most recent quarter, versus $1,724,647 for the quarter ended December 31, 2000.
"The decrease in operating expenses is primarily due to lower sales and marketing expenses. We are pleased that total operating expenses as a percentage of net sales decreased to 68% from 72% for the first quarter of fiscal year 2001," commented Eric Miller.
In June 2001, the FASB issued SFAS 142, Goodwill and Other Intangible Assets. The adoption of SFAS 142 resulted in a write down of patents of $14,945. Accordingly, income before changes in accounting estimates did not change, net income decreased by $14,945, basic earnings per share did not change, and diluted earnings per share decreased by $0.01.
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, sporting/recreational activities, and industrial process control. The Company's headquarters and primary manufacturing facilities are located in Englewood, Colorado, and its common stock is traded on the American Stock Exchange under the ticker symbol "LSR".
This press release includes statements which may constitute
"forward-looking" statements, usually containing the words "believe",
"project", "expect" or similar expressions.
Any forward-looking statements in
this release are made pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995.
Investors are cautioned that
forward-looking statements inherently involve risks and uncertainties that
could cause actual results to differ materially from such forward-looking
statements.
Factors that could cause or contribute to such differences
include, but are not limited to, continued acceptance of the Company's
products and services in the marketplace, competitive factors, new products
and technological developments, 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
Or
Elizabeth Hearty, Controller and Corporate Secretary
At (303) 690-5874
LASER TECHNOLOGY, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended
December 31, December 31,
2001 2000
Net Sales $2,446,079 $2,409,642
Less Cost of Goods Sold 1,188,354 1,120,431
Gross Profit 1,277,725 1,289,211
Royalty & Licensing Income 221,710 252,732
Total Operating Income 1,499,435 1,541,943
Operating Expenses 1,685,795 1,724,647
Income (Loss) From Operations (186,360) (182,704)
Other Income (Expense), Net 28,487 44,734
Income (Loss) Before Changes In
Accounting Estimate (157,873) (137,970)
Changes In Accounting Estimate
Income (Expense) (14,945)
Income (Loss) Before Income Taxes (172,818) (137,970)
Income Tax Benefit (62,214) (49,669)
Net Income (Loss) $(110,604) $(88,301)
Basic Earnings (Loss) Per
Common Share $(0.02) $(0.02)
Weighted Avg. Shares Outstanding 5,710,867 5,417,582
Diluted Earnings (Loss) Per $(0.02) $(0.02)
Common Share
Diluted Avg. Shares Outstanding 6,666,067 5,835,248
LASER TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, September 30,
2001 2001
Current Assets:
Cash and cash equivalents $2,331,888 $1,641,586
Trade accounts receivable, less allowance
For doubtful accounts of $60,429 and
$55,228 at December 31, 2001 and
September 30, 2001 respectively 1,915,097 2,363,225
Royalties receivable 221,102 443,713
Inventories 4,166,805 4,493,440
Prepaids and other current assets 115,401 186,017
Income tax prepayment 8,406 8,406
Total current assets $8,758,699 $9,136,387
Property and equipment, net of accumulated
Depreciation and amortization 689,849 788,983
Long-term investments 0 0
Other assets 1,051,980 1,068,559
TOTAL ASSETS $10,500,528 $10,993,929
Current Liabilities:
Accounts payable $441,701 $593,271
Accrued expenses 101,922 327,094
Current maturities of long-term debt 8,555 14,611
Total current liabilities $552,178 $934,976
Long-term debt, less current maturities 0 0
Total Long Term Liabilities 0 0
Total Liabilities $552,178 $934,976
Shareholders' equity:
Preferred stock, $0.01 par value -- shares
authorized 2,000,000; shares issued -- none
Common stock, $.01 par value -- shares
authorized 25,000,000;
shares issued 5,710,867 57,109 57,109
Additional paid-in capital 10,314,226 10,314,226
Treasury stock at cost (224,650 shares) (194,259) (194,259)
Retained earnings (228,726) (118,123)
Total stockholders' equity 9,948,350 10,058,953
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $10,500,528 $10,993,929