American Technology Corporation (ATC) (NASDAQ: ATCO), the innovator
and distributor of the Long Range Acoustic Device(TM) (LRAD®)
product line, today reported record revenues of $15.8 million for
the fiscal year ended September 30, 2009, an increase of 41% over
fiscal 2008. The record revenues were driven by a 57% increase in
LRAD sales that totaled $14.3 million, compared to $9.2 million for
the prior year.
In addition to record fiscal year revenues, accomplishments in
fiscal 2009 included:
-- Established the LRAD brand as the premier acoustic hailing device while
opening new markets and applications for LRAD products and systems
including law enforcement and wildlife preservation and control.
-- Generated positive cash flow from operating activities for the first
time in the Company's history. Cash generated from operating activities
was $2.6 million.
-- Reduced net loss by $5.4 million, or 84%, from the prior year to a net
loss of $1.0 million.
-- On a non-GAAP basis, excluding the cost of non-cash share-based
compensation expense, fiscal 2009 generated non-GAAP net income of
$520,000, compared to a non-GAAP net loss of $4.1 million in fiscal
2008.
-- Expanded LRAD sales within the U.S. Military and to international naval
forces around the world to support the international fight against
escalating piracy and terrorist threats.
-- Developed and launched the LRAD 300X(TM) to meet customer
requirements for installations on small vessels and small manned
and unmanned vehicles and aircraft. The 300X is receiving strong
initial market acceptance.
-- Managed the balance sheet and reduced operating expenses while
continuing to invest in new product development and markets.
"We believe fiscal 2009 was a turning point for American
Technology as we grew LRAD sales for the third consecutive year and
achieved positive cash flow," said Tom Brown, president and CEO of
ATC. "Since the introduction of our LRAD-X® product line in March
2008, we have experienced a trend of strong revenue growth and
significantly improved financial results."
Gross profit for fiscal 2009 was $7.5 million or 47% of
revenues, compared to a gross profit of $4.4 million, or 39% of
revenues for fiscal 2008. Increased sales, increased fixed
absorption and lower production costs on the LRAD-X product line,
following higher start-up productions costs in fiscal 2008 when the
product line was launched, contributed to the improved gross
margin.
Operating expenses for fiscal 2009 decreased by 22% to $8.5
million, compared to $10.9 million in fiscal 2008. The decrease is
primarily due to $765,000 in reduced research and development
expense following an increase in fiscal 2008 for the development
and launch of the LRAD-X product line, $819,000 in reduced
staffing, $750,000 in decreased non-cash share-based compensation
expense, $416,000 in decreased legal, audit and accounting fees,
and reduced patent impairments of $281,000, offset by an increase
of $844,000 for bonuses and related payroll taxes based on meeting
Company performance targets.
Net loss for fiscal 2009 decreased 84% to $1.0 million, or
$(0.03) per share, compared to $6.4 million, or $(0.21) per share,
for fiscal 2008. The decrease in net loss was due primarily to
increased sales of the Company's higher margin LRAD-X products and
systems and reduced operating expenses. On a non-GAAP basis,
excluding the cost of non-cash share-based compensation expense of
$1.5 million, fiscal 2009 resulted in non-GAAP net income of
$520,000, compared to a non-GAAP net loss of $4.1 million in fiscal
2008 after excluding $2.3 million of non-cash share-based
expense.
"We anticipate strong revenues this quarter (fiscal Q1 2010) and
expect a fourth consecutive year of LRAD sales growth, and record
financial results," Brown concluded. "We'll discuss our fiscal year
2009 results and our growing LRAD business during our December 2nd
conference call."
About American Technology Corporation
American Technology Corporation is providing directed audio
solutions that place clear, highly intelligible sound exactly where
needed. ATC's Long Range Acoustic Device(TM) (LRAD®) and other
directed sound technologies comprise the core of an expanding
portfolio of products being used around the world in diverse
applications including, global military deployments, maritime
security, critical infrastructure and commercial security, border
and port security, law enforcement and emergency responder
communications, and wildlife preservation and control. For more
information about ATC and its directed sound products, please visit
the company's web site at www.atcsd.com.
Non-GAAP Financial Measure
In addition to disclosing financial measures prepared in
accordance with Generally Accepted Accounting Principles (GAAP),
this press release contains a non-GAAP financial measure: non-GAAP
net income (loss). The presentation of this financial information
is not intended to be considered in isolation or as a substitute
for, or superior to, the financial information prepared and
presented in accordance with GAAP. Non-GAAP net income (loss) in
this press release is defined as net income (loss) plus non-cash
share-based compensation expenses.
The Company's management believes its non-GAAP financial measure
provides meaningful supplemental information allowing investors to
evaluate results that management uses internally and for
determining employee bonuses. Because of varying available
valuation methodologies, subjective assumptions and the variety of
award types that companies can use to compute non-cash share-based
expense, management believes that providing a non-GAAP financial
measure excluding share-based expenses, even though a recurring
expense, allows investors to compare its results with those of
other companies.
Safe Harbor statement under the Private Securities Litigation
Reform Act of 1995: Except for historical information contained
herein, the matters discussed are forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act. 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, including
but not limited to, the performance of our management team, market
acceptance of our directed sound technologies and products, entry
of competitors, the possibility our intellectual property
protections will not prevent others from marketing products similar
to or competitive with our products, potential technical or
manufacturing difficulties that could delay product deliveries or
increase warranty costs, and other risks 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, 2009. American Technology
Corporation disclaims any intent or obligation to update those
forward-looking statements, except as otherwise specifically
stated.
American Technology Corporation
Condensed Balance Sheets
(000's omitted)
September 30,
2009 2008
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 5,103 $ 2,695
Accounts receivable, net 1,463 2,211
Inventories, net 3,068 2,890
Prepaid expenses and other 194 251
----------- -----------
Total current assets 9,828 8,047
Equipment, net 231 292
Patents, net 897 1,059
Deposits 58 58
----------- -----------
Total assets $ 11,014 $ 9,456
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 960 $ 964
Accrued liabilities 2,010 978
----------- -----------
Total current liabilities 2,970 1,942
----------- -----------
Total stockholders' equity 8,044 7,514
----------- -----------
Total liabilities and stockholders' equity $ 11,014 $ 9,456
=========== ===========
American Technology Corporation
Condensed Statements of Operations
(000's omitted except share and per share amounts)
Years Ended
September 30,
2009 2008
---------- ----------
Revenues $ 15,825 $ 11,190
Cost of revenues 8,374 6,779
---------- ----------
Gross profit 7,451 4,411
---------- ----------
Operating expenses:
Selling, general and administrative 6,366 7,503
Research and development 2,107 3,354
---------- ----------
Total operating expenses 8,473 10,857
---------- ----------
Loss from operations (1,022) (6,446)
Other income 29 86
---------- ----------
Net loss before provision for income taxes (993) (6,360)
Provision for income taxes (50) -
---------- ----------
Net loss $ (1,043) $ (6,360)
========== ==========
Net loss per common share - basic and diluted $ (0.03) $ (0.21)
========== ==========
Weighted average common shares outstanding 30,537,424 30,535,207
========== ==========
FOR FURTHER INFORMATION CONTACT: Robert Putnam Investor
Relations (858) 676-0519 Email Contact
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