LRAD Corp (NASDAQ:LRAD), a global major supplier of advanced mass notification systems and acoustic hailing devices has received a $528,000 LRAD 1000X systems from SGS Canada. The company intends to integrate the system with the avian radar and use it to keep away birds and other wildlife from ponds situated near an oil sand operation. The order will be shipped in the year.
LRAD Corporation Chief Executive Officer Richard S. Danforth says the new order will add to over 225 LRAD systems that have been installed at large mining sites in the past. He added that the system helps in reducing aquatic birds at mining sites in addition to being useful in wildlife conservation around the world as well as being used to protect important installations like oil & gas facilities, airports and air bases and fisheries.
In another segment, LRAD Corporation announced its financial results for the second quarter ended March 31, 2017. In the quarter, the company’s revenue amounted to $5.7 million representing a 59% increase from the $3.6 million that was reported in the same period of the previous financial year. The increase in revenue is as a result of a 270% increase in mass notification business in the U.S and the international market. The company’s shipment of mass notification in the second quarter included an Eurasian order of oil and gas application valued at $1.3 million. The shipments also included a system delivery to a large port in the U.S in addition to a tsunami warning system that was shipped to Japan. The company’s revenue from international business accounted for 84% of the total revenue in the quarter.
The company reported (-$298,000) or (-$0.01) per share in net loss during the quarter compared to (-$665,000) or (-$0.02) per share in net loss that was reported in the second quarter of the last financial year. Net income during the quarter mainly due to increase in gross margin and revenue as well as a drop in operating expenses which were partially offset by a rise in expenses towards income tax. The company reported $169,000 in income tax expenses in the quarter compared to $547,000 in income tax benefits that was reported in the second quarter of 2016.