American Technology Corporation (ATC) (NASDAQ: ATCO), a leading
provider of directed sound products and technologies, today
reported record revenues of $5.9 million for its fiscal second
quarter ended March 31, 2009, an increase of 187% over fiscal Q2
2008 revenues. ATC also reported the first quarterly profit in the
Company's history on net income of $879,000 or $0.03 per diluted
share for fiscal Q2 2009, compared to a net loss of $2.1 million or
$(0.07) per share for the same period a year ago, a nearly $3.0
million turnaround from the prior year. ATC also announced it has
been notified that it is back in compliance with NASDAQ's minimum
bid price requirement.
"The significant investment we made through internal resources
and funding in fiscal 2008 to enhance and extend our LRAD� product
line is beginning to pay off," said Tom Brown, president and chief
executive officer of American Technology Corporation. "We are
experiencing growing domestic and international interest and orders
for our proprietary LRAD systems for a variety of applications
including military and force protection, maritime security,
critical infrastructure/commercial security, border/port security,
law enforcement, emergency responder communications, and wildlife
protection and control."
Gross profit for the second quarter of fiscal 2009 was $3.1
million, or 53% of revenues, compared to $731,000 or 36% of
revenues reported for the quarter ended March 31, 2008. The
increase in gross profit was driven by higher revenues, increased
product margins due to reduced product cost, favorable mix, and
broader absorption of fixed overhead expenses as a result of the
higher revenues.
Operating expenses for the second quarter of fiscal 2009 were
$2.2 million, a decrease of $674,000, or 23%, from the three months
ended March 31, 2008. The prior year included an additional
$343,000 in expenses related to the development of the LRAD-X�
product line launched last year. In addition, the Company had
savings of $330,000 from reduced staffing levels and $447,000 from
reduced impairment of patents, lower professional fees due to a
change in audit firms, and other savings, offset by an increase in
third party sales commissions of $446,000. The Company incurred
SFAS 123(R)-related non-cash share-based compensation expense of
$494,000 and $575,000 for the three months ended March 31, 2009 and
2008, respectively.
For the six months ended March 31, 2009, the Company reported
revenues of $8.4 million, an 82% increase from $4.6 million for the
six months ended March 31, 2008. For the first six months of fiscal
2009, gross profit was $4.3 million, or 51% of revenues, compared
to $1.9 million, or 41% of revenues, for the same period a year
ago. The increase in gross profit was due to higher revenues,
increased product margins due to reduced product cost, favorable
mix, and greater absorption of fixed overhead expenses as a result
of the higher revenues.
Operating expenses for the six months ended March 31, 2009 were
$4.3 million, a decrease of $1.5 million from $5.8 million for the
same period ended March 31, 2008. The reduction from the prior year
was due mainly to $584,000 in lower product development cost,
$522,000 in reduced staffing levels, $362,000 in reduced
professional fees, and $523,000 in other savings, offset by a
$491,000 increase in third party sales commissions. The Company
incurred SFAS 123(R)-related non-cash share-based compensation
expense of $1.0 million and $1.1 million for the six months ended
March 31, 2009 and 2008, respectively.
Net loss for the six months ended March 31, 2009 was two
thousand dollars or $(0.00) per share, compared to a net loss of
$3.9 million, or $(0.13) per share for the same six-month period a
year ago. The near break-even results were primarily from increased
revenues, improved gross margins and lower operating expenses.
"Amplified piracy, border, and aircraft bird strike concerns are
generating increased visibility and interest for our proprietary
LRAD product line," added Brown. "With increasing orders expected
for our current product line, the recent production launch of our
portable LRAD 100X(TM) to law enforcement and emergency responders,
and a further planned addition to our LRAD product line, we are
confident that fiscal year 2009 financial results will be much
improved over fiscal 2008. We look forward to discussing our Q2
financial results and addressing business developments during our
conference call tomorrow."
About American Technology Corporation
American Technology Corporation is Shaping the Future of Sound�
by 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 in
diverse applications including, global military deployments,
maritime security, critical infrastructure/commercial security,
border/port security, law enforcement/emergency responder
communications, and wildlife protection and control. For more
information about ATC and its directed sound products, please visit
the company's web site at www.atcsd.com.
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, 2008. 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)
March 31,
2009 September 30,
(Unaudited) 2008
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 2,760 $ 2,695
Accounts receivable, net 3,445 2,211
Inventories, net 2,929 2,890
Prepaid expenses and other 265 251
------------- -------------
Total current assets 9,399 8,047
Equipment, net 313 292
Patents, net 949 1,059
Deposits 58 58
------------- -------------
Total assets $ 10,719 $ 9,456
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,253 $ 964
Accrued liabilities 872 978
------------- -------------
Total current liabilities 2,125 1,942
------------- -------------
Total stockholders' equity 8,594 7,514
------------- -------------
Total liabilities and stockholders' equity $ 10,719 $ 9,456
============= =============
American Technology Corporation
Condensed Statements of Operations
(000's omitted except share and per share amounts)
(Unaudited)
For the three months For the six months
ended March 31, ended March 31,
---------------------- ----------------------
2009 2008 2009 2008
----------- ---------- ---------- ----------
Total revenues $ 5,872 $ 2,048 $ 8,366 $ 4,584
Cost of revenues 2,755 1,317 4,107 2,699
----------- ---------- ---------- ----------
Gross profit 3,117 731 4,259 1,885
----------- ---------- ---------- ----------
Operating expenses:
Selling, general and
administrative 1,798 1,754 3,385 3,783
Research and development 449 1,167 901 1,977
----------- ---------- ---------- ----------
Total operating expenses 2,247 2,921 4,286 5,760
----------- ---------- ---------- ----------
Gain (loss) from operations 870 (2,190) (27) (3,875)
----------- ---------- ---------- ----------
Other income (expense):
Interest income 9 57 25 127
Finance expense -- -- -- (109)
----------- ---------- ---------- ----------
Total other income
(expense) 9 57 25 18
----------- ---------- ---------- ----------
Net income (loss) $ 879 $ (2,133) $ (2) $ (3,857)
=========== ========== ========== ==========
Net income (loss) per
common share - basic and
diluted $ 0.03 $ (0.07) $ 0.00 $ (0.13)
=========== ========== ========== ==========
Weighted average common
shares outstanding
Basic 30,535,207 30,535,207 30,535,207 30,535,207
=========== ========== ========== ==========
Diluted 30,611,648 30,535,207 30,535,207 30,535,207
=========== ========== ========== ==========
FOR FURTHER INFORMATION CONTACT: Investor Relations: Robert
Putnam (858) 676-0519 Email Contact
American Technology (NASDAQ:ATCO)
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