LRAD Corp. Records Net Loss of $1.3MThursday, December 8, 2016
LRAD Corp., which makes a unique sort of loudspeaker for militaries and governments, reported a net loss of $1.3 million, or 4 cents per share, on revenue of $16.4 million in its 2016 fiscal year, which ended on Sept. 30.
It was a dramatic year, with a proxy contest, the departure of one chief executive and the hiring of another.
In fiscal 2015, LRAD (Nasdaq: LRAD) reported net income of $9.7 million, or 29 cents per share, on revenue of $16.8 million. Net income was buoyed by an $8.3 million income tax benefit that year.
Rancho Bernardo-based LRAD said the net loss in fiscal 2016 was due primarily to $1.1 million of non-recurring expenses associated with legal costs incurred in a settled proxy contest, severance and related expenses from the departure of the company’s prior CEO, Tom Brown, and recruiting and hiring costs related to the new CEO, Richard Danforth. LRAD also reported lower revenues.
The company makes high-volume acoustic hailing devices as well as mass notification systems.