LRAD Corp., the maker of Long Range Acoustic Devices able to deliver sound over great distances intelligibly, reported net income of $1.18 million, or 4 cents per share, on total revenues of $10.2 million during its second quarter, which ended March 31.
Revenues were up 30% from the same quarter of last year, when LRAD did $7.87 million worth of business. The corporation reported net income of $461,000 (or a penny per share) in that quarter.
LRAD (Nasdaq: LRAD) announced its financial results on May 7.
Gross profit margin for the recently ended quarter was 50.9%, compared to 51.3% in the same quarter one year ago, largely due to an increase in manufacturing overhead expenses to support increased sales.
The Rancho Bernardo business said it bought back $2.2 million worth of stock.
LRAD also announced a five-year, $4.75 million systems maintenance agreement with the Indian navy. India has used LRAD systems since 2012. The San Diego business claims that 25 naval forces around the world use its acoustic hailing devices.
At the end of April, LRAD announced a $508,000 order from the Canadian army, adding that it expects more orders from that client later this year.
In early April, an unnamed California city placed an order for a Genasys mass-notification system. The company said the order was among several totaling $1.1 million. LRAD acquired Genasys Holding S.L. of Madrid, Spain, in early 2018 for $2.3 million; LRAD also assumed about $1.5 million worth of debt.