Contact Information: CONTACT: Pfeiffer High Investor Relations, Inc. Geoff High 303-393-7044
Law Enforcement Associates Files Its Form 10-Q With the SEC and Provides Year-to-Date Update
Company Says Six-Month Revenue Should Exceed $8 Million Versus $3.8 Million in Same Period of Fiscal 2008
| Source: Law Enforcement Associates
RALEIGH, NC--(Marketwire - May 18, 2009) - Law Enforcement Associates Corporation (LEA)
(OTCBB : LAWE ), the largest U.S.-based developer and manufacturer of
electronic surveillance equipment, filed its first quarter Form 10-Q with
the Securities and Exchange Commission and provided an update on its
year-to-date performance.
Product shipments through May 13, 2009 total approximately $5.2 million, an
increase of 68% when compared with the $3.1 million shipped in the
comparable year-to-date period of fiscal 2008. Management said it expects
strong shipment volume to continue during the current quarter, and
forecasted that total revenue for the first half of fiscal 2009 should
exceed $8 million, which would compare with revenue of $3.8 million
reported at the mid-year mark last year.
"Our financial performance in the second quarter will benefit from the
strong order volume we have achieved in recent months, as many of these
purchases are now being shipped to customers," said Paul Feldman,
president. "These shipments include the majority of the record $5.7
million order we received in February, as well as orders for our
surveillance vehicles, Under Vehicle Inspection Systems (UVIS) and Birddog
GPS Tracking systems."
Feldman added, "The nature of our business is such that we periodically
benefit from unusually large orders, and this can cause spikes in our
revenue stream. We therefore assess our performance on an annual basis,
versus quarterly. Given our current sales and shipping activity, we
believe fiscal 2009 revenue will grow at a rate comparable with the 39%
year-over-year growth we achieved in fiscal 2008."
Feldman said LEA is currently pursuing a broad range of significant
contract opportunities with a variety of military, federal, state and
local-level customer prospects. "We are optimistic that the more than $4
billion in federal stimulus dollars that have been allocated to the law
enforcement sector will begin flowing to our customers in the coming
months. This funding clearly could be a key driver in demand for our
products during the second half of the year. In anticipation of growing
demand, we are currently investing in research and development on a key new
product offering that we expect to bring to market during the third or
fourth quarter."
About Law Enforcement Associates Corporation
LEA is a leading security and surveillance technology company that
manufactures and markets a diverse product line to the worldwide law
enforcement, military, security and corrections markets. The company's
Audio Intelligence Devices (AID) division has been serving the law
enforcement sector for more than 30 years and is one of the most respected
names in the surveillance equipment industry. LEA's products are used by a
wide variety of government and non-governmental agencies, as well as public
and private companies. These include military bases, nuclear facilities,
embassies, government installations, oil refineries, United Nations and
NATO locations. LEA's products have been used at high-profile events such
as the Summer & Winter Olympics, Super Bowl, U.S. Golf Championship, and
the Democratic and Republican National Conventions. Its products include
the Under Vehicle Inspection System (UVIS), UVIS Swift, EDK123 (Explosive
Detection Kit), Bloodhound and Birddog GPS Tracking Systems, Graffiti Cam,
Letter-bomb Visualizer Spray, and a wide variety of Audio & Video
Surveillance Equipment. For more information, please visit
www.leacorp.com.
Forward-Looking Information:
The statements in this news release contain forward-looking information
within the meaning of the Private Securities Litigation Reform Act of 1995.
Statements that use words such as "believe," "anticipate," "estimate,"
"intend," "could," "plan," "expect," "project," "predict," "forecast,"
"outlook," "potential," "continue," "may," "future," "can," "enhance," and
"should," or the negative of these, as well as similar expressions, can be
used to identify forward-looking statements. Such forward-looking
statements involve certain risks, assumptions and uncertainties, including
the inability to generate and secure the necessary product sales, or the
lack of acceptance of the company's products by its customers. In each case
actual results may differ materially from such forward-looking statements.
The company does not undertake to publicly update or revise its
forward-looking statements even if experience or future changes make it
clear that any projected results (expressed or modified) will not be
realized.