~ "We are pleased to look back at a year where our growth exceeded expectations as our customer base embraced our life-saving technology." --Rick Smith, Chief Executive Officer TASER International ~
TASER International, Inc. Reports Record 177% Revenue Growth in 2004 Over 2003 Tuesday February 8, 7:05 am ET
Company Reports $67.7 Million Revenue, $50 Million Cash and Investments, 45.6% Operating Income, and $0.33 Basic EPS for 2004
http://biz.yahoo.com/prnews/050208/latu073_1.html
SCOTTSDALE, Ariz., Feb. 8 /PRNewswire-FirstCall/ -- TASER International, Inc. (Nasdaq: TASR - News) a market leader in advanced non-lethal devices reported today that revenues for the year 2004 were a record $67.7 million, with operating income of $30.9 million, net earnings of $19.1 million and basic and diluted earnings per share of $0.33, and $0.31, respectively. For the fourth quarter of 2004, revenues were a record $19.2 million, with earnings of $5.0 million and both basic and diluted earnings per share of $0.08. Revenues increased by 78.6% and net income increased by 76.9% over the fourth quarter of 2003. As of December 31, 2004, the Company's cash and investment balances were approximately $50 million, an increase of $34.2 million from December 31, 2003. During 2004, stockholder's equity improved by 254% from $27.4 million to $97.1 million and total assets were over $105 million as of December 31, 2004.
During the fourth quarter of 2004 TASER International achieved several significant milestones including:
1. Receipt of our single largest order ever from the City of Houston for
$3.5 million
2. Receipt of our largest government research contract for our next
generation technology
3. Approval by the Transportation Security Administration (TSA) of Taser
Devices for use by Airline crews
4. Approvals for field-testing of TASER devices in Finland, Sweden and
South Korea
5. The completion of the US Department of Defense Human Effects Center
of Excellence (HECOE) Report on TASER technology; concluded that,
while future research will be useful in increasing confidence, the
application of TASER devices for temporary incapacitation does not
appear to pose significant risk to the recipients.
< The USAF research group disagreed with point #5 ... in print. //lcm>
6. Publication of two independent university studies confirming TASER
devices reduce injuries and save lives
"At the beginning of 2004, we predicted 100% top line revenue growth -- a number which we significantly surpassed by year end," said Rick Smith, Chief Executive Officer of TASER International, Inc. "We are pleased to look back at a year where our growth exceeded expectations as our customer base embraced our life-saving technology. 2004 was a pivotal year for us and we are delighted with our operating performance and balance sheet strength at year-end. As we look forward to 2005, we see significant opportunities to continue to grow our core business, particularly in the international markets. While we see a certain degree of short term uncertainty, we remain optimistic about our long term business prospects and we continue to receive affirmation of the life-saving value of our products from our existing customers. We look forward to a challenging and exciting 2005 as we move into our new state of the art 100,000 square foot manufacturing facility and continue our mission to advance both the technology and deployment of the world's leading non-lethal weapons. We would like to invite our customers and shareholders to celebrate this next chapter in the TASER story by attending our annual shareholder meeting in our new headquarters on April 22 at 12:00 noon," concluded Mr. Smith.
The Company will be hosting its fourth quarter earnings conference call on Tuesday, February 8, 2005 at 9:00 a.m. ET. The conference call is available via webcast and can be accessed on the "Investor Relations" page at www.TASER.com. To access the teleconference, please dial: 866-761-0749 or 617-614-2707 and use the passcode: 72040755. About TASER International, Inc. <...>
TASER International Inc.
Statements of Income
(Unaudited)
Three Months Ended December 31,
2004 2003
Net sales $19,249,207 $10,780,446
Cost of products sold:
Direct manufacturing expense 5,155,259 2,588,808
Indirect manufacturing expense 1,587,834 921,317
Total cost of products sold 6,743,093 3,510,125
Gross margin 12,506,114 7,270,321
Sales, general and administrative 4,492,234 2,348,024
Research and development 200,121 85,698
Income from operations 7,813,759 4,836,599
<...>
For further information contact Marcy Rigoni, Manager of Investor Relations at Marcy at TASER.com or call 800-978-2737 ext. 2011, or Dan Behrendt, Chief Financial Officer of TASER International, Inc., +1-480-905-2002. Visit the company's web-site at www.TASER.com for facts and video.
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