LRAD Corp. (NASDAQ:LRAD), which makes sound systems used for military and security purposes, said Wednesday it expects to report second quarter revenues of over $15.4 million. That's more than quadruple the $3.56 million achieved during the year-ago period. Analysts polled by Thomson Reuters expected revenues of $5.58 million.
LRAD’s CEO, Tom Brown, said the record revenue for the quarter ending March 31 is mainly due to a large order from a foreign government's military division.
For the first half of fiscal 2011, the company also expects to report record revenues of over $17.6 million, which would exceed entire fiscal 2010 sales of $16.7 million.
While the U.S. budget uncertainty continues to affect near-term domestic defense spending, we anticipate a strong second half and significant revenue growth this fiscal year,
The California-based company plans to release its second quarter financial results on May 4. The company’s shares rose 5.7% on Wednesday to close at $2.95.