Announces Results for 3Q/08, Highlights Include 23.6% Net
Revenue Growth
Ballistic Recovery Systems, Inc., the manufacturer of
whole-aircraft emergency parachute systems, has announced results
of its fiscal 2008 third quarter ended June 30, 2008 -- and for a
change, the news isn't half bad.
Consolidated net revenue for the third quarter increased 23.6%
to $3,219,963, compared to $2,606,081 for the same period in the
prior year. BRS aviation-related revenue was $2,818,352, or an
increase of 8.1%, compared to $2,606,081 for the same period last
year. Other sales revenue, which includes ATF generated sales, was
$401,611. Consolidated net revenue growth for the period was
primarily driven by increases in traditional BRS aviation revenue,
new revenue from ATF, which resulted from a November 2007
acquisition, and defense related business out of the North Carolina
operations.
Selling, general and administrative costs as a percentage of
sales were 11.0%...$353,000…for the third quarter of fiscal
year 2008 as compared to 28.0%...$730,000…for the third
quarter of fiscal year 2007. The third quarter fiscal year 2008
selling, general and administrative costs include $79,108 of
one-time costs for our North Carolina production facility. Net loss
for the third quarter was $(132,088) or $(0.01) per share, as
compared to net loss of $(275,864), which was $(0.03) per share, on
a fully diluted basis per share, for the same period in 2007.
Larry E. Williams, President and Chief Executive Officer, said,
"Third-quarter results are supported by steady growth in revenue in
both our aviation and ATF businesses. We had great success in the
quarter lowering our operating expenses by 37.5% when compared to
3rd quarter last year. Management’s continued focus is on
generation of free cash flow, not only to support the steady growth
in our core business, but also to enable us to proactively move
forward on a key strategic goal to restructure overall debt," Mr.
Williams said. "Our overriding commitment is to strengthen the
Company's balance sheet”.
Results of Operations for the Nine Months Ended June 30,
2008
Consolidated net revenue for the nine months ended June 30, 2008
increased 21.6%, to $8,135,062, or an increase of $1,443,345 when
compared to net revenue of $6,691,717 for the same period in the
prior year. BRS aviation revenue for the nine-month period was
$7,207,090, or an increase of 7.7%, compared to $6,691,717 for the
same period of the prior year. Other sales revenue, which includes
ATF, was $927,972. Consolidated net revenue growth for the period
was primarily driven by increases in traditional BRS aviation
revenue, new revenue from ATF and defense related business out of
the North Carolina operations. Net income loss before taxes for the
third quarter fiscal year 2008 was $(204,829) compared to a loss of
$(315,202) for the same period in 2007. Net income loss before
taxes for the nine months ended June 30, 2008 was $(825,667)
compared to $(688,259) for the same period in 2007.
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