LRAD Corporation (NASDAQ:LRAD) Q1 2019 Earnings Conference Call Transcript
Feb 12, 2019 • 04:30 pm ET
Good day, ladies and gentlemen and welcome to the LRAD Corporation Fiscal First Quarter '19 Financial Results Conference Call. All lines have been placed in a listen-only mode. The floor will be open for live questions at the end of today's presentation. (Operator Instructions)
At this time, it is my pleasure to turn the floor over to Brian Harvey. Sir, the floor is yours.
Thank you, Jane. Good afternoon, everyone and welcome to LRAD Corporation's fiscal first quarter 2019 financial results conference call. I'm Brian Harvey, the Director of Capital Markets and Investor Relations for LRAD. On the call with me this afternoon are Dennis Klahn, LRAD's Chief Financial Officer; and LRAD's Chief Executive Officer, Richard Danforth. In just a moment, Mr. Klahn will open today's call with a recap of our fiscal first quarter 2019 financial results. Mr. Danforth will then provide an update on our business; and afterward, we will open the call to questions.
But before I turn the call over to Dennis, I would like to take this opportunity to remind you that during the course of this call, management will make forward-looking statements. Other than statements as to historical facts, statements made during this call that are forward-looking statements are based on our current expectations. During the call, we may discuss the Company's plans, expectations, outlook or forecast for future performance. These forward-looking statements are subject to risks and uncertainties and actual results could differ materially from the views expressed today.
For more information regarding potential risks and uncertainties, please see the Risk Factors section of the Company's Form 10-K for the fiscal year ended September 30th, 2018. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements except as otherwise specifically stated. We may also discuss non-GAAP operational metrics of bookings and backlog, which we believe provide helpful information to investors with respect to evaluating the Company's performance. We consider bookings and backlog leading indicators of future revenues and use these metrics to support production planning.
Bookings is an internal operational metric that measures the total dollar value of customer purchase orders executed during a period, regardless of the timing of the related revenue recognition. Backlog is a measure of the purchase orders received that have not been shipped, but are planned to ship within the next 12 months.
I would now like to turn the call over to LRAD Chief Financial Officer, Dennis Klahn. Dennis?
Thank you, Brian and good afternoon to everyone on the call. LRAD's fiscal 2019 started with a record first quarter, with $10.2 million of revenue, an increase of 33% over the $7.6 million recorded in the first quarter of 2018. Gross profit for the first quarter of fiscal 2019 was $5.1 million or 50% of revenues, compared to $4 million or 51.9% of revenues for the first quarter of the prior fiscal year. Operating expenses in this year's first quarter were $3.8 million, an increase of $833,000 or 28% over the first fiscal quarter of 2018. The