LRAD Corp., the Rancho Bernardo maker of specialized loudspeakers used by militaries, law enforcement and governments, reported a net loss of $665,000, or 2 cents per share, on revenue of $3.6 million in the second quarter of fiscal 2016, which ended March 31. An income tax benefit of $547,000 cushioned the loss.
The company said that the net loss included $836,000 of one-time expenses related to the company’s response to and settlement of a proxy contest initiated by a stockholder, as well as separation costs related to the planned June 30 departure of Tom Brown, the company’s CEO.
Brown’s successor has not yet been named.
The business released its quarterly financial results on May 10.
In the same quarter of 2015, LRAD (Nasdaq: LRAD) reported net income of $291,000, or a penny a share, on total revenue of $4.5 million.