LRAD Corp., a maker of military-grade mass-communication electronics, reported a revenue gain of 24 percent in the just-ended fiscal year — a period when it also cut its net loss.
The Rancho Bernardo company reported a net loss of $877,000 in the year that ended Sept. 30, down from a loss of $1.28 million in the prior year. Revenue for fiscal 2017 was $20.3 million and grew from $16.4 million in fiscal 2016, thanks to a 224 percent increase in mass notification systems. LRAD’s other products include acoustic hailing devices, which can send intelligible messages more than a mile. They can also emit warning tones and have been used for riot control.
Cost of revenues in the just-ended fiscal year rose 15 percent. Selling, general and administrative expenses rose 25 percent and reflected several things: higher incentive and non-cash compensation, investments in sales and engineering employees, and the expense of a new enterprise resource planning computer system.
LRAD chose to continue investing in research and development, spending $2.5 million in fiscal 2017, up slightly from $2.4 million in the previous year.
Richard Danforth has been LRAD’s CEO since August 2016.