Genasys Inc., the Rancho Bernardo defense electronics company, reported record revenue in 2020. The company makes high-decibel, focused sound devices for militaries and governments, as well as other mass communications technology.
In the fiscal year ended Sept. 30, Genasys (Nasdaq: GNSS) reported revenue of $43 million, up 16% from $37 million in fiscal 2019.
Net income for fiscal 2020 was $11.9 million or 35 cents per diluted share, compared to $2.8 million, or 8 cents per diluted share, in the previous year.
“The company’s record fiscal year performance under unprecedented societal and business conditions is a testament to the professionalism and dedication of Genasys team members in San Diego and throughout the world,” said CEO Richard Danforth.
Strong revenue from Genasys’ LRAD product line fueled record fiscal fourth quarter and fiscal year revenues, said Danforth.
LRAD — which is short for Long Range Acoustic Device — is the core product at Genasys. In fiscal 2020, the business received $14.5 million in systems and accessories orders from the U.S. Army alone, specifically for its LRAD 450XL product. The device can send intelligible sound for more than a mile.
(After the fiscal year closed, on Dec. 23, Genasys announced the Army ordered another $5.1 million worth of LRAD 450XL acoustic hailing devices.)
Fourth Quarter Tax Benefit
For the fourth quarter, Genasys reported revenue of $14 million, up 80% from $7.7 million in the same time frame of 2019. Net income in the fourth quarter was $9.4 million, or 27 cents per diluted share, compared with a net loss of $100,000 (roughly 0 cents per share) in the fourth quarter of fiscal 2019.
The increase was primarily due to higher revenue and gross profit, and a non-cash income tax benefit of $6.4 million during the quarter ended Sept. 30, which resulted from the $7.1 million release of a portion of the valuation allowance against deferred tax assets.