LRAD Corporation Announces Fiscal Q1 2013 Results

LRAD Corporation Announces Fiscal Q1 2013 Results

Anticipates Strong International Sales Growth in Fiscal 2013

SAN DIEGO, Feb. 6, 2013 (GLOBE NEWSWIRE) -- LRAD Corporation (Nasdaq:LRAD),
the world's leading provider of long range acoustic hailing devices (AHDs),
today announced revenues of $3.0 million and a net loss of $100,000, or
$(0.00) per share, for its first fiscal quarter ended December 31, 2012.

"Our fiscal Q1 2013 results were affected by the uncertainty surrounding the
federal budget process, which is expected to continue through at least the
second fiscal quarter," commented Tom Brown, the Company's president and chief
executive officer. "We are encouraged, however, by the foreign orders received
to date, which indicate continued demand for our proprietary acoustic hailing
devices and a strong fiscal year for international LRAD® sales. Consistent
with our commitment to create long-term stockholder value we are pursuing a
diverse range of market opportunities and applications. Two years ago, we had
sold LRADs into 35 countries. Today, LRAD systems are deployed in over 60
nations around the world."

Brown added, "We anticipate fiscal 2013 financial results will improve over
fiscal 2012 due to continued international sales growth."

Revenues for fiscal Q1 2013 decreased 17% from $3.6 million recorded in fiscal
Q1 2012, due to a decrease in U.S. military orders and the timing of
shipments.

Gross profit for fiscal Q1 2013 was $1.5 million, or 50% of revenues, compared
to $1.7 million, or 48% of revenues, for the same period a year ago. The
decrease in gross profit was primarily due to lower revenues and higher
contracted annual maintenance costs, offset by higher product margins as a
percentage of sales due to favorable product mix.

Operating expenses for fiscal Q1 2013 were $1.6 million, an 11% increase from
$1.4 million recorded in fiscal Q1 2012, related to legal fees associated with
a recent lawsuit, non-cash share-based compensation expense and R&D costs.

Net loss for fiscal Q1 2013 was $100,000, or $(0.00) per share, compared to
net income of $314,000, or $0.01 per share, for the same period last year. The
decrease in net income was primarily the result of lower revenues and gross
margin in the quarter, and an increase in operating expenses. Cash and cash
equivalents at December 31, 2012 was $16.1 million, compared to $13.9 million
at September 30, 2012.

Management is scheduled to discuss the Company's fiscal Q1 2013 business and
financial results on a conference call today at 4:30 p.m. Eastern Time.

About LRAD Corporation

LRAD Corporation is using long range communication to resolve uncertain
situations peacefully and save lives on both sides of its proprietary Long
Range Acoustic Device®. LRAD® systems are in service around the world in
diverse applications including fixed and mobile military deployments, maritime
security, critical infrastructure and perimeter security, commercial security,
border and port security, law enforcement and emergency responder
communications, asset protection and wildlife preservation and control. For
more information about the Company and its LRAD systems, please visit
www.lradx.com.

Important Additional Information

This release may be deemed to be solicitation material in respect of a proxy
contest for the election of directors to the Board of Directors of the
Company. The Company will be filing a proxy statement with the Securities and
Exchange Commission (the "SEC"). STOCKHOLDERS ARE URGED TO READ THE PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH
THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Stockholders will be able to receive the proxy statement and
other relevant documents free of charge at the SEC's website at www.sec.gov,
or upon written request to the Secretary of LRAD Corporation at 16990
Goldentop Road, Ste. A, San Diego, California 92127.

Participants in Solicitation

The Company and its directors and executive officers and other members of
management and employees may be deemed to be participants in the solicitation
of proxies in respect of a proxy contest for the election of directors to the
Board of Directors of the Company. Information concerning these participants
is set forth in the proxy statement, dated January 23, 2012, relating to the
Company's 2012 Annual Meeting of Stockholders as filed with the SEC on
Schedule 14A, and the Company's 2012 Annual Report on Form 10-K/A, as filed
with the SEC on January 22, 2013. Additional information regarding the
interests of participants in the solicitation of proxies in respect of the
2013 Annual Meeting of Stockholders and other relevant materials, including
the Company's proxy statement, will be filed with the SEC when they become
available.

Forward-looking Statements: This release contains forward-looking statements
within the meaning of the Securities Act of 1933 and the Securities Exchange
Act of 1934. Forward-looking statements include, among others, statements that
refer to expected sales growth and other improvements in fiscal 2013 financial
results. You should not place undue reliance on these statements. We base
these statements on particular assumptions that we have made in light of our
industry experience, the stage of product and market development as well as
our perception of historical trends, current market conditions, current
economic data, expected future developments and other factors that we believe
are appropriate under the circumstances. These statements involve risks and
uncertainties that could cause actual results to differ materially from those
suggested in the forward-looking statements. These risks and uncertainties are
identified and discussed in our filings with the SEC. These forward-looking
statements are based on information and management's expectations as of the
date hereof. Future results may differ materially from our current
expectations due to a variety of factors including, among others, general
economic conditions, our dependence on a limited number of customers, our
dependence on continued sales to U.S. and international governments and
businesses that sell to governments, our ability to obtain financing on
favorable terms, or at all, and our ability to expand our customer base and
the acceptance of our products. For more information regarding other potential
risks and uncertainties, see the "Risk Factors" section of the Company's Form
10-K for the fiscal year ended September 30, 2012. The Company disclaims any
intent or obligation to update those forward-looking statements, except as
otherwise specifically stated.

LRAD Corporation and Subsidiary
Consolidated Balance Sheets
(000's omitted)
                                                           
                                                           
                                                           
                                          December 31, 2012 September 30,
                                          (Unaudited)       2012
                                                           
ASSETS                                                      
Current assets:                                             
Cash and cash equivalents                 $16,139         $13,860
Accounts receivable, net                  2,269             5,518
Inventories, net                          4,192             3,112
Prepaid expenses and other                357               442
Total current assets                       22,957            22,932
Property and equipment, net                265               213
Intangible assets, net                     148               158
Prepaid expenses and other - noncurrent    1,055             1,102
Total assets                               $24,425         $24,405
                                                           
LIABILITIES AND STOCKHOLDERS' EQUITY                         
Current liabilities:                                        
Accounts payable                          $791            $995
Accrued liabilities                       723               624
Total current liabilities                  1,514             1,619
Other liabilities - noncurrent             365               364
Total liabilities                          1,879             1,983
Total stockholders' equity                 22,546            22,422
Total liabilities and stockholders' equity $24,425         $24,405


LRAD Corporation and Subsidiary
Consolidated Statements of Operations
(000's omitted except share and per share amounts)
(Unaudited)
                                                             
                                              
                                              Three months ended December 31,
                                              2012            2011
                                                             
Revenues                                       $2,980        $3,612
Cost of revenues                               1,494           1,863
Gross profit                                   1,486           1,749
                                                             
Operating expenses:                                           
Selling, general and administrative           1,172           1,057
Research and development                      422             381
Total operating expenses                       1,594           1,438
                                                             
(Loss) income from operations                  (108)           311
Other income                                   8               13
(Loss) income from operations before income    (100)           324
taxes
Income taxexpense                             --            10
Net (loss) income                             $(100)        $314
                                                             
Net income per common share - basic and        $0.00         $0.01
diluted
Weighted average common shares outstanding:                   
Basic                                         32,399,199     32,374,499
Diluted                                       32,399,199     33,061,520
                                                             

CONTACT: COMPANY CONTACT:
         Robert Putnam
         (858) 676-0519
         robert@lradx.com