Mon, Aug 16, 2004
YTD Is Slightly Down, But Prognosis Looks Good
Ballistic Recovery
Systems, Inc. reported $1,879,221 in third quarter fiscal 2004
sales which represents a 2% increase over the $1,836,535 figure
reported for same period in fiscal 2003. On a year to date basis
fiscal 2004 sales figures are at $4,852,664 which is $267,012 below
the comparable fiscal 2003 figure or a 5% reduction. According to
the Company, several factors accounted for the decrease.
A one-time accounting adjustment of approximately $105,000 was
recorded as a reduction in sales. This was attributed to stock
purchase warrants held by Cirrus Design, the primary customer for
the Company's general aviation products. In addition, the Company
granted pricing reductions to Cirrus Design in compliance with the
long-term purchase and supply agreement. An additional impact was
modestly softer orders of the company's recreational aircraft
products which account for approximately 25% of the Company's sales
mix.
The Company is
anticipating fiscal year 2004 revenues to exceed fiscal year 2003
by approximately 5% with gross revenues approaching $7,000,000. Net
income is expected to lag slightly behind prior year levels as a
result of expanded business development expenditures and legal
fees. According to BRS President & CEO Mark Thomas, "BRS
completed FAA certification of our new parachute system for Cessna
model 182 aircraft this July. This has opened up a new market that
includes over 5,000 potential new customers. Early sales activities
suggest that a significant number of Cessna 182 owners are
interested in this new system. This is in addition to the market
potential that exists for approximately 10,000 Cessna 172 owners."
Both the Cessna 172 and 182 models are in current production at
Cessna. John Gilmore, VP of Sales, added, "Having a one-of-a-kind
product tailored to a previously untouched market gives us
significant strength going forward."
The Company is in active discussions with additional general and
recreational aviation aircraft manufacturers in both the US and
Europe to develop BRS systems designed specifically for their
airplanes. These aircraft include a new category designated as
Light Sport Aircraft (LSA) which the FAA projects could grow from 0
to 3000 planes by 2006 year end. "If we can make our products
available for more aircraft, we think we can get more people
flying," added Thomas.
Over the company's 18-year history, BRS has sold over 19,000 of
its whole- plane parachute systems; and these have been documented
to have saved over 167 lives.
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