Releases Fiscal Year 2005 Results
Ballistic Recovery
Systems, Inc., a manufacturer of whole-airplane parachute recovery
systems for general aviation and recreational aircraft, reported a
total of $8,115,544 in sales for the fiscal year ending September
30, 2005.
This total represents an increase of more than 23 percent over
the $6,558,551 figure reported for the fiscal year ended September
30, 2004. The Company reported a net loss of $1,119,764 for the
year ended September 30, 2005 compared to net income of $301,474
for the year ended September 30, 2004.
The Company recorded $2,010,000 in legal settlements in 2005,
contributing to the net loss.
Commenting on the
results, Larry E. Williams (pictured right), Chief Executive
Officer and President/COO, said, "This was a tough year for BRS; we
were challenged by changes in executive management, increased costs
from key suppliers, continued competitive pressures in Europe and
an unfavorable ruling in a lawsuit. But our response to these
challenges was both swift and effective.
Through relentless hard work, creative problem solving, and
dedication to our customers, we are building a dramatically
different company -- a much more competitive, cost-effective and
customer-focused company demonstrating the commitment and the
professionalism of BRS people throughout our organization."
"We have increased total revenue by nearly 24 percent over the
previous 12 months. We believe our performance is unique in our
industry and a true validation of our strategy. On behalf of our
employees, I'd like to thank our customers and partners for their
support during this year," said Williams.
"We would not have been able to achieve so much this year
without the total focus and commitment of all BRS employees,
pulling together to address the issues we have faced. Our work is
not done yet. We have made significant progress and we will
continue to make the tough decisions to successfully meet the goals
of fiscal year 2006."
Ballistic Recovery Systems, Inc. commemorated a milestone in
2005 with a 25th Anniversary celebration of saving lives. BRS saved
another seven lives this year, which included a dramatic deployment
on June 30th near Haverstraw, New York. That brings the total
number of BRS lives saved to 181.
BRS is a South St. Paul, Minnesota, based company that designs,
manufactures and distributes whole-plane emergency parachute
systems for use on general aviation and recreational aircraft.
Since the early 1980's, BRS has delivered more than 20,000
parachute systems to aircraft owners around the world including
over 2000 systems on certified aircraft like the Cirrus Design
aircraft manufactured in Duluth, Minnesota.
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