Lifeloc Technologies, Inc. (OTC: LCTC), a global leader in the
development and manufacturing of breath alcohol testing devices, has
announced financial results for the second quarter ended June 30, 2018.
Second Quarter Financial Highlights
We posted quarterly net revenue of $2.13 million resulting in quarterly
net income after taxes of $78 thousand, or $0.03 per diluted share.
These results compare to net revenue of $2.05 million for quarterly net
income of $68 thousand, or $0.03 per diluted share, in the second
quarter of 2017. Revenue for the quarter grew 4% versus the second
quarter last year and for the first half grew 7% versus the first half
last year. Gross margin was 47% as compared to 49% in the second quarter
Gross margin on net revenue was lower in the current quarter versus the
same quarter last year primarily due to lower royalties received and
start up and depreciation costs of the newly implemented enterprise
resource planning (ERP) software system.
"We are pleased to report some modest growth, even without any new
product introduction during this quarter," said President and CEO Dr.
Wayne Willkomm. "We have engaged some new sales distribution channels
both domestically and internationally, which are starting to yield
results. This is our third consecutive quarter of year-over-year growth,
and we are hoping that with upcoming product introductions there will be
many more quarters showing growth."
Research and development is focused directly on our vision of being the
leader in professional breath alcohol testing devices and expanding that
leadership to alcohol monitoring and real time drug testing. This drives
product development to large projects intended to have a significant
impact on our business. Our commitment to market leadership is
demonstrated by the continued strong investment of more than 13% of
revenue for the first two quarters into research and development.
Lifeloc has focused product development on three specific fronts.
As part of the preparation for the product launches, we have invested in
our information infrastructure with a new ERP system. "This new tool
will be a critical part of effectively managing an increasingly broad
product offering and global supply chain," commented Dr. Willkomm. "And
this system has already driven ecommerce revenue higher through a more
robust and versatile customer interface."
Lifeloc's vision will be presented by Dr. Willkomm at the Sidoti
Emerging Growth Conference in New York on September 27, 2018.
About Lifeloc Technologies
Lifeloc Technologies, Inc. (OTC: LCTC) is a trusted U.S. manufacturer of
evidential breath alcohol testers and related training and supplies for
Workplace, Law Enforcement, Corrections and International customers.
Lifeloc stock trades over-the-counter under the symbol LCTC. We are a
fully reporting Company with our SEC (News - Alert) filings available on our web site, www.lifeloc.com.
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, which
involve substantial risks and uncertainties that may cause actual
results to differ materially from those indicated by the forward-looking
statements. All forward-looking statements expressed or implied in this
press release, including statements about our strategies, expectations
about new and existing products, market demand, acceptance of new and
existing products, technologies and opportunities, market size and
growth, and return on investments in products and market, are based on
information available to us on the date of this document, and we assume
no obligation to update such forward-looking statements. Investors are
strongly encouraged to review the section titled "Risk Factors" in our SEC
R.A.D.A.R.® is a registered trademark of Lifeloc Technologies, Inc.
SpinDx™ is a trademark of Sandia Corporation.
LIFELOC TECHNOLOGIES, INC.Condensed Balance Sheets
LIFELOC TECHNOLOGIES, INC.Condensed Statements of Income
LIFELOC TECHNOLOGIES, INC.Condensed Statements of Cash Flows
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