SAN DIEGO, Dec. 10, 2013 (GLOBE NEWSWIRE) -- LRAD Corporation (NASDAQ: LRAD), the world's leading provider of long range acoustic hailing devices (AHDs), today announced that its Board of Directors has approved an extension of the Company's share buyback program through December 31, 2014. Under the terms of the program, the Company may repurchase its outstanding common shares from time to time in the open market and in privately negotiated transactions, depending on market conditions, share price and other factors. The Company plans to fund the buyback program with available cash and from cash flows from operations.
"The strong cash flow generated during our fourth quarter ended September 30, 2013 allows us to extend our repurchase program, which we believe will create shareholder value," noted Tom Brown, President and CEO of LRAD Corporation. "We continue to maintain a debt free balance sheet and strong working capital, which will allow us to make any necessary investments in order to grow our business and penetrate the fast growing mass notification market."
The timing and amount of any shares repurchased will be determined based on the Company's evaluation of market conditions and other factors, and the program may be discontinued or suspended at any time. Repurchases will be made in compliance with all Security and Exchange Commission rules and other legal requirements and may be made in part under a Rule 10b5-1 plan, which permits stock repurchases when the Company might otherwise be precluded from doing so.
About LRAD Corporation
LRAD Corporation is using long range communication to peacefully resolve uncertain situations and save lives on both sides of its proprietary Long Range Acoustic Device®. LRAD® systems are in service in more than 65 countries 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, emergency warning and mass notification, asset protection and wildlife preservation and control. For more information about the Company and its LRAD systems, please visit www.lradx.com.
Forward-looking Statements: Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. 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 Securities and Exchange Commission. 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. 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, 2013. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
E. Brian Harvey
Director, Investor Relations and Capital Markets
CONTACT: E. Brian Harvey Director, Investor Relations and Capital Markets 858.753.8974 firstname.lastname@example.org