Dallas, TX, May 24, 2012 (GLOBE NEWSWIRE) -- COPsync, Inc. (OTCQB: COYN), which operates the nation's largest law enforcement real-time, in-car information sharing, communication and data interoperability network, announces unaudited financial results for the quarterly period ended March 31, 2012.
Q1 2012 Financial Highlights**
- The Company reported total revenues of $742,000 for Q1 compared to $388,000 for the same period in 2011 for a year-over-year increase of 91%.
- Revenues for recurring, software subscription revenues were $359,000 for Q1 compared to $180,000 for the same period in 2011 for a year-over-year increase of 99%.
- Total operating expenses were $1,007,000 for Q1 compared to $790,000 for the same period in 2011 for a year-over-year increase of 27%
- The Company reported a GAAP net loss of $935,000 ($0.01 per share) for Q1 compared to a net loss of $771,000 ($0.01 per share) for the same period in 2011.
- The Q1 2012 net loss would have been 16% lower than the 2011 net loss except that the Company increased the amortization of capitalized software development costs by $74,000 between periods and invested an additional approximate $217,000 in operating expenses for new product innovations, including WARRANTsync,™ the Company's recently launched state-wide Class C misdemeanor warrant clearing data base and system.
** For more information, see the Company's recent Form 10-Q filing with the SEC.
"The COPsync information sharing network continues to grow at a robust pace, as evidenced by the nearly 100% year-over-year growth in the recurring, software subscription revenues," said Ronald A. Woessner, COPsync's chief executive officer. "Law enforcement agencies and their governing bodies continue to recognize COPsync's unique ability to help officers interdict crime, save officer lives and protect private property and speed ticketing and other manual processes. The Company continues to march toward the objective of building a nationwide network, beginning here in Texas, of law enforcement agencies that share information and communicate among themselves in real-time."
Mr. Shane Rapp, COPsync co-founder, added, "The Company recently introduced WARRANTsync, a state-wide Class C misdemeanor warrant clearing database and system. Texas municipal and justice courts hold in excess of 1 Billion dollars in outstanding Class C misdemeanor warrants. The fines underlying these warrants are virtually uncollectable inasmuch as there is no statewide Class C warrant database that an officer can access at the point of incident or contact with the public. The WARRANTsync system is designed to hold outstanding warrants in our state-wide database and to alert officers connected to the COPsync network of the outstanding warrants at the point of incident or contact, regardless of the circumstances that brought the officer and warrant offender together. The system enables the violator to post a bond for, or pay, the warrant, rather than being arrested and taken to jail."
About COPsync, Inc.
COPsync, Inc. (OTCQB: COYN) operates the largest law enforcement real-time, in-car information sharing, communication and data interoperability network in the U.S. The COPsync network enables officers to report and share critical data and collect bonds and payment for outstanding Texas Class C misdemeanor warrants in real-time at the point of incident. Officers are also able to obtain instant access to local, state and federal law enforcement databases. The COPsync system also eliminates manual processes and increases officer productivity by enabling officers to electronically write tickets, accident reports, DUI forms, arrest forms and incident and offense reports. It also saves lives, reduces unsolved crimes and assists in apprehending criminals and interdicting criminal behavior -- through such features as a nationwide officer safety alert system, GPS/auto vehicle location and distance-based alerts for crimes in progress, such as child abductions, bank robberies and police pursuits. For more information, visit www.copsync.com.