Dallas, Aug. 15, 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 June 30, 2012.
Q2 2012 Financial Highlights**
- The Company reported a year over year revenue increase of 20% relating to record total revenues of $709,000 for Q2 compared to $589,000 for the same period in 2011.
- Revenues for recurring, software subscription revenues were $342,000 for Q2 of 2012 compared to $194,000 for the same period in 2011 for a year-over-year increase of 76%.
- The Company reported R&D expenses of $599,000 for Q2 compared to $151,000 for the same period in 2011 for a year over year increase of 297%.
- Total operating expenses, inclusive of R&D expenses, were $1,306,000 for Q2 compared to $656,000 for the same period in 2011 for a year-over-year increase of 99%.
- The Company reported a GAAP net loss of $1,093,000 ($0.01 per share) for Q2 compared to a net loss of $584,000 ($0.00 per share) for the same period in 2011.
** For more information, see the Company's Form 10-Q filed with the SEC on August 14, 2012 and is available through the SEC website at www.sec.gov.
Outlook for Full Year 2012
"COPsync has nearly tripled its R&D spending this year for new product innovations to drive and accelerate revenue growth," said Ronald A. Woessner, COPsync's chief executive officer. "We plan to invest approximately $1.0 million in R&D expense this year for two new product innovations: WARRANTsync, COPsync's statewide class C misdemeanor warrant clearing system launched in April of this year, and VidTac, the company's software driven law enforcement video system, deliveries of which will commence in Q4 of this year. These R&D expenses are well founded as we also expect to realize by year-end revenue equal to 100% or more of these expenses through VidTac and WARRANTsync sales. Assuming we achieve our internal sales and installation objectives for VidTac, the company expects full year 2012 revenue to range between $4.1 million to $5.1 million, which would represent a 61% to 100% increase over 2011 revenues."
Mr. Herb Severin, COPsync's V.P. for New Business Initiatives, commented further, "VidTac is a high-end video system at half the price of current high-end systems and introduces features never before seen in U.S. law enforcement. The system records at 1080p, which is double the resolution of currently available and now outmoded 720p systems, and captures readable images of license plates at 50 feet plus. Since VidTac is powered by an in-vehicle computer, it eliminates the need for an expensive DVR, and at refresh time agencies save up to 60%. COPsync is proud to serve law enforcement by introducing this innovative new offering and setting the standard for in-vehicle law enforcement video systems."
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. Use of the system 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. COPsync also sells VidTac, an in-vehicle, software-driven video system for law enforcement. For more information, visit www.copsync.com. For company logo, see: http://www.globenewswire.com/newsroom/prs/?pkgid=13013.
Safe Harbor Statement
Statements in this release that are not purely historical facts or that depend upon future events, including statements about forecasts of earnings, revenue, product development, sales or other statements about anticipations, beliefs, expectations, intentions, plans or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements are based upon information available to COPsync on the date this release was issued. COPsync undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the company's ability to obtain and retain customers and development, implementation and acceptance of new products and services. In particular, the revenue forecast for 2012 is highly dependent on the company's ability to successfully sell, manufacture, deliver and install the requisite number of units of VidTac,™ its newly introduced in-vehicle, software-driven video system for law enforcement. The company may not succeed in adequately addressing and managing these and other risks. Further information regarding factors that could affect COPsync's financial, operating and other results can be found in the risk factors section of COPsync's most recent filing on Form 10-K with the Securities and Exchange Commission.