Dallas, April 2, 2013 (GLOBE NEWSWIRE) -- COPsync, Inc., which operates the nation's largest law enforcement real-time, in-car information sharing, communication and data interoperability network, announces preliminary unaudited financial results for the fiscal year ended December 31, 2012.
Annual 2012 Financial Highlights
- The Company reported a year-over-year revenue increase of 27% relating to record total revenues of $3,225,000 for 2012, compared to total revenues of $2,549,000 for 2011.
- Revenues for recurring, software subscription revenues from the COPsync network were $1,561,000 for 2012 compared to $1,205,000 for the same period in 2011, for a year-over-year increase of 30%.
- R&D expenses were $2,218,000 for 2012 compared to $712,000 for 2011, for a year-over-year increase of 212%.
- Total operating expenses, inclusive of R&D expenses, were $5,035,000 for 2012 compared to $2,957,000 for 2011, for a year-over-year increase of 70%.
- The Company reported a GAAP net loss of $4,288,000 ($0.03 per share) for 2012 compared to a net loss of $2,833,000 ($0.02 per share) for 2011.
Outlook for Full Year 2013
"The Company made significant R&D investments in 2012, which are already positively impacting the Company's 2013 sales results. These investments funded initiatives to enhance the scalability of the Company's information sharing network to support foreseeable accelerated growth in the number of officers and agencies using the COPsync network. Also funded were two product innovations: VidTac, the nation's only in-vehicle, software-driven, 1080p resolution, law enforcement video system, and WARRANTsync, Texas' only real-time Class C misdemeanor warrant clearing database. Contracted sales bookings for Q1 were $1,432,000, which represents an increase of 165% over comparable contracted bookings of $541,000 for Q1 of 2012," said Ronald A. Woessner, COPsync's chief executive officer. "We have reduced the pace of our operating expenses, while our 2013 sales are expected materially to outpace 2012 sales. The Company believes it will achieve cash-flow breakeven in 2013, perhaps as early as Q2."
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 actionable mission-critical data in real-time and collect for outstanding Texas Class C misdemeanor warrants and capias pro fine 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 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, 1080p resolution, 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 on information available to the Company on the date this release was issued. The Company 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 its products and services. In particular, the statement, "… our 2013 sales are expected materially to outpace 2012 sales. The Company believes it will achieve cash-flow breakeven in 2013, perhaps as early as Q2" is highly dependent on the Company's ability to successfully sell, manufacture, deliver and install the requisite number of VidTac systems and the requisite number of subscribers for the COPsync network. The Company may not succeed in adequately addressing and managing these and other risks. Further information regarding factors that could affect the Company's financial, operating and other results can be found in the risk factors section of the Company's most recent filing on Form 10-K with the Securities and Exchange Commission.