Forecasts Cash Flow Breakeven in 2013
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.
CONTACT: COPsync, Inc.
Ronald A. Woessner
Investor Relations Department
972-865-6192
invest@copsync.com