Laser Technology, Inc., Reports FY 2001 Operating Results

ENGLEWOOD, Colo., Jan. 4 /PRNewswire/ -- Laser Technology, Inc (Amex: LSR - news), a leading designer, manufacturer and marketer of pulse laser measuring systems for a variety of commercial and consumer applications, recently reported its financial results for the quarter and fiscal year ended September 30, 2001.

For the fiscal year ended September 30, 2001 the Company reported a net income of $409,113, or $.06 per diluted share, on net sales of $11,472,459. These results compared with net income of $341,412, or $.06 per diluted share, and net sales of $12,720,299 in FY 2000.

For the three months ended September 30, 2001, net sales totaled $2,690,096, versus net sales of $3,392,643 in the fourth quarter of the previous fiscal year. The Company reported net income of $ 211,675 or $0.04 per basic share, in the fourth quarter of FY2001, compared with net income of $96,930 or $0.02 per basic share, in the corresponding period of the prior year.

Net sales of Traffic Safety products decreased 17% from $8,332,207 in 2000 to $6,957,280 in 2001. North American Traffic Safety product sales increased 4% from $4,009,206 in 2000 to $4,162,020 in 2001, primarily due to a more experienced sales force producing greater revenue per salesperson. International Traffic Safety product sales decreased 35% from $4,323,001 in 2000 to $2,795,259 in 2001.

"Despite difficult economic times, LTI remained profitable. Although international sales were hurt by a continued strong dollar, which made the prices of foreign products more competitive, we strengthened our international presence by officially certifying Tele-Traffic (UK), in Warwick, England as a designated full service center for all of our traffic safety products. This is the first full service center with the ability to repair our traffic safety products outside of the United States. It reflects our effort to continuously provide the best support and service possible to our international customers.

In addition, the Micro Digi-Cam was introduced in our international markets. We anticipate a continuing positive acceptance of this product as law enforcement officials look for low-cost alternatives for providing visual evidence of speeding violations," commented Eric Miller, President and CEO of Laser Technology, Inc.

Royalty income earned in 2001, derived primarily from our agreement with Bushnell for sales of the Yardage Pro series of consumer laser rangefinders, increased approximately 8% from $959,015 in 2000 to $1,033,129 in 2001. The increase during 2001 was supported by the introduction of the new Yardage Pro Sport into the Bushnell product line and increased sales into the professional markets.

"We continue to maintain a solid stream of royalty income. This can partially be attributed to the release of the Yardage Pro Sport, our most recent co-developed product with Bushnell, which incorporates our proprietary ASIC chip. The ASIC has provided the ability to market the latest digital technology allowing exceptional performance at the lowest possible price," stated Mr. Miller.

Laser Technology, Inc. manufactures and markets laser-based speed and distance measuring instruments, which utilize proprietary technology developed by the Company. Its products are sold worldwide and are used in a wide variety of applications, including traffic speed enforcement, natural resource management, GIS mapping, surveying, consumer sporting/recreational activities, and industrial control systems. The Company's headquarters and primary manufacturing facilities are located in Englewood, Colorado.

The common stock of Laser Technology, Inc. is traded on the American Stock Exchange under the ticker symbol "LSR".

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

                   For further information, please contact:
         Maggie Urban-Phillips, Investor Relations at (303) 649-1000
              or Elizabeth Hearty, Controller at (303) 649-1000
                       (Financial Highlights to Follow)

                            LASER TECHNOLOGY, INC.

                                                    Twelve Months Ended
                                                  Sept. 30,       Sept. 30,
                                                     2001            2000

    Net sales                                    $11,472,459    $12,720,299
    Cost of sales                                  5,416,379      5,802,123
      Gross profit                                 6,056,080      6,918,176

    Royalty & licensing income                     1,033,129        959,015

    Operating expenses:
      General & administrative expenses            6,769,882      7,361,190
        Total operating expenses                   6,769,882      7,361,190

      Income (loss) from operations                  319,327        516,001

    Other income, net                                203,400         59,211
      Income (loss) before income taxes              522,727        575,212

    Provision for income taxes                       113,614        233,800
      Net (loss) income                             $409,113       $341,412

    Earnings (loss) per common share:
      Basic                                            $0.07          $0.07
      Diluted                                                    $0.06                    $0.06

        Weighted  average  number  of  shares  outstanding:
            Basic                                                                                5,446,633            5,011,220
            Diluted                                                                            6,401,833            5,642,720

                                                        LASER  TECHNOLOGY,  INC.
                                          CONSOLIDATED  STATEMENT  OF  OPERATIONS

                                                                                                            Three  Months  Ended
                                                                                                    Sept.  30,              Sept.30,
                                                                                                          2001                      2000
        Net  sales                                                                          $2,690,096          $3,392,643
        Cost  of  sales                                                                    1,340,183            1,564,170
            Gross  profit                                                                  1,349,913            1,828,474

        Royalty  &  licensing  income                                              444,178                400,407

        Operating  expenses:
            General  &  administrative  expenses                        1,637,874            2,059,241
                Total  operating  expenses                                      1,637,874            2,059,241

        Income  (loss)  from  operations                                        156,217                169,639

        Other  income  (expense),  net                                              75,153                  23,563
            Income  (loss)  before  income  taxes                            231,370                193,202

        Provision  for  income  taxes                                                19,695                  96,272
            Net  (loss)  income                                                          $211,675                $96,930

        Earnings  (loss)  per  common  share:
            Basic                                                                                        $0.04                    $0.02
            Diluted                                                                                    $0.03                    $0.02

        Weighted  average  number  of  shares  outstanding:
            Basic                                                                                5,710,867            5,011,220
            Diluted                                                                            6,666,037            5,642,720

                                                        LASER  TECHNOLOGY,  INC.
                                                  CONSOLIDATED  BALANCE  SHEETS

                                                                                                    Sept.  30,            Sept.  30,
                                                                                                          2001                    2000

        Current  Assets:
            Cash  and  cash  equivalents                                      $1,641,586          $2,024,088
            Investments  (Note  2)                                                              ---                721,730

            Accounts  receivable,  net                                          2,363,225            2,724,344
            Income  tax  refund  receivable                                                --                        ---

        Royalties  receivable                                                          443,713                    1,697
            Inventories                                                                    4,493,440            3,096,862

            Deferred  income  tax  benefit                                                ---                  60,000
            Prepaid  expenses  and  other  assets                            194,423                  83,254
                Total  current  assets                                              9,136,387            8,740,902
        Property  and  equipment,  net                                            788,983            1,155,165
        Long-term  investments                                                                  --                          --

        Other  assets                                                                      1,068,559                967,146
        TOTAL  ASSETS                                                                  $10,993,929        $10,863,213
        Current  Liabilities:
            Accounts  payable                                                            $593,271              $790,260
            Accrued  expenses                                                              327,094                948,696
            Current  maturities  of  long-term  debt                        14,611                  83,727
                Total  current  liabilities                                        934,976            1,822,683

        Long-term  debt,  less  current  maturities                            ---                  14,364
                Total  liabilities                                                        934,976            1,837,047

        Stockholders'  equity:
            Common  stock  ($0.01  par  value,  25,000,000
              shares  authorized,  5,235,867  and  5,244,201
              shares  issued  and  outstanding)                                  57,109                  52,359
        Additional  paid-in  capital                                        10,314,226            9,695,302
        Stock  Subscription  Receivable                                                  --                        ---
        Treasury  Stock,  at  cost,  224,650
            and  224,650  shares                                                        (194,259)            (194,259)
        Retained  earnings                                                              (118,123)            (527,236)

                Total  stockholders'  equity                                10,058,953            9,026,166
                    TOTAL  LIABILITIES  AND
                      STOCKHOLDER'S  EQUITY                                    $10,993,929        $10,863,213

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