Aerospace and defense products and equipment maker TASER International Inc. (TASR), Wednesday reported a narrower second quarter loss on higher revenues, as it transforms from a product company to a full product solution provider.
For the second quarter, net loss narrowed to $0.72 million or $0.01 per share from $2.01 million or $0.03 per share in the same quarter a year ago.
On average, 5 analysts polled by Thomson Reuters expected a loss of $0.04 per share for the quarter.
Rick Smith, CEO said, "We are seeing the results of our heavy investments in research and development begin to transform the company from a product company to a full solutions provider."
Second-quarter revenues increased 3.5% to $21.83 million from $21.10 million in the comparable quarter last year, beating Street estimates of $18.92 million.
Loss from operations was $1.47 million, compared to loss from operations of $4.33 million in the year-ago quarter.
Gross margin decreased to 62.9%, compared to 64.5% in the second quarter of 2008.
For the six-month period, net loss widened to $1.19 million or $0.02 per share from $0.80 million or $0.01 per share in the prior-year period. Net sales improved to $46.44 million from $43.59 million in the year-earlier period.
TASR is currently trading at $5.32, down $0.23 or 4.14%, on a volume of 0.38 million shares.
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