Contact Information: CONTACT: Pfeiffer High Investor Relations, Inc. Geoff High 303-393-7044
Law Enforcement Associates Awarded $5.7 Million Follow-On Order by U.S. Census Bureau
Order Is Largest in Company History; Value Exceeds LEA's Total Revenue for First Six Months of 2008
| Source: Law Enforcement Associates
RALEIGH, NC--(Marketwire - February 24, 2009) - Law Enforcement Associates Corporation (LEA)
(OTCBB : LAWE ), the largest U.S.-based developer and manufacturer of
electronic surveillance equipment, today announced it has received a $5.7
million order from the U.S. Census Bureau. The order, the largest in
Company history, represents a follow-on contract to the $1.4 million
purchase made by the Census Bureau in September 2008. LEA did not identify
the products associated with the order, but said they are expected to ship
during the first two quarters of fiscal 2009 and will be used in
conjunction with the 2010 U.S. Census.
"This record order illustrates the success we are having in sectors beyond
our traditional end markets," said Paul Feldman, president of LEA. "Demand
from our core law enforcement market is also building. Difficult
macro-economic conditions often bring elevated crime rates. Fortunately,
thousands of state and local police departments will soon begin to benefit
from $4 billion in new funding being made available to law enforcement
agencies through the recently passed American Recovery and Reinvestment
Act. LEA, the dominant U.S. manufacturer of surveillance and security
equipment, is well positioned to benefit as these agencies invest in new
products and technologies."
"Our sales momentum continues to build and our growth prospects have never
been stronger," Feldman added. "We are optimistic that our revenue growth
in 2009 will meet or exceed the 35% top-line growth rate we expect to
report for fiscal 2008. This order from the U.S. Census Bureau clearly
gives us a strong start toward meeting that objective. It also will
provide us with added cash on our balance sheet, which remains free of
long-term debt."
LEA will discuss these and other recent developments during a fiscal 2008
year-end conference call to be held in March. Details for participating in
the call will be provided in a subsequent news release.
About Law Enforcement Associates Corporation
LEA is a leading U.S.-based security and surveillance technology company
that manufactures and markets a diverse product line to the worldwide law
enforcement, military, security and corrections markets. The company's
Audio Intelligence Devices division has been serving the law enforcement
sector for more than 30 years and is one of the most respected names in the
surveillance equipment industry. LEA's products are used by a wide variety
of government and non-governmental agencies, as well as public and private
companies. These include military bases, nuclear facilities, embassies,
government installations, oil refineries, United Nations and NATO
locations. The company enjoys close working relationships with other
prominent players in the security and surveillance industry, including
Smith & Wesson, one of the world's largest manufacturers of quality
firearms and firearm safety/security products. LEA's products have been
used at high-profile events such as the Summer & Winter Olympics, Super
Bowl, U.S. Golf Championship, and the Democratic and Republican National
Conventions. Its products include the Under Vehicle Inspection System
(UVIS), Smith & Wesson-branded UVIS Swift, EDK123 (Explosive Detection
Kit), Bloodhound and Birddog GPS Tracking Systems, Graffiti Cam,
Letter-bomb Visualizer Spray, and a wide variety of Audio & Video
Surveillance Equipment. Headquartered in Raleigh, N.C., the company has
been featured in many industry publications and websites. For more
information, please visit www.leacorp.com.
Forward-Looking Information:
The statements in this news release contain forward-looking information
within the meaning of the Private Securities Litigation Reform Act of 1995.
Statements that use words such as "believe," "anticipate," "estimate,"
"intend," "could," "plan," "expect," "project," "predict," "forecast,"
"outlook," "potential," "continue," "may," "future," "can," "enhance," and
"should," or the negative of these, as well as similar expressions, can be
used to identify forward-looking statements. Such forward-looking
statements involve certain risks, assumptions and uncertainties, including
the inability to generate and secure the necessary product sales, or the
lack of acceptance of the company's products by its customers. In each case
actual results may differ materially from such forward-looking statements.
The company does not undertake to publicly update or revise its
forward-looking statements even if experience or future changes make it
clear that any projected results (expressed or modified) will not be
realized.