OVERLAND PARK, Kan., Feb. 21 /PRNewswire-FirstCall/ -- Digital Ally, Inc. (Nasdaq: DGLY), which develops, manufactures and markets advanced video surveillance products for law enforcement, homeland security and commercial security applications, today reported record revenue and net income for the fourth quarter and full year 2007. An investor conference call is scheduled for 11:00 a.m. EST today, February 21, 2008 (see details below).
For the three months ended December 31, 2007 , revenue increased 283% to
Gross profits totaled
The Company incurred non-cash stock compensation expense of
For the twelve months ended December 31, 2007 , revenue increased 372% to
The Company incurred non-cash stock compensation expense totaling
"I am very pleased to report outstanding growth in sales and earnings for
the quarter and year ended December 31, 2007 , as enthusiasm for our DVM-500
In-Car Video Mirror continued to build among law enforcement agencies
throughout the United States and internationally," stated Stanton E. Ross,
Chief Executive Officer of the Company. "Not only did our sales increase 372%
to a record
"We now have customers in all 50 states and 12 foreign countries, and our largest order, to date, was from an international customer that has since placed additional orders for the DVM-500. We introduced a number of additional features to enhance the functionality and utility of our DVM-500 last year, including a wireless software file transfer feature that allows law enforcement officers to easily and inexpensively download video files to police headquarters or other remote locations, a Live Streaming Video capability, and a new VideoManager Server that enhances the ability of authorized headquarters personnel to view, upload, playback, search and manage video files from any networked computer with proper access rights."
"Improvements in our balance sheet during 2007 were as strong as our
operating results," observed Ross. "Stockholders' equity increased from
"Looking forward, 2008 will be a year marked by our introduction of several new products and our entry into new markets," continued Ross. "Our experience with the Digital Video Flashlight ("DVF"), which contributed modestly to 2007 sales, has resulted in a redesign of that product that we believe will increase its appeal to both existing and new customers. We plan to introduce our initial digital surveillance products for the school bus and mass transit markets during the second quarter of 2008, and a new product for law enforcement and military applications should be forthcoming in the second half of the year."
"We expect to achieve our eighth consecutive quarter of record sales
during the three months ending March 31, 2008 , and based upon information
currently available to the Company, we anticipate that full year 2008 revenues
should more than double to approximately
The Company will host an investor conference call at 11:00 a.m. Eastern Time today, February 21, 2008 , to discuss its fourth quarter and full-year 2007 operating results. Shareholders and other interested parties may participate in the conference call by dialing 866-406-5369 (international/local participants dial 973-582-2847) and referencing the ID code 32445911 a few minutes before 11:00 a.m. EST on February 21, 2008 . A replay of the conference call will be available two hours after completion of the conference call from February 21, 2008 until February 28, 2008 by dialing 800-642-1687 (international/local participants dial 706-645-9291) and entering the conference ID 32445911.
About Digital Ally, Inc.
Digital Ally, Inc. develops, manufactures and markets advanced technology products for law enforcement, homeland security and commercial security applications. The Company's primary focus is the field of Digital Video Imaging and Storage. For additional information, visit http://www.digitalallyinc.com.
The Company is headquartered in Overland Park, Kansas, and its shares are traded on The Nasdaq Capital Market under the symbol "DGLY".
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Act of 1934. These forward-looking statements are based largely on the
expectations or forecasts of future events, can be affected by inaccurate
assumptions, and are subject to various business risks and known and unknown
uncertainties, a number of which are beyond the control of management.
Therefore, actual results could differ materially from the forward-looking
statements contained in this press release. A wide variety of factors that
may cause actual results to differ from the forward-looking statements
include, but are not limited to, the following: the Company's ability to have
all of its new product offerings perform as planned or advertised; whether
there will be a commercial market, domestically and internationally, for one
or more of its new products; its ability to commercialize its products and
production processes, including increasing its production capabilities to
satisfy orders in a cost-effective manner; its ability to continue to increase
revenue and profits, including the achievement of
NOTE: FOR MORE DETAILED INFORMATION, REFER TO THE COMPANY'S ANNUAL REPORT ON FORM 10-KSB FOR THE YEAR ENDED DECEMBER 31, 2007 TO BE FILED WITH THE SEC.
SOURCE Digital Ally, Inc.