Laser Technology, Inc. Reports Second Quarter Operating Results

ENGLEWOOD, Colo., May 16 /PRNewswire-FirstCall/ -- Laser Technology, Inc. (Amex: LSR - News), a leading designer, manufacturer and marketer of pulse laser measuring systems, today reported operating results for the second quarter and first six months of its 2002 fiscal year.

Net sales during the second quarter of fiscal 2002, which ended March 31, 2002, declined 27% from the same period a year earlier, to $2,234,728 from $3,060,393.

Traffic Safety revenues during the second quarter fell 22% to $1,442,330 from $1,838,619 a year ago. North America accounted for 67% of sales while International sales totaled 33%. Traffic Safety product sales in North American markets rose 2% to $966,409 from $947,043, while International sales of Traffic Safety products declined 47% to $475,921 from $891,576. This decrease reflected continued competitive pricing in overseas markets, and cautionary spending for capital items by various government agencies.

Sales of our Survey and Mapping products decreased 32% to $661,697 in 2002 as compared to $966,794 in 2001. North American sales and International sales comprised 70% and 30%, respectively of the total during the quarter ended March 31, 2002. North American sales declined 31% to $465,484 from $674,108. Continued uncertainty about the economy slowed private spending while purchases by government agencies were hindered by reallocated budgets. International sales decreased by 33%, to $196,212 from $292,686 as customers postponed discretionary purchases of capital items.

"Domestic Survey and Mapping sales continue to be affected by cautious spending in both the private and government sectors. Traffic Safety sales remained solid and we look to strengthen our domestic presence with the recent addition of MPH Industries' radar speed detection products which will be sold through Laser Technology's direct distribution channels," commented Eric Miller, President and CEO of Laser Technology, Inc. "International revenues have been hindered by pricing pressures created by the strong US dollar in certain countries and purchasing delays caused by the cyclic demand of traffic safety products. Management anticipates a moderate recovery of international sales in the 3rd quarter of the current fiscal year," concluded Mr. Miller.

Gross margins narrowed to 46% of sales in the second quarter versus 51% in the second quarter a year ago. Although average selling prices for the majority of products held at or above last year's levels, higher labor content in cost of goods sold reduced gross margins. Management is currently evaluating our manufacturing processes to identify areas for potential efficiency improvements.

Royalty and licensing income which is based on a percentage of net sales from our licensee was $124,178, in the second quarter of 2002 as compared to $137,144 in 2001. This 9.5% decrease represents a greater proportion of licensee sales of lower priced units.

Total operating expenses remained virtually unchanged at $1,684,477 from $1,677,199 for the comparable 2001 period. After other income of $21,938, the company posted a pretax loss of $513,582 for the March 31, 2002 quarter, as against a profit of $53,496 a year earlier. The net loss after tax benefit amounted to $328,692, or $0.06 per share, versus a profit of $45,207 or $0.01 per share a year ago.

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, sporting/recreational activities, and industrial process control. The Company's headquarters and primary manufacturing facilities are located in Englewood, Colorado, and its common stock is traded on the American Stock Exchange under the ticker symbol "LSR".

This press release includes statements which may constitute "forward- looking" statements, usually containing the words "believe," "project," "expect" or similar expressions. Any forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned forward- looking statement inherently involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, new products and technological developments, 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


             Elizabeth Hearty, Controller and Corporate Secretary

                              At (303) 649-1000

                              LASER TECHNOLOGY, INC.


                                                     Three Months Ended
                                                   March 31,      March 31,
                                                     2002           2001
    Net Sales                                     $2,234,728     $3,060,393

    Less Cost of Goods Sold                        1,209,949      1,488,591

       Gross Margin                                1,024,779      1,571,802

    Royalty & Licensing Income                       124,178        137,144

    Total Operating Income                         1,148,957      1,708,946

    Operating Expenses                             1,684,477      1,677,199

    Income (Loss) From Operations                   (535,520)        31,747

    Other Income (Expense), Net                       21,938         21,749

    Income (Loss) Before Changes In
     Accounting Estimate                            (513,582)        53,496

    Changes In Accounting Estimate Income
         (Expense)                                                                                        --                          --

        Income  (Loss)  Before  Taxes  On  Income                        (513,582)                53,496

        Taxes  On  Income  (Benefit)                                              (184,890)                  8,289

        Net  Income  (Loss)                                                            $(328,692)              $45,207

        Basic  Earnings  (Loss)  Per  Common  Share                        $(0.06)                  $0.01

        Weighted  Avg.  Shares  Outstanding                              5,710,867            5,486,220

        Diluted  Earnings  (Loss)  Per  Common  Share                    $(0.05)                  $0.01

        Diluted  Avg.  Shares  Outstanding                                6,664,067            6,291,220

                                                            LASER  TECHNOLOGY,  INC.

                                              CONSOLIDATED  STATEMENT  OF  OPERATIONS

                                                                                                            Six  Months  Ended
                                                                                                      March  31,            March  31,
                                                                                                          2002                      2001

        Net  Sales                                                                          $4,700,807          $5,470,035

        Less  Cost  of  Goods  Sold                                                2,398,303            2,609,022

              Gross  Margin                                                                2,302,504            2,861,013

        Royalty  &  Licensing  Income                                              345,888                389,876

        Total  Operating  Income                                                  2,648,392            3,250,889

        Operating  Expenses                                                          3,370,272            3,401,845

        Income  (Loss)  From  Operations                                      (721,880)            (150,956)

        Other  Income  (Expense),  Net                                              50,426                  66,483

        Income  (Loss)  Before  Changes  in
          Accounting  Estimate                                                      $(671,454)            $(84,473)

        Changes  In  Accounting  Estimate  Income
          (Expense)                                                                            $(14,945)                        --

        Income  (Loss)  Before  Taxes  On  Income                        (686,399)              (84,473)

        Taxes  On  Income  (Benefit)                                              (247,104)              (41,380)

        Net  Income  (Loss)                                                            $(439,295)            $(43,093)

        Basic  Earnings  (Loss)  Per  Common  Share                        $(0.08)                $(0.01)

        Weighted  Avg.  Shares  Outstanding                              5,710,867            5,486,220

        Diluted  Earnings  (Loss)  Per  Common  Share                    $(0.07)                $(0.01)

        Diluted  Avg.  Shares  Outstanding                                6,664,067            6,291,220

                                                            LASER  TECHNOLOGY,  INC.

                                                      CONSOLIDATED  BALANCE  SHEETS

                                                                                                      March  31,        September  30,
                                                                                                          2002                      2001
        Current  Assets:
            Cash  and  cash  equivalents                                      $2,848,437          $1,641,586
            Trade  Accounts  receivable,
              less  allowance  for  doubtful
              accounts  of  $66,235  and  $55,228
              at  March  31,  2002  and
              September  30,2001,  respectively                          1,607,179            2,363,225
            Royalties  receivable                                                      123,220                443,713
            Inventories                                                                    3,620,603            4,493,440
            Prepaids  and  other  current  assets                            113,591                186,017
            Income  tax  prepayment                                                    284,666                    8,406

                Total  current  assets                                            $8,597,696          $9,136,387

        Property  and  equipment,
          net  of  accumulated  depreciation                                  599,877                788,983

        Other  assets                                                                      1,042,760            1,068,559

                TOTAL  CURRENT  ASSETS                                          $10,240,333        $10,993,929

        Current  Liabilities:
            Accounts  payable                                                            $377,652              $593,271
            Accrued  expenses                                                              240,624                327,094
            Current  maturities  of  long-term  debt                          2,400                  14,611

                Total  current  liabilities                                      $620,676              $934,976

        Stockholders'  equity:
            Preferred  Stock,  $.01  par  value
              --  shares  authorized  2,000,000:
              shares  issued  --  none                                                            --                          --
            Common  stock,  $.01  par  value
              --  shares  authorized  25,000,000;
              shares  issued  5,710,867                                                57,109                  57,109
            Additional  paid-in  capital                                    10,314,226          10,314,226
            Treasury  stock  at  cost
              (224,650  shares)                                                          (194,259)            (194,259)
            Retained  earnings  (Deficit)                                      (557,419)            (118,123)

                Total  stockholders'  equity                                  9,619,657          10,058,953

                    TOTAL  LIABILITIES  AND
                      STOCKHOLDERS'  EQUITY                                    $10,240,333        $10,993,929

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