TASER's 4Q earnings drop 98 percent on lower sales, higher expenses
The Associated Press
SCOTTSDALE, Ariz.- Stun-gun maker Taser International Inc. reported Wednesday its fourth-quarter profit dropped 98 percent on lower sales and higher expenses, as the company fought lawsuits during the period.
Analysts surveyed by Thomson Financial expected earnings of 1 cent per share on sales of $12.5 million.
For the full year, the Scottsdale-based company posted net income of $1 million, or 2 cents per share, down from $18.9 million, or 30 cents per share, in the previous year. Sales fell 30 percent to $47.7 million from $67.6 million.
The company has been fighting lawsuits that charge its weapons played a role in accidental deaths. Taser has denied the allegations.
In mid-December, the Securities and Exchange Commission ended a formal investigation into the company's claims about the safety of its stun guns, and recommended no enforcement action.
Copyright Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.