In the news release, Law Enforcement Associates (AMEX:AID) Reports Profitable Third Quarter and Nine-Month Financial Results, issued yesterday, Nov. 15, by Law Enforcement Associates Corporation over PR Newswire, we are advised by the company that the net income figures for the three- and nine-month periods, of $125,000 and $226,000, respectively, were incorrect. The actual net income figures were $102,000 and $203,000, respectively. The corrected consolidated statement of operations for both the three- and nine-month periods follow: Law Enforcement Associates Corporation
Consolidated Statement of Operations
Three Months ended September 30, 2006 and September 30, 2005 Three-months Three-months
ended ended
September 30, September 30,
2006 2005
(Unaudited) (Unaudited) Revenues $1,897,421 $2,661,642 Cost of goods sold 1,030,809 1,551,413 Gross profit 866,612 1,110,229 Research and development 17,400 67,721
Operating expenses 749,373 724,185 Total operating expenses 766,773 791,906 Net income before other income (expense)
and provision for income taxes 99,839 318,323 Other income (expense)
Gain (loss) on retirement of fixed assets -- (2,147)
Interest (expense) (1,102) (3,113)
Other (expense) -- (10,442) Total other income (expense) (1,102) (15,702) Net income before provision for income taxes 98,737 302,621 Provision for income taxes (benefit) (3,418) 118,000 Net income $102,155 $184,621
Net income per weighted average share, basic $0.00 $0.01
Weighted average number of shares 25,252,433 25,152,433 Law Enforcement Associates Corporation
Consolidated Statement of Operations
Nine Months ended September 30, 2006 and September 30, 2005 Nine-months Nine-months
ended ended
September 30, September 30,
2006 2005
(Unaudited) (Unaudited) Revenues $5,579,012 $6,617,834 Cost of goods sold 3,206,926 4,059,523 Gross profit 2,372,086 2,558,311 Research and development 55,601 125,835
Operating expenses 2,044,786 2,361,194 Total operating expenses 2,100,387 2,487,029 Net income before other income (expense)
and provision for income taxes 271,699 71,282 Other income (expense)
Gain (loss) on retirement of fixed assets -- (5,774)
Interest (expense) (6,376) (12,763)
Other (expense) 4,298 (8,419) Total other income (expense) (2,078) (26,956) Net income before provision for income taxes 269,621 44,326 Provision for income taxes 66,126 17,000 Net income $203,495 $27,326
Net income per weighted average share, basic $0.01 $0.00
Weighted average number of shares 25,163,342 25,120,615
DATASOURCE: Law Enforcement Associates Corporation
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