BRSI Ballistic Recovery Systems Inc (CE)

Ballistic Recovery Systems, Inc. (Pink Sheets:BRSI), a manufacturer of whole-aircraft emergency parachute systems, announces results of its fiscal 2008 third quarter ended June 30, 2008. Consolidated net revenue for the third quarter increased 23.6% to $3,219,963, compared to $2,606,081 for the same period in the prior year. BRS aviation-related revenue was $2,818,352, or an increase of 8.1%, compared to $2,606,081 for the same period last year. Other sales revenue, which includes ATF generated sales, was $401,611. Consolidated net revenue growth for the period was primarily driven by increases in traditional BRS aviation revenue, new revenue from ATF, which resulted from a November 2007 acquisition, and defense related business out of the North Carolina operations. Selling, general and administrative costs as a percentage of sales were 11.0%...$353,000�for the third quarter of fiscal year 2008 as compared to 28.0%...$730,000�for the third quarter of fiscal year 2007. The third quarter fiscal year 2008 selling, general and administrative costs include $79,108 of one-time costs for our North Carolina production facility. Net loss for the third quarter was $(132,088) or $(0.01) per share, as compared to net loss of $(275,864), which was $(0.03) per share, on a fully diluted basis per share, for the same period in 2007. Larry E. Williams, President and Chief Executive Officer, said, "Third-quarter results are supported by steady growth in revenue in both our aviation and ATF businesses. We had great success in the quarter lowering our operating expenses by 37.5% when compared to 3rd quarter last year. Management�s continued focus is on generation of free cash flow, not only to support the steady growth in our core business, but also to enable us to proactively move forward on a key strategic goal to restructure overall debt," Mr. Williams said. "Our overriding commitment is to strengthen the Company's balance sheet�. Results of Operations for the Nine Months Ended June 30, 2008 Consolidated net revenue for the nine months ended June 30, 2008 increased 21.6%, to $8,135,062, or an increase of $1,443,345 when compared to net revenue of $6,691,717 for the same period in the prior year. BRS aviation revenue for the nine-month period was $7,207,090, or an increase of 7.7%, compared to $6,691,717 for the same period of the prior year. Other sales revenue, which includes ATF, was $927,972. Consolidated net revenue growth for the period was primarily driven by increases in traditional BRS aviation revenue, new revenue from ATF and defense related business out of the North Carolina operations. Net income loss before taxes for the third quarter fiscal year 2008 was $(204,829) compared to a loss of $(315,202) for the same period in 2007. Net income loss before taxes for the nine months ended June 30, 2008 was $(825,667) compared to $(688,259) for the same period in 2007. About Ballistic Recovery Systems and Advanced Tactical Fabrication Based in South Saint Paul, Minnesota, BRS designs, manufactures, and distributes whole-aircraft emergency parachute systems for general aviation and recreational aircraft. Advanced Tactical Fabrication (ATF), a [wholly-owned] subsidiary of BRS, is a leader in the safety apparel industry. Ballistic Recovery Systems is a publicly traded company (BRSI.PK). Since 1981, BRS has delivered more than 29,000 parachute systems to aircraft owners worldwide, including over 3,500 systems on FAA-certificated aircraft such as the Cirrus Design SR20 and SR22 manufactured in Duluth, Minnesota. To date, BRS parachute recovery systems have been credited with saving the lives of 213 pilots and passengers. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words such as �anticipates,� �expects,� �plans,� �believes,� �intends,� and other similar words or phrases. These statements are only predictions, and are based on current information and expectations. Such statements involve a number of risks and uncertainties, including market fluctuations, pricing, procurement, manufacturing efficiencies, operating risks, and other risks that could cause the actual results to differ materially from those projected. For more information, review the company�s filings with the Securities and Exchange Commission, particularly the Company�s annual report on Form 10-KSB. All forward-looking statements are qualified in their entirety by this cautionary statement, and BRS undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.