Taser International Inc., a manufacturer of stun guns, on Wednesday said it swung to its largest first-quarter profit, helped by an increase in sales.
Profit increased to $692,721, or 1 cent per share, for the three months that ended March 31. That's compared to a loss of $38,915, or less than 1 cent per share, during the same period last year. Revenue grew 36 percent to $13.9 million, from $10.2 million last year.
"We're not out of the woods yet," said Tom Smith, the company's president. "But the momentum is coming back from the customers."
Analysts, on average, predicted first-quarter profit of 2 cents per share on revenue of $13.6 million, according to a Thomson Financial poll.
The increase in profits comes as a relief for Taser, which has seen losses in the last four quarters.
Smith attributed the first-quarter profit to an increase in new customers and additional sales to longtime customers
He said that he expects the launch of Taser Cam, an audio and video recorder that attaches to a gun, in the second quarter would contribute to continued revenue growth.
The company will continue to devote significant funds to public relations and fighting its many legal battles, Smith said. The company has been battling dozens of lawsuits alleging its weapons played a role in accidental deaths.