Law Enforcement Associates, a Raleigh company that sells surveillance and security equipment to the military and other customers, reported weaker third-quarter results.
Net sales fell to $1.9 million, down 21 percent from the same quarter last year. LEA's net loss was $99,000, compared to net income of $96,000 last year.
The company plans to introduce two new products during the current quarter, and has been "much more aggressive at leveraging the insight and professional connections" of its board to boost its business, said Alan Terry, in a prepared statement. Terry, who was named interim CEO in August, wasn't available for further comment.
LEA's board includes Senate Majority Leader Tony Rand, left, who recently announced he plans to step down from the Senate to become chairman of the state parole board. LEA shareholders are scheduled to vote next month to add former Department of Transportation secretary Lyndo Tippett to the board.
LEA is a publicly traded company with 30 employees that was spun off in 2001 from Sirchie Finger Print Laboratories, a Franklin County firm founded by former state Sen. John Carrington. LEA moved to Raleigh from Youngsville last year after Sirchie was sold.
The company had a large, one-time order in the third quarter last year, said chief financial officer Paul Briggs. That made the latest quarter's results seem worse.
Briggs said he expects the company to expand, and hire, in 2010. "It really depends on customer demand, how well our new products hit the market," Briggs said. "We're moving in the right direction."
Briggs declined to comment on the new products being developed.
LEA has said it expects to get a boost in demand as federal stimulus money allows government and law enforcement agencies to buy more equipment such as under-car inspection systems, explosive detection kits and GPS tracking equipment.
The company's stock fell 3 cents today to 22 cents.