BK Technologies Achieves Record Bookings
BK Technologies Corporation (NYSE American: BKTI) anticipates closing fiscal 2021 with record bookings exceeding $54 million. The company plans to ship and recognize revenue from these orders in 2021 and the first half of 2022. CEO John Suzuki highlighted strong demand for their portable communications technology, particularly the BKR 5000, leading to historic booking levels. BK Technologies manufactures reliable communications equipment for public safety professionals and government agencies, emphasizing its commitment to serving those in critical response roles.
- Record bookings of over $54 million expected in fiscal 2021.
- Strong demand for portable communications technology like the BKR 5000.
- Reliance on government contracts raises risks with budget deficits and spending limitations.
- Potential disruptions in global supply chain affecting product delivery and availability.
WEST MELBOURNE, FL / ACCESSWIRE / December 21, 2021 / BK Technologies Corporation (NYSE American:BKTI) today announced that the Company expects to close out fiscal 2021 with record bookings of over
John Suzuki, CEO of BK Technologies, commented, "We continue to see tremendous demand and order activity for our portable communications technology, particularly for the BKR 5000, culminating in the highest level of bookings in the company's history. I couldn't be more proud of the team. This is a testament to the strength of our product line, customer service and sales team as the marketplace embraces our new products to enhance their communications solutions."
About BK Technologies
BK Technologies Corporation is an American holding company deeply rooted in the public safety communications industry, with its operating subsidiary manufacturing high-specification, American-made communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. BK Technologies is honored to serve our public safety heroes with reliable equipment when every moment counts. The Company's common stock trades on the NYSE American market under the symbol "BKTI". Maintaining its headquarters in West Melbourne, Florida, BK Technologies can be contacted through its website at www.bktechnologies.com or directly at 1-800-821-2900.
Forward-Looking Statements
This press release contains certain forward-looking statements that are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the Company's operations, economic performance, and financial condition, including, but not limited to, statements regarding the anticipated shipment and revenue realization for bookings, and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors and risks, some of which have been, and may further be, exacerbated by the COVID-19 pandemic, include, among others, the following: changes or advances in technology; the success of our land mobile radio product line; disruption in the global supply chain creating delays, unavailability and adverse conditions; successful introduction of new products and technologies, including our ability to successfully develop and sell our anticipated new multiband product and other related products in the planned new BKR Series product line; competition in the land mobile radio industry; general economic and business conditions, including federal, state and local government budget deficits and spending limitations, any impact from a prolonged shutdown of the U.S. Government, and the ongoing effects of the COVID-19 pandemic; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; risks associated with fixed-price contracts; heavy reliance on sales to agencies of the U.S. Government and our ability to comply with the requirements of contracts, laws and regulations related to such sales; allocations by government agencies among multiple approved suppliers under existing agreements; our ability to comply with U.S. tax laws and utilize deferred tax assets; our ability to attract and retain executive officers, skilled workers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and to consummate, acquisition, disposition or investment transactions, and risks incumbent to being a noncontrolling interest stockholder in a corporation; impact of the COVID-19 pandemic on the companies in which the Company holds investments; impact of our capital allocation strategy; risks related to maintaining our brand and reputation; impact of government regulation; impact of rising health care costs; our business with manufacturers located in other countries, including changes in the U.S. Government and foreign governments' trade and tariff policies, as well as any further impact resulting from the COVID-19 pandemic; our inventory and debt levels; protection of our intellectual property rights; fluctuation in our operating results and stock price; acts of war or terrorism, natural disasters and other catastrophic events, such as the COVID-19 pandemic; any infringement claims; data security breaches, cyber-attacks and other factors impacting our technology systems; availability of adequate insurance coverage; maintenance of our NYSE American listing; risks related to being a holding company; and the effect on our stock price and ability to raise equity capital of future sales of shares of our common stock. Certain of these factors and risks, as well as other risks and uncertainties, are stated in more detail in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in the Company's subsequent filings with the SEC. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Company Contact:
IMS Investor Relations
John Nesbett/Jennifer Belodeau
bktechnologies@imsinvestorrelations.com
(203) 972-9200
SOURCE: BK Technologies Corporation
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FAQ
What are BKTI's expected bookings for fiscal 2021?
What is the significance of the BKR 5000 for BK Technologies?
When does BK Technologies expect to recognize revenue from its bookings?
How does BK Technologies support public safety?
What risks does BK Technologies face regarding government contracts?
