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Laser Technology, Inc., Reports FY 2001 Operating Results

ENGLEWOOD, Colo., Jan. 4 /PRNewswire/ -- Laser Technology, Inc (Amex: LSR - news), a leading designer, manufacturer and marketer of pulse laser measuring systems for a variety of commercial and consumer applications, recently reported its financial results for the quarter and fiscal year ended September 30, 2001.

For the fiscal year ended September 30, 2001 the Company reported a net income of $409,113, or $.06 per diluted share, on net sales of $11,472,459. These results compared with net income of $341,412, or $.06 per diluted share, and net sales of $12,720,299 in FY 2000.

For the three months ended September 30, 2001, net sales totaled $2,690,096, versus net sales of $3,392,643 in the fourth quarter of the previous fiscal year. The Company reported net income of $ 211,675 or $0.04 per basic share, in the fourth quarter of FY2001, compared with net income of $96,930 or $0.02 per basic share, in the corresponding period of the prior year.

Net sales of Traffic Safety products decreased 17% from $8,332,207 in 2000 to $6,957,280 in 2001. North American Traffic Safety product sales increased 4% from $4,009,206 in 2000 to $4,162,020 in 2001, primarily due to a more experienced sales force producing greater revenue per salesperson. International Traffic Safety product sales decreased 35% from $4,323,001 in 2000 to $2,795,259 in 2001.

"Despite difficult economic times, LTI remained profitable. Although international sales were hurt by a continued strong dollar, which made the prices of foreign products more competitive, we strengthened our international presence by officially certifying Tele-Traffic (UK), in Warwick, England as a designated full service center for all of our traffic safety products. This is the first full service center with the ability to repair our traffic safety products outside of the United States. It reflects our effort to continuously provide the best support and service possible to our international customers.

In addition, the Micro Digi-Cam was introduced in our international markets. We anticipate a continuing positive acceptance of this product as law enforcement officials look for low-cost alternatives for providing visual evidence of speeding violations," commented Eric Miller, President and CEO of Laser Technology, Inc.

Royalty income earned in 2001, derived primarily from our agreement with Bushnell for sales of the Yardage Pro series of consumer laser rangefinders, increased approximately 8% from $959,015 in 2000 to $1,033,129 in 2001. The increase during 2001 was supported by the introduction of the new Yardage Pro Sport into the Bushnell product line and increased sales into the professional markets.

"We continue to maintain a solid stream of royalty income. This can partially be attributed to the release of the Yardage Pro Sport, our most recent co-developed product with Bushnell, which incorporates our proprietary ASIC chip. The ASIC has provided the ability to market the latest digital technology allowing exceptional performance at the lowest possible price," stated Mr. Miller.

Laser Technology, Inc. manufactures and markets laser-based speed and distance measuring instruments, which utilize proprietary technology developed by the Company. Its products are sold worldwide and are used in a wide variety of applications, including traffic speed enforcement, natural resource management, GIS mapping, surveying, consumer sporting/recreational activities, and industrial control systems. The Company's headquarters and primary manufacturing facilities are located in Englewood, Colorado.

The common stock of Laser Technology, Inc. is traded on the American Stock Exchange under the ticker symbol "LSR".

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

                   For further information, please contact:
         Maggie Urban-Phillips, Investor Relations at (303) 649-1000
              or Elizabeth Hearty, Controller at (303) 649-1000
                       (Financial Highlights to Follow)


                            LASER TECHNOLOGY, INC.
                     CONSOLIDATED STATEMENT OF OPERATIONS

                                                    Twelve Months Ended
                                                  Sept. 30,       Sept. 30,
                                                     2001            2000

    Net sales                                    $11,472,459    $12,720,299
    Cost of sales                                  5,416,379      5,802,123
      Gross profit                                 6,056,080      6,918,176

    Royalty & licensing income                     1,033,129        959,015

    Operating expenses:
      General & administrative expenses            6,769,882      7,361,190
        Total operating expenses                   6,769,882      7,361,190

      Income (loss) from operations                  319,327        516,001

    Other income, net                                203,400         59,211
      Income (loss) before income taxes              522,727        575,212

    Provision for income taxes                       113,614        233,800
      Net (loss) income                             $409,113       $341,412

    Earnings (loss) per common share:
      Basic                                            $0.07          $0.07
      Diluted                                          $0.06          $0.06

    Weighted average number of shares outstanding:
      Basic                                        5,446,633      5,011,220
      Diluted                                      6,401,833      5,642,720


                            LASER TECHNOLOGY, INC.
                     CONSOLIDATED STATEMENT OF OPERATIONS

                                                      Three Months Ended
                                                  Sept. 30,       Sept.30,
                                                     2001           2000
    Net sales                                     $2,690,096     $3,392,643
    Cost of sales                                  1,340,183      1,564,170
      Gross profit                                 1,349,913      1,828,474

    Royalty & licensing income                       444,178        400,407

    Operating expenses:
      General & administrative expenses            1,637,874      2,059,241
        Total operating expenses                   1,637,874      2,059,241

    Income (loss) from operations                    156,217        169,639

    Other income (expense), net                       75,153         23,563
      Income (loss) before income taxes              231,370        193,202

    Provision for income taxes                        19,695         96,272
      Net (loss) income                             $211,675        $96,930

    Earnings (loss) per common share:
      Basic                                            $0.04          $0.02
      Diluted                                          $0.03          $0.02

    Weighted average number of shares outstanding:
      Basic                                        5,710,867      5,011,220
      Diluted                                      6,666,037      5,642,720


                            LASER TECHNOLOGY, INC.
                         CONSOLIDATED BALANCE SHEETS

                                                  Sept. 30,      Sept. 30,
                                                     2001          2000

    Current Assets:
      Cash and cash equivalents                   $1,641,586     $2,024,088
      Investments (Note 2)                               ---        721,730

      Accounts receivable, net                     2,363,225      2,724,344
      Income tax refund receivable                        --            ---

    Royalties receivable                             443,713          1,697
      Inventories                                  4,493,440      3,096,862

      Deferred income tax benefit                        ---         60,000
      Prepaid expenses and other assets              194,423         83,254
        Total current assets                       9,136,387      8,740,902
    Property and equipment, net                      788,983      1,155,165
    Long-term investments                                 --             --

    Other assets                                   1,068,559        967,146
    TOTAL ASSETS                                 $10,993,929    $10,863,213
    Current Liabilities:
      Accounts payable                              $593,271       $790,260
      Accrued expenses                               327,094        948,696
      Current maturities of long-term debt            14,611         83,727
        Total current liabilities                    934,976      1,822,683

    Long-term debt, less current maturities              ---         14,364
        Total liabilities                            934,976      1,837,047

    Stockholders' equity:
      Common stock ($0.01 par value, 25,000,000
       shares authorized, 5,235,867 and 5,244,201
       shares issued and outstanding)                 57,109         52,359
    Additional paid-in capital                    10,314,226      9,695,302
    Stock Subscription Receivable                         --            ---
    Treasury Stock, at cost, 224,650
      and 224,650 shares                            (194,259)      (194,259)
    Retained earnings                               (118,123)      (527,236)

        Total stockholders' equity                10,058,953      9,026,166
          TOTAL LIABILITIES AND
           STOCKHOLDER'S EQUITY                  $10,993,929    $10,863,213