New York, NY / ACCESSWIRE / September 9, 2014 / SeeThruEquity, a leading New York City based independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued a 2Q 2014 update note on COPsync, Inc. (OTCQB: COYN), a company that operates the largest law enforcement mobile data information system and interoperability network in the U.S.
"Hardware, installation and other revenues increased year-over-year by 106% to $935k for 2Q14, compared to $454k in 2Q13. During the quarter, COPsync reported receiving large, hardware intensive contracts, involving both new customers as well as existing customers electing to replace or update their computer equipment. Software subscription revenues, which we believe is a key predictor of future performance, increased year-over-year by 55% to $644k in 2Q14 compared to $417k in 2Q13. Included in this figure is approximately $160k of revenues from COPsync911 threat alert sales," commented Ajay Tandon, CEO of SeeThruEquity. "We are raising our price target from $0.38 to $0.57 per share."
Highlights for the quarter are as follows:
COPsync delivering hardware and software growth. COPsync reported 2Q14 revenues of $1.6mn, up 82% from 2Q13 and up 6.2% sequentially from 1Q14. Hardware, installation and other revenues increased year-over-year by 106% to $935k for 2Q14, compared to $454k in 2Q13. During the quarter, COPsync reported receiving large, hardware intensive contracts, involving both new customers as well as existing customers electing to replace or update their computer equipment. Software subscription revenues, which from speaking with COPsync we believe is a better predictor of future performance, increased year-over-year by 55% to $644k in 2Q14 compared to $417k in 2Q13. Included in this figure is approximately $160k of revenues from COPsync911 threat alert sales. The COPsync911 service enables school personnel to instantly and silently send emergency alerts directly to the closest law enforcement officers in their patrol vehicles, and to the local 911 dispatch center.
Progress towards Texas “tipping point” and expansion in the US. As of June 30, 2014, 545 law enforcement agencies, courts and school districts, primarily in the State of Texas, had contractually subscribed to use the COPsync Network and COPsync911 threat alert service. COPsync currently has at least one customer using at least one of its products in 78% of the 254 Texas counties. COPsync becomes more and more valuable to local law enforcement as its user base reaches greater mass. We are confident that the company will soon achieve that mass in Texas and sign up a major municipality in the state. COPsync is also expanding its business throughout the US. In its 2Q14 press release, COPsync noted that schools and law enforcement agencies in New Hampshire are beginning to subscribe to the COPsync911 threat alert service, through the efforts of a company distributor, in connection with statewide grant monies beginning to flow for COPsync911 to safeguard New Hampshire schools.
Raising price target to $0.57. We are raising our price target for COYN to $0.57 from $0.38. This represents 33.2% upside potential from the recent market price of $0.43.
The note is available here: COYN 2Q 2014 Update. SeeThruEquity is an approved equity research contributor on Thomson First Call, CapitalIQ, FactSet, and Zack’s. The report will also be available on these platforms.
Please review important disclosures on our website at www.seethruequity.com.
About COPsync, Inc.
COPsync, Inc. operates the largest law enforcement mobile data information system and interoperability network in the U.S. The COPsync Network enables officers to report and share actionable, mission-critical data and communicate in real-time and collect for outstanding misdemeanor warrants in real-time at the point of incident. Officers are also able to obtain instant access to local, state and federal law enforcement databases. The Network's companion COPsync911 system enables campuses, government buildings, energy, telecommunications and other potentially at-risk facilities to automatically and silently send threat alerts directly to local law enforcement officers in their patrol cars in the event of crisis, thereby protecting schools, school children and others. The COPsync Network also eliminates manual processes and increases officer productivity by enabling officers to electronically write tickets, accident reports, DUI forms, arrest forms and incident and offense reports. The COPsync Network saves lives, reduces unsolved crimes and assists in apprehending criminals and interdicting criminal behavior -- through such features as a nationwide officer safety alert system, GPS/auto vehicle location and distance-based alerts for crimes in progress, such as school crisis situations, child abductions, bank robberies and police pursuits. The company also sells VidTac(R), an in-vehicle, software-driven video system for law enforcement.
For more information, visit www.copsync.com and www.copsync911.com.
About SeeThruEquity
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson Reuters One (First Call), CapitalIQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit www.seethruequity.com.
Contact:
Ajay Tandon
SeeThruEquity
(646) 495-0939
SOURCE: SeeThruEquity