SLS reports record third-quarter sales

Third-quarter sales reflect an increase of 102 percent compared to the same period in 2003.

For the nine months ended Sept. 30, SLS had net sales of $1,494,904, compared to $735,962 for the same period last year, an increase of 103 percent.

In addition, SLS had more than $212,000 in orders either shipped or scheduled for delivery in October prior to the beginning of that month.

“We had a huge amount of orders sitting on the dock, waiting to go out the door. They were built and sold, but we just didn’t have the credit approved on the customers and we weren’t able to ship it in time to get it out the door. But that’s OK. That’s why we’ve already got a big, huge amount of revenue in this month already,” said John Gott, chief executive officer of SLS.

October’s sales figures already match 85 percent of total orders for September 2004, the largest single month for shipments of loudspeakers and sound systems in the company’s history.

Meanwhile, the company continues to spread its speaker systems across the country.

Heavenly Sound, a Colorado Springs-based audio video installation company, has selected and installed SLS loudspeakers for a multi-unit system renovation and upgrade at the 60,000-sqauare-foot Pueblo Praise Assembly of God Church in Pueblo, Colo.

Dan Keller, audio engineer and vice president of Heavenly Sound, said in a news release, “We already knew where the speakers would be positioned so the acoustic treatment of the room was minimal because we’re controlling the direction of the sound. The sound is so consistent throughout the sanctuary that no matter where you stand, the coverage is perfect.”

In development

SLS is in the process of developing a line of home theatre equipment with Quincy Jones, to be distributed through Radio Shack stores.

“We signed a contract with (Radio Shack) in December last year, which is a development contract, and we’re still in the development stage. We’ve been designing, engineering and quoting multiple products for them with expected delivery in first quarter and second quarter of 2005,” he said. Gott anticipates introducing the line in the spring of 2005.

SLS is a 28-year-old company that manufactures and develops patent-pending, ultra-high-fidelity, ribbon-driver loudspeakers and sound systems for the commercial, home entertainment, professional and music markets.

The company currently has seven different product lines and more than 70 models of speakers, Gott said. SLS employs a staff of 26 from its 3119 S. Scenic location. It is traded over-the-counter under the symbol SITI. In the last year, SLS stock has sold as high as $4.30 and as low as $1.11, according to Yahoo! Finance. At press time, SLS stock sold for $1.55 per share.