The Company also gives update on stock buy-back program for the fiscal year 2022
Digital Ally, Inc. (NASDAQ: DGLY) (the “Company”), today announced that its total, unaudited revenues for 2021 are projected to exceed $11.0 million for the fourth quarter and $20.0 million for the fiscal year, surpassing previously issued guidance of $9.0 million and approximately $18.0 million in revenue for the fourth quarter and fiscal year 2021, respectively.
“We are very pleased to end 2021 on a positive note by beating both our revenue guidance for the fourth quarter and fiscal year of 2021,” said Stan Ross, CEO of Digital Ally, adding “We believe these numbers affirm our confidence in the structure, synergies and performance of all of our lines of business.”
The Company also reaffirms its anticipated 2022 fiscal year revenues to be approximately $50.0 million. Expectations are based on recent product launches of its next gen body cameras and docking stations and continued growth by its operating companies.
Ross continued, “We are very pleased by all of our operating companies as they capped off a successful end to the year. TicketSmarter, especially, ended 2021 positively announcing agreements with the New Orleans Pelicans NBA franchise and Gannett’s USA Today Network as well as a successful college football bowl sponsorship. We are excited for 2022 and look forward to continuing this momentum.”
The Company also initiated a stock buy-back program during the fourth quarter of 2021 for up to $10.0 million of common stock. To date, the Company has purchased more than 1.7 million shares pursuant to that program.
About Digital Ally
Digital Ally, Inc. through its subsidiaries, is engaged in vehicle and body cameras, flexible software storage, automatic recording technology and various critical safety products; Shield™ Health Protection Products line, including all natural cleansers, a non-contact temperature-screening device, an electrostatic sprayer and a variety of personal protective equipment. With its recent formation of Digital Ally Healthcare, Inc., a medical records company and acquisition of TicketSmarter®, LLC, a national ticket broker, Digital Ally continues to add organizations that demonstrate the common traits of positive earnings, growth potential and organizational synergies.
Stanton Ross, CEO
Tom Heckman, CFO
Digital Ally, Inc.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. This is especially true of the 2021-22 revenue guidance and variations from such guidance as well as statements regarding its future performance and its ability to implement its strategy. These statements are based on the beliefs and expectations of our management team from the information available at the time such statements are made. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company’s control and are difficult to predict, therefore readers are strongly cautioned that actual results could differ materially from the forward-looking statements contained in this press release. A variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the accuracy of the Company’s underlying assumptions for its 2021-22 revenue forecast; the Company’s ability to achieve the increase in revenue for 2021-22 as anticipated; competition from larger, more established companies with far greater economic and human resources; its ability to attract and retain customers and quality employees; the effect of changing economic conditions; and changes in government regulations, tax rates and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company’s disclosures. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in its annual report on Form 10-K for the year ended December 31, 2020, and in its quarterly report on Form 10-Q for the three and nine months ended September 30, 2021.