Exhibit 99.1
DRI Corporation Announces Preliminary Second Quarter Results
-- Second Quarter Sales Reach Record High
-- Second Quarter Results Mark Seventh Period of Consecutive Improvement
-- Friedland Conference (Atlantic City) Participation Slated on July 16
at 11 a.m. (Eastern) to Help Increase Public Awareness
DALLAS--(BUSINESS WIRE)--July 13, 2007--DRI Corporation (formerly known as
Digital Recorders, Inc.) (DRI) (NASDAQ: TBUS), a digital communications
technology leader in the domestic and international surface transportation and
transit security markets, announced today that second quarter sales are expected
to exceed approximately $14.5 million, as compared to $13.6 million posted for
the same period a year ago.
"Our record high revenue and improved operating results in second quarter
2007 mark the seventh consecutive period of improvement when compared to same
quarter of the prior year. Our internal work to reduce costs and expenses,
combined with our increasing revenue, is continuing to help build the trend
toward a profitable fiscal year 2007. Our backlog also is strong, further
underscoring that trend," David L. Turney, the Company's Chairman, President,
and Chief Executive Officer, said.
On or about Aug. 14, 2007, the Company plans to file with the Securities
and Exchange Commission a Form 10-Q for the period ended June 30, 2007.
FINANCIAL CONFERENCE CALENDAR
DRI management is increasing its investor relations work to help increase
public awareness of the Company's value. Management plans to present the DRI
story, including commentary on the Company's served markets, opportunities,
products and services, and historical financial information, at the following
financial conferences and in private meetings:
-- Friedland Investment Events LLC's Global Equities Conference, July
15-17, 2007, Bally's Atlantic City, Atlantic City, N.J. - The
Company's conference presentation is slated on July 16 at 11 a.m.
(Eastern). The conference is open to analysts, brokers, portfolio and
fund managers, institutional investors, and other members of the
financial community. For more information about Friedland Investment
Events LLC, visit www.friedlandevents.com.
-- RedChip Small-Cap Investor Conference, Aug. 16-17, 2007, Waldorf
Astoria, New York - The Company's conference presentation is slated on
Aug. 17 at 10:30 a.m. (Eastern). The conference is open to investment
bankers, fund managers, institutional and accredited investors,
research analysts, and high net worth individuals. However, investors
from all over the world will be able to see and hear conference
presenters in real time at http://www.redchip.com.
For more information about DRI's planned financial and transit industry
conferences, review the "Calendar of Events" section within Company's Web site,
www.digrec.com.
ABOUT THE COMPANY
DRI is a digital communications technology leader in the domestic and
international public transportation and transit security markets. Our products
include: TwinVision(R) and Mobitec(R) electronic destination sign systems,
Talking Bus(R) voice announcement systems, Digital Recorders(R) Internet-based
passenger information and automatic vehicle location/monitoring systems, and
VacTell(TM) video actionable intelligence systems. Our products help increase
the mobility, flow, safety, and security of people who rely upon transportation
infrastructure around the globe. Using proprietary hardware and software
applications, our products provide easy-to-understand, real-time information
that assists users and operators of transit bus and rail vehicles in locating,
identifying, boarding, tracking, scheduling, and managing those vehicles. Our
products also aid transit vehicle operators in their quest to increase ridership
and reduce fuel consumption, as well as to identify and mitigate security risks
on transit vehicles. Positioned not only to serve and address mobility, energy
conservation, and environmental concerns, our products also serve the growing
U.S. Homeland Security market. For more information about the Company and its
operations worldwide, go to www.digrec.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. In particular,
statements concerning the timing or amount of future revenues, statements about
the expected outcome of the Company's backlog of orders and revenue trends,
statements concerning the DRI senior management team's participation in
financial conferences and private meetings, any impact on the Company's
perceived value as a result of participation in financial conferences and
private meetings, as well as any statement, express or implied, concerning
future events or expectations is a forward-looking statement. Use of words such
as "expect," "fully expect," "expected," "appears," "believe," "plan,"
"anticipate," "would," "goal," "potential," "potentially," "range," "pursuit,"
"run rate," "stronger," "preliminarily," etc., is intended to identify
forward-looking statements that are subject to risks and uncertainties,
including risks and uncertainties pertaining to the timing or amount of future
revenues, the expected outcome of the Company's backlog of orders and revenue
trends, and that the anticipated outcome of the DRI senior management team's
participation in financial conferences and private meetings may not prove
beneficial to the Company or increase its perceived value, as well as other
risks and uncertainties set forth in our Annual Report on Form 10-K filed March
28, 2007, particularly those identified in Risk Factors Affecting Our Business.
There can be no assurance that any expectation, express or implied, in a
forward-looking statement will prove correct or that the contemplated event or
result will occur as anticipated.
CONTACT: Veronica B. Marks
Manager, Corporate Communications
DRI Corporation
Phone: (214) 378-4776
Fax: (214) 378-8437
E-Mail: veronicam@digrec.com