(StartName) – Digital Ally Inc forecast full-year revenue of about $22.5 million, encouraged by a “five-fold” rise in inquiries for its wearable cameras from police departments in the aftermath of the fatal shooting in Ferguson this month.
The forecast translates into a 26.4 percent jump in revenue from $17.8 million in 2013.
The fatal shooting of an unarmed black teenager in Ferguson, Missouri, sparked demand to hold law enforcement officials accountable and in turn fueled interest in companies such as Digital Ally and Taser International Inc.
The company’s 2014 revenue forecast was first reported by USA Today on Thursday, citing Chief Executive Stanton Ross, according to a regulatory filing on Friday.
Digital Ally said on Thursday it had received its first camera order after the Ferguson incident from the Michigan police department.
The company’s shares closed at $18.66 on Friday on the Nasdaq.
Up to Friday’s close, the stock had risen about 387 percent since Aug. 8, the day before the shooting, while Taser’s shares had risen nearly 27 percent.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Kirti Pandey)