Diversified Security Solutions Reports Profit on Record Revenue for the September 30, 2004 Quarter
08 Novembre 2004 - 10:23PM
PR Newswire (US)
Diversified Security Solutions Reports Profit on Record Revenue for
the September 30, 2004 Quarter Company To Host Conference Call
SADDLE BROOK, N.J., Nov. 8 /PRNewswire-FirstCall/ -- Diversified
Security Solutions, Inc. (AMEX:DVS), a full service provider of
integrated electronic security systems, announced financial results
for the three and nine months ended September 30, 2004. Sales for
the quarter ended September 30, 2004 increased $2,691,452 or 52.8%
to $7,785,290 from $5,093,838 for the same period of the prior
year. The net income for the quarter ended September 30, 2004 was
$113,010 or $.02 per share as compared to a net loss of $2,026,389
or $0.39 net loss per common share for the same period of the prior
year. Jim Henry, the Company's CEO stated, "We are pleased to
report that our September 2004 quarter turned profitable and set a
new revenue record. Our gross profit margin improved sequentially
over the prior year, to 25.7% in the September 2004 quarter versus
23.4% in the June 2004 and 11.6% in the September 2003 quarters,
respectively. The Airorlite acquisition in April 2004, accounted
for 49% of the $2.7 million increase in September 2004 quarterly
revenue and 37% of the $1.4 million increase in September 2004
quarterly operating profit as compared with the September 2003
quarterly revenue and operating profit. Our consolidated backlog
for the quarter ended September 30, 2004 was approximately $19.5
million." Sales for the nine months ended September 30, 2004
increased $7,657,013 or 62.1% to $19,977,273 from $12,320,260 for
the same period of the prior year. The net loss for the nine months
ended September 30, 2004 was $42,944 or $.01 net loss per common
share as compared to a net loss of $3,655,625 or $0.71 net loss per
common share for the same period of the prior year. The Company
will host a conference call on Tuesday, November 9, 2004 at 1:30 PM
ET to discuss these results. To participate in the conference call,
dial 1-800-683-1575 by 1:25 PM ET. A digital recording of the call
will be available by dialing 877-519-4471 using code 5333405 until
Tuesday November 16, 2004. About Diversified Security Solutions,
Inc. Diversified Security Solutions (AMEX:DVS) provides
technology-based integrated electronic security systems, services
and emergency preparedness consultation to commercial enterprises
and government agencies. DVS' integration subsidiary Henry Bros.
Electronics (HBE) has offices in New Jersey, California, Texas, and
Arizona. For more information visit http://www.hbeonline.net/ or
http://www.dssi-hq.com/. Safe Harbor: Certain statements in this
press release constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Additional information
concerning factors that could cause actual results to differ
materially from those in the forward looking statements is
contained under the heading of risk factors listed in the Company's
filings with the U.S. Securities and Exchange Commission.
Diversified Security Solutions does not assume any obligation to
update the forward-looking information. DIVERSIFIED SECURITY
SOLUTIONS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF
OPERATIONS Unaudited For the nine For the three months ended months
ended September 30, September 30, 2004 2003 2004 2003 Revenue
$19,977,273 $12,320,260 $7,785,290 $5,093,838 Cost of Sales
15,165,515 10,106,772 5,781,040 4,502,072 Gross Profit 4,811,758
2,213,488 2,004,250 591,766 Operating Expenses: Selling General
& Administrative Expenses 4,817,478 6,132,358 1,791,255
1,746,781 Operating Profit (Loss) (5,720) (3,918,870) 212,995
(1,155,015) Interest Income 6,035 8,992 2,631 2,259 Interest
Expense (72,887) (80,837) (23,868) (29,723) Net income (Loss)
Before Tax Benefit (72,572) (3,990,715) 191,758 (1,182,479) Tax
Provision (Benefit) For Income Tax (29,628) (335,090) 78,748
843,910 Net Income (Loss) After Tax ($42,944) ($3,655,625) $113,010
($2,026,389) Basic and Diluted (Loss) Income Per Common Share:
Basic (Loss) Income Per Common Share ($0.01) ($0.71) $0.02 ($0.39)
Weighted Average Common Shares 5,613,187 5,137,046 5,301,287
5,133,470 Diluted (Loss) Income Per Common Share: ($0.01) ($0.71)
$0.02 ($0.39) Weighted Average Diluted Common Shares 5,613,187
5,137,046 5,315,586 5,133,470 Company Contact: Investor Relations
Contact: James Henry John Baldissera (201) 794-6500 (800) 368-1217
DATASOURCE: Diversified Security Solutions, Inc. CONTACT: Company
Contact, James Henry, +1-201-794-6500 jhenry@dssi- hq.com; or
Investor Relations Contact, John Baldissera, Inc., +1-800-368-1217,
both of Diversified Security Solutions Web site:
http://www.dssi-hq.com/
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