Earnings Round-up: Identix, GVI Security, Alarmforce
MINNETONKA, Minn.
Biometrics provider Identix Inc. cut its 2004 first quarter net loss in half compared to a year ago while increasing its revenues 19 percent according to earnings figures released by the company. Identix’s net loss for the three months ending March 31 was $3.5 million compared to $6.5 million in the third quarter of 2003.
The company’s third quarter revenue, announced April 29, was $14.5 million compared to $12.2 million in 2003.
“We believe Identix is stronger today than ever before in its 20-plus year history,” says Identix President and CEO Joseph Atick. “Today’s results, as well as our expectations for solid revenue growth in the current quarter and in our fiscal 2005 year, reflect Identix’s hard work.”
Identix says it expects around the same net loss in its fourth quarter. Identix says it is being held back somewhat by the continuing protest that has held up its Blanket Purchase Agreement (BPA) to provide biometric systems for the Department of Homeland Security (DHS).
In other earnings news:
Samsung Supplier Reports 250-percent Revenue Gain: GVI Security Solutions Inc., formerly Thinking Tools Inc., reported on April 22 the fiscal 2003 and fourth quarter results for its recently acquired subsidiary GVI Security Inc., which is the exclusive distributor of Samsung Electronics video security products in North and South America.
GVI had a 250-percent increase in revenue in its fourth quarter that ended Dec. 31 – from $5.4 million to $19 million – and a 52-percent hike in revenue for the year to $56.3 million, from $37.1 million in 2002. Net income for the full year 2003 was $1.2 million, compared to $1.1 million for 2002.
“GVI Security Inc. experienced a year of very strong revenue growth and improving profitability in 2003,” says GVI Security Solutions CEO Nazzareno Paciotti. “This growth was driven by strong demand for GVI’s video surveillance products, new contract wins related to homeland security and the expansion of our retail distribution network.”
Profits Grow at Canadian Alarm Firm: Toronto-based home security company AlarmForce Industries Inc. says its first-quarter profits grew by 38 percent and revenue was up 20 percent.
AlarmForce reports it earned $428,000 for the three months that ended Jan. 31 compared with $309,000 for the same period a year ago.
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