Extreme CCTV Posts 29% Increase in Q2 Sales

VANCOUVER, British Columbia, Canada

Extreme CCTV Inc., a provider of night vision security camera surveillance equipment, says a weaker U.S. economy has softened second-quarter sales for its lower-end mainstream products but steady growth with its high-end infrared illuminators and Integrated Day Night(TM) cameras for critical high-level security projects, some with the U.S. government and military.

The company reports a 29-percent jump in revenues for the second quarter ended March 31 to $5 million, compared to $3.9 million for the same quarter in 2002.

Earnings before income taxes increased 40 percent to $814,000 in the second quarter, compared to $583,200 in the same period in 2002. Net earnings after tax for the quarter increased 82 percent to $661,591, or 5 cents per diluted share, compared to $364,599, or 3 cents per diluted share, in the same period in 2002.

For the six months, Extreme’s revenues were $10.3 million, 46 percent higher than 2002 revenues for the same period ($7 million). Net earnings for the six months increased to $1.2 million, or 9 cents per diluted share, 68 percent more than in 2002, which was $739,590, or 7 cents per diluted share.

“I am pleased we have delivered another quarter of strong top and bottom line growth,” said Jack Gin, president and CEO of Extreme CCTV. “We have also continued to place emphasis on the management of our cash and working capital resources. The company has bank-provided working capital facilities to manage and fund further growth.”

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