Citing increases in sales across its range of products as well as new distributed offerings from Samsung and other manufacturers, GVI Security Solutions Inc. reported a 16.9-percent increase in growth for the three months ended June 30.
Revenue topped $14.9 million, and gross-profit increased to $2.2 million, up from $2 million in the same quarter last year. Gross profit margins, thereby, totaled 14.5 percent compared to 15.8 percent in the second quarter of 2003.
GVI attributes this loss to general, selling and administrative costs more than doubling in 2004’s second quarter. Consequently, the company posted a net loss of $1.4 million, or 5 cents per fully diluted share, compared to a net income of $500,000 or 2 cents per diluted share in the quarter ended June 30, 2003.
However, revenue for the first half of 2004 increased 31.7 percent to $30 million, compared to $22.8 million in the same time last year. Net loss for the same period in 2004 was $1.6 million or 6 cents per fully diluted share.
