GVI Security Solutions Reports First Quarter Results
GVI Security Solutions Inc. posted a 13.3-percent increase in revenues compared to last year in the first quarter of 2006, reporting $11.7 million compared to $10.3 million in the first quarter of 2005.
Sales of professional products were up 18.1 percent, while sales by the company’s Enterprise Solutions Group, which provides video surveillance and access detection systems for various government, homeland security and commercial clients, decreased by 71.5 percent. The net loss for the three months ending March 31, 2006 was $2.5 million compared to $500,000 in the first quarter of 2005.
GVI provides security solutions such as video surveillance, access control and detection to government agencies and the private sector.
According to new CEO Steve Walin, the company “transitioned our business away from retail channel sales to focus our efforts on sales of professional security products and sales by our Enterprise Solutions Group.”
Walin adds, “The video surveillance market is robust, and that there are significant growth opportunities available to GVI.”
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