Henry Bros. Report 28% Decrease in 4th-Quarter Results
Systems integrator Henry Bros. Electronics Inc. released its fourth quarter results, announcing a 28-percent decrease in revenue for the same period a year ago.
The company reported revenue of $13.7 million for the three months ended Dec. 31, 2009, compared to revenue of $19.1 million for the same period a year ago. The company says the overall decline in revenue is due principally to the effects of the continuing credit freeze and economic downturn, which has had a significant negative impact on construction markets and capital spending patterns of commercial businesses.
“Though we remain optimistic that we will soon see a turnaround in our business, our entire management team was disappointed by our results for the fourth quarter and the full year 2009,” says Henry Bros. CEO Jim Henry. “The long term contractual nature of our business is such that we did not really begin to experience the full impact of the protracted recessionary climate until the second half of the year.”
The company’s investment in the start up of a new office in Houston, the development of new Internet-based service programs, along with process and training costs, also contributed to the net loss.
“We strongly believe in the value of the investment, and that it will prove to be a prudent move when commercial spending begins to rebound. Going forward, we expect our success to be tied to how our offerings, and the knowledge of our team, benefits and improves services within organizations,” Henry says.
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