Henry Brothers Reports Net Loss of $380K in 3rd Quarter


Henry Brothers Electronics Inc., a high-end security integrator, has released the firm’s financial results for the three and nine months that ended Sept. 30.

The firm reports revenue of $8.3 million for the third quarter of 2006, compared to $11.3 million for the same period a year ago. Net loss for the firm was $379,815, or 6 cents per diluted share compared to a net income of $287,822, or 5 cents per diluted share for the same period in 2005. 

Sales for Henry Brothers for the nine-month period ending Sept. 30 were $27.5 million, compared to sales of $30.1 million last year.

Net loss for the system integrator during the same nine-month period was $124,127, or 2 cents per diluted share. During the same period in 2005 Henry Brothers realized a net income of $656,081, or 11 cents per diluted share.

“Although our third quarter results did not meet our expectations, we remain confident that our growth strategy is intact, and that our continued efforts to build our pipeline of business and secure long-term contracts will be reflected in both the top and bottom line in coming quarters. We are pleased to have increased new bookings from $7.8 million in the second quarter to $12.1 million in the third quarter, and our backlog from $12.2 million in the second quarter to $16 million heading into the fourth quarter. We also remain on track to meet our annual guidance as provided in our most recent quarterly update,” says Jim Henry, CEO of Henry Brothers.

The firm projects revenue earnings for the year ending Dec. 31, 2006, to be in the area of $40 million to $41 million. Net income is projected to be in the range of $600,000 to $700,000 with a net income per diluted share in the area of 10 cents to 12 cents.

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