IASG Reveals 2nd Quarter Earnings
Integrated Alarm Services Group Inc. (IASG) recently announced the firm’s earnings for the second quarter of 2005 that ended June 30. According to the firm, revenue for the second quarter was $24.7 million, up 27 percent from the same quarter in 2004. Net loss for the second quarter was $6.3 million, compared to a net loss of $2.6 million during the first quarter of 2005.
The firm’s chairman and CEO, Timothy M. McGinn, admitted that revenues and costs of revenue were expected, but operating expenses were negatively impacted in the second quarter by higher costs associated with the firm’s audit and regulatory compliance efforts with the Sarbanes-Oxley Act.
McGinn said that the cost of IASG’s compliance efforts increased by $647,000 for the second quarter. The firm also spent an additional $645,000 in the second quarter for a business restructuring and integrating its Santa Fe Springs, Calif., central station facility into the NACC facility in nearby Irvine.
McGinn also stated that IASG is disappointed with the increase in 2nd quarter attrition rates and that the firm will double its effort to address this critical metric.
IASG is the parent company of monitoring firm Criticom Int’l of Lanham, Md.
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