In its financial results for the year ended Dec. 31, 1999, Microtec Enerprises Inc. reports operating income of $22.8 million compared to $21.7 million in the previous year, an increase of 5.2 percent. Recurring revenue from monitoring and services rose 14 percent, from $18.8 million in 1998 to $21.4 million in 1999. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 10.4 percent to $12.3 million in 1999, or $1.13 per share, from $17.2 million, or $1.01 per share, in the previous year. Net earnings for the year stood at $575,000, or 5 cents per share, compared to $639,000, or 6 cents per share, in 1998.
“We have now completed the restructuring of our operations and are entering 2000 with great confidence. Today, Microtec has a solid network of authorized dealers as well as the necessary financing to support more intensive recruitment through acquisitions,” says Chairman of the Board and CEO Raymond Gilbert. Microtec is active in the home automation industry and is one of Canada’s leading providers of residential security services.
