Protection One Plans Office Expansions
In the wake of its completing an out-of-court dept restructuring, electronic security provider Protection One has revealed plans to move its branch offices to larger locations or expand current locations. Pro One has also announced its final earnings numbers for 2004.
After completing a debt restructuring and avoiding Chapter 11 bankruptcy in February, the company reports it took a net loss of $323.9 million in 2004 compared to a $34.4 million loss the year before. The company had 2004 revenues of $269.3 million. Pro One had a 1-percent decrease in recurring monthly revenue (RMR) by the end of 2004 to $19.9 million.
Richard Ginsburg, president and CEO, cited the company’s changes in 2004 and expressed optimism for the future in a statement.
“Coupled with our supportive ownership, we look forward to executing our business plan and restarting the company’s revenue growth,” Ginsburg says. “Undoubtedly, 2004 was a transition year for the company, with the change in majority ownership, settlement of the tax sharing agreement with our former parent, and an agreement to restructure the company’s balance sheet.”
As part of the company’s transformation from a dealer-based to full-service business model, Protection One says it now has a need for larger facilities to accommodate its growing sales staff.
The first move in this direction took place this month in Richmond, Va., where Pro One moved to a new, larger facility at 430 Southlake Blvd. Besides more room for staff and room for future growth, the new facility also features rooms to demonstrate products to potential clients.
Protection One says there are more moves to larger facilities planned for the coming months.
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