SAI’s 2001 Fiscal Year Revenue Totals $21M
ARLINGTON HEIGHTS, Ill.
Security Associates Int’l Inc. (SAI) reports revenue for the fiscal year ended Dec. 31, 2001 was approximately $21 million. Net loss available to common stockholders was $14 million.
SAI says costs related to the net loss include an aborted acquisition, nonrecurring legal fees associated with prior transactions, a write-off of technologically out-dated assets, restructuring expenses and other miscellaneous one time expenses totaling about $4.6 million.
During the third quarter of 2001, SAI management started a strategic review of its business operations and corporate structure to place the company in a stronger position to deal with the changing business environment and to capitalize on strategic growth opportunities. The company recently entered into agreements with Airbiquity Inc. (portable GPS-based technology), TattleTale Portable Alarm Systems Inc. (wireless portable alarm systems) and Consumer Information Services Inc. (a strategic marketing alliance with John Walsh, TV host of “America’s Most Wanted”).
As far as its plan to consolidate its monitoring centers from six to three regional facilities, SAI says it anticipates the consolidation should be substantially completed by the end of the second quarter of this year.
SAI provides security alarm monitoring services to residences and businesses, including approximately 330,000 subscribers, through a nationwide network of 2,500 independent security alarm installing and servicing dealers.
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