SILENT WITNESS’ EARNINGS RISE 17% IN 1st FISCAL QUARTER

SURREY, British Columbia, Canada

Silent Witness, a provider of video monitoring technology, announces that its earnings for the first fiscal quarter ended Oct. 31 were $1.6 million, a 17-percent increase from $1.3 million for the same period a year ago. This represents 25 cents basic earnings per share (23 cents fully diluted), compared to 21 cents basic earnings per share (19 cents fully diluted) in the prior year’s first quarter.

Revenues increased by 6 percent to $11.2 million (from $10.6 million) in the prior year’s comparable quarter. Cash flow from operations, including changes in working capital, increased to $1.7 million from a $400,405 net use of cash in the prior year’s first quarter. International sales increased by 68 percent to $1.4 million from $809,207 in the prior year’s first quarter. The increase in revenue reflects the increased sales effort in Europe and, especially, the United Kingdom, where a sales office was opened during the fourth quarter of the last fiscal year.

Silent Witness says it will soon introduce new analog products, which are expected to positively influence the revenue growth rate.

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