STRATESEC’S 4th-QUARTER RESULTS SHOW REVENUES JUMPED 43%; HOWEVER, NET LOSS STILL REPORTED FOR ’99
STRATESEC Inc. reports revenue from operations of $4.4 million for the fourth quarter, ended Dec. 31, 1999, compared to $2.5 million for the same period in the prior year. The company also had net income of $301,438, or 5 cents per share, compared to $1.3 million, after an extraordinary gain, or 22 cents per share, for same three-month period in 1998. The extraordinary gain was derived from the reversal of a reserve established for a trademark lawsuit. For the 12 months ended Dec. 31, 1999, revenue was $10.5 million and the net loss from operations was $538,725, or 9 cents per share, compared to revenue of $6.6 million and a net loss of $3.5 million, or 58 cents per share, in 1998. “We are pleased with the company’s fiscal 1999 fourth-quarter results and the momentum we have going forward,” says Wirt D. Walker III, chairman and CEO of STRATESEC. “We believe STRATESEC is back on track and expect continued significant growth in revenue and profits.” STRATESEC is an integrated security systems firm whose projects have included airports, corporations, utilities, prisons, universities and governments.
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