Ultrak Inc. announces the election of Oliver M. Stahel as a director. Stahel, 67, has served as vice-chairman of Balmac Int’l since 1997. The company has also accepted the resignations of George K. Broady and Alastair J.A.B. Gunning from the board of directors. Broady had been instrumental in Ultrak’s growth and technological development during the past 11 years, when he served as the company’s CEO and chairman of the board. Broady led the effort to make Ultrak a public company, enabling it acquire additional technology and expanding into international markets.
Ultrak also announces its financial results for the quarter and six months ended June 30. Sales for the second quarter were $35.5 million, a decrease of $4.8 million from a year ago. This decline was mainly due to the loss of the Sam’s Club business. Increases in the U.S. video business helped offset a portion of the decrease. Gross profit margins for the quarter ended June 30 were 33 percent, compared to 33.8 percent in the second quarter of 2001. Sales for the six months ended June 30 were $71 million, a decrease of $13.6 million from a year ago.
Last week, Ultrak announced that Honeywell ACS had agreed to purchase its CCTV business for $36 million in cash plus the assumption of trade liabilities. For the past 15 years, Ultrak has established a position as a leading global supplier of integrated security and surveillance and audio systems.
