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iSECUREtrac Corp. Reports Third Quarter Results -- Positive Cash Flow and First Ever Quarterly Net Income(November 15, 2011)
OMAHA, NE -- (Marketwire) -- 11/15/11 -- iSECUREtrac Corp (OTCBB: ISEC), an industry leader in electronic monitoring solutions, yesterday released its financial results for the three months ended September 30, 2011.
Equipment and Service revenue for the three months ended September 30, 2011 was $2,478,000, down $147,000, or 5.6% from the $2,625,000 reported for the same period in 2010, but represented an increase of $60,000, or 2.5% over the previous quarter -- the three months ended June 30, 2011.
The Company's Cost of Revenue & Operating expenses, including Research & Development and Selling, General & Administrative declined $255,000 resulting in operating income of $205,000 for the three months ended September 30, 2011 -- an increase in operating income of $108,000 over the same period in 2010.
Interest expense for the three months ended September 30, 2011 declined $242,000 from the prior year -- resulting in the Company reporting net income before preferred stock dividends of $120,000, an improvement of $350,000.
According to President and Chief Executive Officer, Peter Michel, "The results of the quarter ended September 30, 2011 are what we expected -- an increase in revenue over the previous quarter, improvement in operating cash flow and net income before preferred stock dividends as opposed to net loss before preferred stock dividends. With the financial restructuring completed on June 30, 2011 and the current quarter's results, the Company has continued to strengthen its financial position. We remain committed to continuing to provide the best GPS tracking solution, software and customer service available in the electronic monitoring industry."
Conference Call Information:
As a reminder, the year-end conference call will be held Friday afternoon, November 18, 2011 as follows:
Time: 3:30 PM Central - 4:30 PM Eastern
Dial-in number: 1-877-941-1427
Please dial in 5-10 minutes prior to the start. An operator will request your name and organization and ask you to wait until the call begins. If you have any difficulty connecting, please call iSECUREtrac at (866) 537-0022.
A taped replay of the conference call will be available from November 18, 2011 at 6:30 PM Central until November 25, 2011 at 10:59 PM Central.
Replay number: 1-877-870-5176
International Replay number: 1-858-384-5517
Replay Pin Number: 4488723
iSECUREtrac Corp provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
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