United Protection Security Group Inc. - Year-end Profit of $700k for 2011 - Increase of $1,9M Over 2010

    




 EDMONTON, May 1, 2012 /CNW/ - F.V.Ramsoondar, Chief Executive Officer  and Director of United Protection Security Group Inc. (UPSG or the  Company),  announces that the Company has posted its 2011  audited year-end results: 

 a) Revenue was $34,511,263 for 2011 compared to $34,028,796 for the  prior year, an increase of $482,467 or 1.42%. 

 b) Gross margin was $6,267,929 (18.16%) for 2011, compared to $6,328,678  (18.60%) for the prior year. 

 c) Selling, general and administrative expenses ("SG&A") totalled  $5,002,777 for 2011, compared to $6,082,729 for 2010, a decrease of  $1,079,952 or 17.75%. 

 d) Net income was $709,384 for 2011 compared to a loss of $(1,141,016)  for the prior year, an increase of $1,850,400. 

 F.Ramsoondar states: "At the 2011 Annual General Meeting, I promised  shareholders that I would deliver profits for 2011, compared to losses  in 2010 and 2009, and I have delivered on that promise. The 2011  results are a significant improvement over the last two years. I look  forward to 2012 and beyond". 

 2011 results included prior years adjustments for expenses finalized in  2011 as well as adjustments for International Financial Reporting  Standards, these adjustments collectively were in excess of $200,000. 

 Statements in this press release other than purely historical  information, including statements relating to the Company's future  plans and objectives or expected results, are forward-looking  statements. Forward-looking statements are based on numerous  assumptions and are subject to all of the risks and uncertainties  inherent in the Company's business, including risks related to business  development and retention, and risks related to the current economic  and credit conditions. As a result, actual results may vary materially  from those described in the forward-looking statements. 

 Neither the TSX Venture Exchange nor its Regulation Services Provider  (as that term is defined in the policies of the TSX Venture Exchange)  accepts responsibility for the adequacy or accuracy of this release.  

United Protection Security Group Inc.


CONTACT:  Fredy Ramsoondar CEO and DirectorEmail:  [e-mail]: 780-465-8101 


    

Copyright