Diversified Security (AMEX:DVS)
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Diversified Security Solutions, Inc. Reports Financial Results
for the Three and Six Months Ended June 30, 2004
Company to Host Conference Call
SADDLE BROOK, N.J., Aug. 10 /PRNewswire-FirstCall/ -- Diversified Security
Solutions, Inc. (AMEX:DVS), a full service provider of integrated electronic
security systems, announced financial results for the three and six months
ended June 30, 2004.
Sales for the quarter ended June 30, 2004 increased $3,003,772 or 85.3% to
$6,524,490 from $3,520,718 for the same period of the prior year. The net loss
for the quarter ended June 30, 2004 was $54,823 or $.01 net loss per common
share as compared to a net loss of $996,081 or $0.19 per common share for the
same period of the prior year.
Jim Henry, the Company's CEO stated "June 2004 quarterly sales in each of our
four regions showed improvement versus the same period of the prior year
resulting in a consolidated gross profit margin of 23.4% for the June 2004
quarter versus 16.2% in the June 2003 quarter and 22.6% in the March 2004
quarter. In addition, the Company ended the quarter with a backlog of
approximately $22.5 million."
Sales for the six months ended June 30, 2004 increased $4,965,562 or 68.7% to
$12,191,983 from $7,226,421 for the same period of the prior year. The net
loss for the six months ended June 30, 2004 was $155,955 or $.03 net loss per
common share as compared to a net loss of $1,629,237 or $0.32 per common share
for the same period of the prior year.
The Company will host a conference call on Wednesday August 11, 2004 at 1:30 PM
EST to discuss these results. To participate in the conference call, dial
1-800-683-1575 by 1:25 PM EST. A digital recording of the call will be
available by dialing 877-519-4471 using code 5054260 until Wednesday August 18,
2004.
About Diversified Security Solutions
Diversified Security Solutions (AMEX:DVS) provides technology-based integrated
electronic security systems, services and emergency preparedness consultation
to commercial enterprises and government agencies. DVS' integration subsidiary
Henry Bros. Electronics (HBE) has offices in New Jersey, California, Texas, and
Arizona. For more information visit http://www.hbeonline.net/, or
http://www.dssi-hq.com/.
Safe Harbor:
Certain statements in this press release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, as
amended. Forward-looking statements inherently involve risks and uncertainties
that could cause actual results to differ materially from the forward-looking
statements. Additional information concerning factors that could cause actual
results to differ materially from those in the forward looking statements is
contained under the heading of risk factors listed in the Company's filings
with the U.S. Securities and Exchange Commission. Diversified Security
Solutions does not assume any obligation to update the forward-looking
information.
DIVERSIFIED SECURITY SOLUTIONS INC
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited
Six Months Ended June 30, Three Months Ended June 30,
2004 2003 2004 2003
Revenue $12,191,983 $ 7,226,421 $6,524,490 $3,520,718
Cost of Sales 9,384,475 5,604,699 4,995,689 2,950,163
Gross Profit 2,807,508 1,621,722 1,528,801 570,555
Operating Expenses:
Selling General &
Administrative
Expenses 3,026,223 4,385,578 1,599,389 2,212,438
Operating Loss (218,715) (2,763,856) (70,588) (1,641,883)
Interest Income 3,404 6,733 1,879 1,193
Interest Expense (49,019) (51,114) (24,211) (24,391)
Net (Loss) Before
Tax Benefit (264,330) (2,808,237) (92,920) (1,665,081)
Tax Benefit For
Income Tax 108,375 1,179,000 38,097 699,000
Net (Loss) After
Tax $(155,955) $(1,629,237) $(54,823) $(966,081)
Basic and Diluted
(Loss) Per Common Share:
Basic (Loss) Per
Common Share $(0.03) $ (0.32) $(0.01) $(0.19)
Weighted Average
Common Shares 5,214,796 5,138,357 5,228,013 5,138,357
Diluted (Loss)
Per Common Share: $(0.03) $ (0.32) $(0.01) $(0.19)
Weighted Average
Diluted Common
Shares 5,214,796 5,138,357 5,228,013 5,138,357
Diversified Security Solutions, Inc. BPC Financial Marketing
Company Contact: Investor Relations Contact:
James Henry John Baldissera
(201) 794-6500 (800) 368-1217
DATASOURCE: Diversified Security Solutions, Inc.
CONTACT: James Henry of Diversified Security Solutions, Inc., +1-201-
794-6500; or John Baldissera of BPC Financial Marketing, +1-800-368-1217
Web site: http://www.dssi-hq.com/