Diversified Security (AMEX:DVS)
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Diversified Security Solutions Reports Profit on Record Revenue
for the September 30, 2004 Quarter
Company To Host Conference Call
SADDLE BROOK, N.J., Nov. 8 /PRNewswire-FirstCall/ -- Diversified Security
Solutions, Inc. (AMEX:DVS), a full service provider of integrated electronic
security systems, announced financial results for the three and nine months
ended September 30, 2004.
Sales for the quarter ended September 30, 2004 increased $2,691,452 or 52.8% to
$7,785,290 from $5,093,838 for the same period of the prior year. The net
income for the quarter ended September 30, 2004 was $113,010 or $.02 per share
as compared to a net loss of $2,026,389 or $0.39 net loss per common share for
the same period of the prior year.
Jim Henry, the Company's CEO stated, "We are pleased to report that our
September 2004 quarter turned profitable and set a new revenue record. Our
gross profit margin improved sequentially over the prior year, to 25.7% in the
September 2004 quarter versus 23.4% in the June 2004 and 11.6% in the September
2003 quarters, respectively. The Airorlite acquisition in April 2004, accounted
for 49% of the $2.7 million increase in September 2004 quarterly revenue and
37% of the $1.4 million increase in September 2004 quarterly operating profit
as compared with the September 2003 quarterly revenue and operating profit. Our
consolidated backlog for the quarter ended September 30, 2004 was approximately
$19.5 million."
Sales for the nine months ended September 30, 2004 increased $7,657,013 or
62.1% to $19,977,273 from $12,320,260 for the same period of the prior year.
The net loss for the nine months ended September 30, 2004 was $42,944 or $.01
net loss per common share as compared to a net loss of $3,655,625 or $0.71 net
loss per common share for the same period of the prior year.
The Company will host a conference call on Tuesday, November 9, 2004 at 1:30 PM
ET to discuss these results. To participate in the conference call, dial
1-800-683-1575 by 1:25 PM ET. A digital recording of the call will be available
by dialing 877-519-4471 using code 5333405 until Tuesday November 16, 2004.
About Diversified Security Solutions, Inc.
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. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited
For the nine For the three
months ended months ended
September 30, September 30,
2004 2003 2004 2003
Revenue $19,977,273 $12,320,260 $7,785,290 $5,093,838
Cost of Sales 15,165,515 10,106,772 5,781,040 4,502,072
Gross Profit 4,811,758 2,213,488 2,004,250 591,766
Operating Expenses:
Selling General &
Administrative
Expenses 4,817,478 6,132,358 1,791,255 1,746,781
Operating Profit
(Loss) (5,720) (3,918,870) 212,995 (1,155,015)
Interest Income 6,035 8,992 2,631 2,259
Interest Expense (72,887) (80,837) (23,868) (29,723)
Net income (Loss)
Before Tax Benefit (72,572) (3,990,715) 191,758 (1,182,479)
Tax Provision
(Benefit) For
Income Tax (29,628) (335,090) 78,748 843,910
Net Income (Loss)
After Tax ($42,944) ($3,655,625) $113,010 ($2,026,389)
Basic and Diluted
(Loss) Income
Per Common Share:
Basic (Loss) Income
Per Common Share ($0.01) ($0.71) $0.02 ($0.39)
Weighted Average
Common Shares 5,613,187 5,137,046 5,301,287 5,133,470
Diluted (Loss)
Income Per
Common Share: ($0.01) ($0.71) $0.02 ($0.39)
Weighted Average
Diluted Common
Shares 5,613,187 5,137,046 5,315,586 5,133,470
Company Contact: Investor Relations Contact:
James Henry John Baldissera
(201) 794-6500 (800) 368-1217
DATASOURCE: Diversified Security Solutions, Inc.
CONTACT: Company Contact, James Henry, +1-201-794-6500 jhenry@dssi-
hq.com; or Investor Relations Contact, John Baldissera, Inc., +1-800-368-1217,
both of Diversified Security Solutions
Web site: http://www.dssi-hq.com/