Exhibit 99.1

 

 

Tri-S Security Announces Results

For the Year Ended December 31, 2005

 

ATLANTA – Thursday, March 30, 2006

– Tri-S Security Corp. (NASDAQ: TRIS), a provider of security services and equipment for government and private entities, today announced its expected results of operations for the year ended December 31, 2005.

 

All comparative financial results presented for the year ended December 31, 2004 include the stub period from January 1, 2004 through February 27, 2004 for Tri-S Security’s predecessor company, Paragon Systems, Inc. (“Paragon”), which Tri-S Security acquired on Feb. 27, 2004.

 

Revenue for 2005 increased $11,855,000 to $41,985,000, or 39.3%, compared to revenue of $30,130,000 for 2004. The increase in revenue is primarily attributable to Tri-S Security’s acquisition of The Cornwall Group, Inc. (“Cornwall”) in October 2005, the revenue of which is included in the consolidated results for the fourth quarter of 2005. The remainder of the increase in revenue for 2005 resulted from additional services provided under a contract with the General Service Administration pursuant to which Paragon provided services for the Hurricane Katrina relief effort.

 

The operating loss for 2005 was ($3,564,000) compared to an operating loss for 2004 of ($1,140,000). The increase in operating loss primarily resulted from the approximate $2.3 million in general and administrative costs incurred at Tri-S Security’s corporate office in order to manage the growth of the company and to comply with the regulatory requirements of being a public company. In addition, investments were made in Paragon’s operations in preparation for the significant growth expected in Paragon’s federal government contracting business. Investments included hiring an experienced management team, restructuring business development efforts and moving Paragon’s operations to the Washington, DC area in order to better serve its federal government customers. Further, Tri-S Security acquired and invested in Cornwall’s operations during the fourth quarter of 2005. Although Cornwall generated a $240,000 operating loss for the fourth quarter, Tri-S Security has implemented changes in Cornwall’s operations in order to grow revenues and reduce costs. Each of these short-term

 


The following information was filed by Tris Security Corp on Thursday, March 30, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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