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Tri-S Security Announces Results
For the 4th Quarter and Year Ended December 31, 2006
ATLANTA Tuesday, March 27, 2007 Tri-S Security Corp. (NASDAQ: TRIS), a provider of security services and equipment for government and private entities, today announced its results of operations for the fourth quarter and year ended December 31, 2006. Tri-S provides security services through its two wholly-owned subsidiaries, The Cornwall Group (Cornwall) and Paragon Systems, Inc. (Paragon).
Fourth Quarter, Year Ended December 31, 2006 and Recent Highlights
Revenues increased 13.6% for the quarter and 80.4% for the year, to $20.7 million and $75.7 million, respectively, from a year ago.
Gross profit increased 35.5% for the quarter and 162.6% for the year, to $1.9 million and $7.5 million, respectively, from a year ago.
Finalized $2.5 million funding agreement.
Awarded $6.0 million Miami-Dade contract extension.
Completed Cornwall settlement; will recognize $450,000 settlement as income in first quarter of 2007.
Expect 2007 revenues to range from $84-$85 million without any major new contracts, representing organic growth rate of 11%-12%.
Contracts under bid have increased from $400 million in November to more than $600 million in March; won two FAA contracts worth $6.4 million.
We are working very hard to improve both top and bottom line performance and we are pleased with the current trends in our business, said Ronald Farrell, CEO, Tri-S Security Corp. Our top-line opportunity has grown significantly since November as our current contracts under bid at Paragon have grown from $400 million to approximately $600 million. As we have emphasized previously, even though the amount of contracts under bid has increased significantly since last quarter, we cannot accurately predict the number of contracts we might be ultimately awarded or the timing of the contract awards. Nonetheless, our opportunity has significantly increased, we have strengthened our sales organization with the addition of Sean Flynn, as VP of Sales/Marketing for Cornwall and we are aggressively pursuing new business at both Paragon and Cornwall.
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The following information was filed by Tris Security Corp on Wednesday, March 28, 2007 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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