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Tri-S Security Announces Results
For the 4th Quarter and Year Ended December 31, 2007
2008 Revenue revised up to $140-$150 million
ATLANTA Wednesday, March 26, 2008 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, 2007. Tri-S provides security services through its two wholly-owned subsidiaries, The Cornwall Group (Cornwall) and Paragon Systems, Inc. (Paragon).
Fourth Quarter and Year Ended December 31, 2007 and Recent Highlights
Revenues increased 13.8% for the quarter and 17.5% for the year, to $23.5 million and $88.9 million, respectively, from a year ago.
Gross profit decreased for the quarter and for the year, to $0.8 million and $5.5 million, respectively, from $1.8 million and $7.5 million a year ago, primarily due to start-up costs on new contracts and one-time workers compensation claims totaling $0.8 million for the quarter and $2.8 million for the year.
Finalized $25 million asset-based lending agreement.
Expect 2008 revenues to range from $140-$150 million, which is an increase of 57%-68%.
Awarded $58.0 million contract for Federal facilities in the State of Georgia.
Awarded $220 million contract for the national headquarters of the Social Security Administration.
Awarded an initial six-month contract with a six-month renewal option by the Department of Homeland Security in Southern California which is expected to generate up to $29 million annual revenue.
Total contract pipeline of approximately $600 million, including approximately $320 million of contracts under bid and approximately $280 million of contracts for which bids have been solicited and are in preparation.
The following information was filed by Tris Security Corp on Thursday, March 27, 2008 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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