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Tri-S Security Announces Results
For the 1st Quarter Ended March 31, 2008
EBITDA, as adjusted, improves to a positive $629,000.
ATLANTA Monday, May 5, 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 first quarter ended March 31, 2008. Tri-S provides security services through its two wholly-owned subsidiaries, The Cornwall Group, Inc. (Cornwall) and Paragon Systems, Inc. (Paragon).
First Quarter Ended March 31, 2008
Revenues increased 31% to $26.5 million for the quarter ended March, 31, 2008.
Gross profit increased 20% to $2.2 million from a year ago. Included in this figure are start-up costs on government contracts totaling $0.5 million in the quarter ended March 31, 2008.
Gross margins were 8.4% compared to 9.2% a year ago. The difference between 2008 and 2007 is primarily attributable to sales mix, as Paragon sales accounted for 62% of total sales compared with 50% a year ago.
Net loss per basic and diluted share was $(0.43) for the quarter ended March 31,2008 compared to $(0.19) a year ago.
EBITDA, as adjusted (see EBITDA, as adjusted definition below) improved to a positive $629,000 from a negative $200,000 a year ago.
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.
The following information was filed by Tris Security Corp on Tuesday, May 6, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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