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Tri-S Security Announces Results
For the 2nd Quarter Ended June 30, 2008
EBITDA, as adjusted, continues to improve to a positive $752,000.
ATLANTA Tuesday, August 12, 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 second quarter ended June 30, 2008. Tri-S provides security services through its two wholly-owned subsidiaries, The Cornwall Group, Inc. (Cornwall) and Paragon Systems, Inc. (Paragon).
Second Quarter Ended June 30, 2008
Revenues increased 79% to $38.3 million for the second quarter of 2008.
Gross profit for the second quarter of 2008 increased 154% to $3.2 million from a year ago. In addition, there were no material start-up costs on government contracts this quarter.
Gross margins for the second quarter of 2008 were 8.5% compared to 6.0% a year ago. The difference between 2008 and 2007 is primarily attributable to the improvement in contract profitability at Paragon.
Net loss per basic and diluted share for the second quarter of 2008 was $(0.35) compared to $(0.45) a year ago, a 22% improvement.
EBITDA, as adjusted (see EBITDA, as adjusted definition below), for the second quarter of 2008 improved to a positive $752,000 from a negative $771,000 a year ago.
Paragon awarded two contracts from Department of Homeland Security and Department of Defense worth approximately $5.0 million in total.
Cornwall awarded $8.7 million contract to provide armed and unarmed guards at State facilities throughout the State of Florida.
Contract pipeline totals approximately $612 million, including approximately $345 million of contracts under bid and approximately $267 million of contracts for which bids have been solicited and are being prepared.
The following information was filed by Tris Security Corp on Wednesday, August 13, 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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