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Tri-S Security Announces Results
For the Third Quarter Ended September 30, 2008
Revenue up 71% to $40.7 million.
EBITDA, as adjusted, is a positive $443,000.
ATLANTA Friday, November 14, 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 third quarter ended September 30, 2008. Tri-S Security provides security services through its two wholly-owned subsidiaries, The Cornwall Group, Inc. (Cornwall) and Paragon Systems, Inc. (Paragon).
Third Quarter Ended September 30, 2008
Revenues for the third quarter of 2008 increased 71% to $40.7 million compared to the third quarter of 2007.
Gross profit for the third quarter of 2008 increased 133% to $3.5 million compared to the third quarter of 2007. In addition, there were no material start-up costs on government contracts this quarter.
Gross margins for the third quarter of 2008 were 8.7% compared to 6.4% for the third quarter of 2007. The difference between 2008 and 2007 is primarily attributable to the improvement in contract profitability at both Paragon and Cornwall.
In accordance with the requirements of Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets, the Company evaluates goodwill, intangible assets and other long-lived assets for impairment. Based on this assessment and as a result of the non-renewal of three contracts which represented approximately 34% of Cornwalls revenue, the Company concluded that approximately $4.0 million of goodwill was impaired at September 30, 2008.
Net loss per basic and diluted share for the third quarter of 2008 was $(1.38) compared to net income per basic and diluted share of $0.04 for the third quarter of 2007.
The following information was filed by Tris Security Corp on Friday, November 14, 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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