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Tri-S Security Announces Results
For the 1st Quarter Ended March 31, 2009
Sale of Cornwall business will reduce debt by approximately $7 million.
ATLANTA Friday, May 15, 2009 Tri-S Security Corp. (NASDAQ: TRIS), a provider of security services for government entities, today announced its results of operations for the first quarter ended March 31, 2009. Tri-S provides security services through its wholly-owned subsidiary, Paragon Systems, Inc. (Paragon).
First Quarter Ended March 31, 2009
Revenues increased 80% to $29.3 million for the quarter ended March 31, 2009.
Gross profit increased 28% to $0.9 million from a year ago.
Gross margins were 3.1% compared to 4.3% a year ago. The difference between 2009 and 2008 is primarily attributable to an existing contract awarded to Paragon with a lower margin.
EBITDA, as adjusted (see EBITDA, as adjusted definition below), declined to a negative $398,000 from a break-even position a year ago.
Net loss per basic and diluted share was $(0.77) for the quarter ended March 31, 2009, compared to $(0.51) a year ago.
In March 2009, Tri-S Security determined to sell substantially all of the assets (except accounts receivable) of its wholly-owned subsidiary, The Cornwall Group, Inc. (Cornwall), and certain of its subsidiaries. Cornwall is based in Miami, Florida and provides physical security for clients in Miami, Fort Lauderdale, and West Palm Beach, Florida. Tri-S Security determined to sell the Cornwall business so that Tri-S could focus on growing the government business and reduce its overall debt load. The sale was completed on May 13, 2009. This transaction will reduce our overall debt load by approximately $7.0 million, $750,000 of which will be held in escrow to secure the continuation of certain contracts transferred as part of the sale.
The following information was filed by Tris Security Corp on Friday, May 15, 2009 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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