Published:
iSECUREtrac Reports First Quarter Financial Results
iSECUREtrac Reports First Quarter Financial Results
OMAHA, Neb., May 7 /PRNewswire-FirstCall/ -- iSECUREtrac(TM) Corp.
(OTC Bulletin Board: ISEC), an industry leader in electronic monitoring
solutions reported financial results for the first quarter ending March 31,
2008. Total revenue for the quarter was up 16% to approximately $2.5 million
compared to approximately $2.2 million for the same quarter of the prior year
and up 16% compared to Q4 2007, as well.
Recurring revenues were approximately $2.2 million for the first three
months ending March 31, 2008, up 16% from $1.9 million in Q1 2007, and 6% from
$2.1 million recorded in the Q4 2007.
Operating loss for the first three months of 2008 was $1,177,000 compared
to $1,247,000 for Q1 2007 and $1,963,000 for Q4 2007. This was the first time
since 2005 that the current quarter loss was less than the same quarter of the
prior year.
"The investments we've made in management restructuring, R&D and
infrastructure improvements are beginning to pay off," said Peter Michel,
president and CEO of iSECUREtrac.
-- "In the first quarter of 2008, we've grown revenue, both in total and
recurring, over the previous year's period as well as over the fourth
quarter of 2008.
-- Revenue in the first quarter was the highest in the Company's history
and its operating loss was the lowest it's been in six quarters
-- Total Research & Development and SG&A expenses, as a percentage of
recurring revenue, were lower in the first quarter of 2008 than in any
quarter over the past two years.
-- We rounded out the executive team with a new VP Customer Service, Vicki
Anzalone, who is an accomplished and analytical professional who takes
a pro-active approach to customer service.
"We are headed in the right direction," concluded Michel.
Please join CEO Peter Michel and CFO Lincoln Zehr on Wednesday, May 7,
2008 as they discuss first quarter results and provide a company update. The
details for the call are as follows:
Date: Wednesday, May 7, 2008
Time: 3:30 PM Central (4:30 PM Eastern)
Dial-in number: 1-800-762-8932
International: 1-480-629-9029
Dial in 5-10 minutes prior to the start time. An operator will request
your name and organization and ask you to wait until the call begins. If you
have any difficulty connecting, please call iSECUREtrac at (866) 537-0022.
A replay of the conference call will be available from May 7, 2008 at 6:30
PM Central until May 14, 2008 at 10:59 PM Central.
Replay number: 1-800-406-7325
International Replay number: 1-303-590-3030
Replay Pin Number: 3876365
About iSECUREtrac
iSECUREtrac Corp. provides electronic monitoring systems, client
management software and supplemental services for use in community
supervision. The company's rich stream of reliable data concerning a client's
location, movement and status better enables effective compliance management
and positive behavior modification. Visit http://www.isecuretrac.com for more
information.
Safe Harbor
This press release contains forward-looking statements that, if not
verifiable historical fact, may be viewed as forward-looking statements that
could predict future events or outcomes with respect to iSECUREtrac Corp. and
its business. The predictions embodied in these statements will involve risks
and uncertainties and accordingly, iSECUREtrac's actual results may differ
significantly from the results discussed or implied in such forward-looking
statements.
iSECUREtrac Corp. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2008 December 31, 2007
ASSETS
Current Assets
Cash and cash equivalents $2,026,145 $3,442,712
Accounts receivable, net of
allowance for doubtful
accounts of $326,766 in 2008
and $292,669 in 2007 2,136,364 1,941,902
Inventories 211,581 135,376
Prepaid expenses and other 62,765 92,750
Total current assets 4,436,855 5,612,740
Leasehold improvements and
equipment, net of accumulated
depreciation of $7,610,793
in 2008 and $7,041,272 in 2007 4,377,671 3,875,728
Intangibles, net of accumulated
amortization of $860,657 in 2008
and $850,166 in 2007 50,865 61,356
Goodwill 2,302,179 2,302,179
Other assets 114,504 88,425
Total assets $11,282,074 $11,940,428
LIABILITIES AND STOCKHOLDERS' (DEFICIT)
Current Liabilities
Accounts payable $1,279,378 $1,069,577
Accrued expenses 591,161 609,083
Current maturities of long-term debt 750,870 622,340
Deferred revenues & gain on
sale-leaseback transactions 289,517 314,090
Accrued interest payable 230,248 30,513
Total current liabilities 3,141,174 2,645,603
Long-term debt, less current maturities 12,543,502 12,381,598
Redeemable convertible Series C
preferred stock 12,187,735 11,882,545
Stockholders' (deficit)
Common stock 10,782 10,779
Additional paid-in capital 55,167,329 55,109,333
Accumulated deficit (71,768,448) (70,089,430)
Total stockholders' (deficit) (16,590,337) (14,969,318)
Total liabilities and
stockholders' (deficit) $11,282,074 $11,940,428
iSECUREtrac Corp. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2008 and 2007
(Unaudited)
2008 2007
Revenues:
Equipment leasing $2,179,577 $1,934,038
Administrative, field & support service
revenues 74,453 -
Equipment sales 22,242 56,208
Other revenues 212,848 119,510
Gain on related party sale-leaseback
transactions 13,191 44,862
Total revenues 2,502,311 2,154,618
Operating expenses:
Cost of revenues 1,087,894 860,999
Research and development 339,811 473,109
Sales, general and administrative 2,251,803 2,067,227
Total operating expenses 3,679,508 3,401,335
Operating loss (1,177,197) (1,246,717)
Other income (expense):
Interest income 19,224 46,475
Interest expense (264,984) (152,526)
Total other income (expense) (245,760) (106,051)
Loss before provision for income taxes (1,422,957) (1,352,768)
Provision for income taxes - -
Net loss $(1,422,957) $(1,352,768)
Preferred stock dividends and accretion (305,190) (283,617)
Net loss available to common stockholders $(1,728,147) $(1,636,385)
Basic and diluted loss per common share $(0.16) $(0.15)
Weighted average shares of common stock
outstanding 10,781,218 10,773,675
SOURCE iSECUREtrac Corp.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
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