Daily News logo Newsletter logo   Search News    

iSECUREtrac Reports First Ever Operating Income; 19% Decrease in SG&A Expenses and 13% Decline in Revenue

  Share This Story

iSECUREtrac Corp (OTCBB: ISEC), an industry leader in electronic monitoring solutions, today released its financial results for the three months ended June 30, 2010.

Equipment and Service revenues for the quarter ended June 30, 2010 was $2.6 million, down 15.6% from the $3.1 million reported for the same quarter in 2009. Total revenue which includes equipment and service revenue but also royalty revenue declined 13%.

The Company reported operating income for the first time in Company history for the quarter ended June 30, 2010 of $154,000, an improvement of $248,000, over the $94,000 operating loss reported for the same period in 2009.

"The overall financial performance of the quarter ended June 30, 2010 is very similar to the previous quarter," pointed out Lincoln Zehr, Chief Financial Officer of iSECUREtrac. "We have continued to experience lower overall revenues mainly due to lower average daily lease rates vs. the prior year, which was offset by a 19-20% decline in Selling General & Administrative expenses." Zehr went on to point out that "while a change in estimated useful lives of monitoring equipment contributed to the Company reporting operating income -- even without this change, the Company would have reported the lowest operating loss in Company history."

President and Chief Executive Officer, Peter Michel, commented, "While the financial performance is not what we would like there are a number of indications that the future remains bright. We have seen an increase in the number of inquiries and requests for proposals in June and July. More importantly we have seen an increase in the number of contracts signed and verbal award notices over that same period. We remain optimistic that we will begin to see an increase in equipment revenue during the next 90 days."

Conference Call Information:
As a reminder, the Company's 2nd Quarter 2010 earnings call will be held this afternoon as follows:

Time: 2:30 PM Central - 3:30 PM Eastern
Dial-in number: 1-877-941-4774
International: 1-480-629-9760

Please dial in 5-10 minutes prior to the start. 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 taped replay of the conference call will be available from August 10, 2010 at 5:30 PM Central until August 17, 2010 at 9:59 PM Central.

Replay number: 1-877-870-5176
International Replay number: 1-858-384-5517
Replay Pin Number: 4345741

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 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.



 
Support Wikipedia

NeswBlaze top writers

Find more stories recommended by Stumbleupon.

newsletter logo

What's Hot?
1 .Supermodel Bar Refaeli Adorns the Cover of the 2009 Sports Illustrated Swimsuit Issue on Newsstands Today! - 170
2 .Go Social Film Magazine Partners with the San Jose Short Film Festival to Stream Official Selections Online to a Global Audience via iPad - 38
3 .Oprah Winfrey Come Out of The Closet! Admit You're a Lesbian! - 36
4 .Africa Oil Operations Update - 37
5 .These 10 Comfortable Walking Shoes Are a Step in the Right Direction - 37
6 .Give a Great Valedictorian Speech - Joey Asher - 32
7 .Photos: Valkyrie MEDEVAC - 38
8 ."K-1 Rising 2012 - K-1 World Max Final 16 2012" Announces May 27 Pay-Per-View Ustream Channel - 28
9 .WeDoRecover Expands Drug and Alcohol Treatment Centre Network with a New Partner Rehab Centre in Durban, South Africa That Will Focus on Upmarket South African and UK, English Patients - 25
10 .Waterless 'Air Cooler PLUS' Beats Summer's Heat Without Making Your Home Muggy - 27
Updated: 20:30 PDT     4163

NewsBlaze Editors

editors

NewsBlaze Writers

news writer images

Writers Wanted

Help NewsBlaze provide daily news, including top stories, Home and Garden, Technology, The Environment and more. NewsBlaze Writer

Follow NewsBlaze

NewsBlaze Social Media Logos NewsBlaze Facebook NewsBlaze LinkedIn NewsBlaze Twitter NewsBlaze YouTube NewsBlaze MySpace NewsBlaze Fan Page NewsBlaze StumbleUpon NewsBlaze Political Cartoons NewsBlaze Editorial Cartoons
NewsBlaze 
Copyright © 2004-2012 NewsBlaze LLC
Use of this website is subject to our Terms of Service and Privacy Policy  | DMCA Notice |         Press Room