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Revenues from continuing operations for the first nine months in 2010 declined 1.7% to $35.6 million, from $36.2 million in the year-ago period. For the nine months, revenues from the company’s physical security product business increased 152% to $8.3 million (23% of revenues), from $3.3 million (9% of revenues) in the comparable period in 2009.
Gross profit margin in the third quarter of 2010 was 46.7%, an improvement from 20.9% in the same quarter of 2009. The increase resulted primarily from contract billings of $3.3 million that were under audit by the government as of June 30 and recognized as revenue upon approval during the third quarter of 2010. The total contract was for $6.2 million, of which $2.9 million of revenue and related cost of sales was recorded in the second quarter of 2010. The gross profit margin was 31.9% and 33.3% for the first nine months of 2010 and 2009, respectively.
The net loss in the third quarter totaled $395,000, an improvement from a net loss of $3.6 million per share in the same period of 2009. The net loss in the first nine months of 2010 totaled $4.9 million, an improvement from a net loss of $7.9 million in the year-ago period.
“Revenues in the third quarter of 2010 came in slightly above our expectations, with a strong gross margin largely due to the timing of the recognition of revenue, as well as a slowdown in crew protection kit orders resulting in decreased costs in the quarter,” said Anthony J. Piscitelli, chairman and CEO. “We see this slowdown continuing into the fourth quarter, which is also typically our slowest, and have adjusted our expectations for the amount of our $31 million backlog we expect to ship before year’s end.”
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