Wednesday, May 17, 2006

A4S Security Q1 Net Loss Widens on Expenses, Despite Revenue Growth

(RTTNews) - A4S Security Inc. (SWAT charts news PowerRating), a provider of mobile digital video surveillance solutions, early Wednesday announced fist quarter financial results, reporting a wider net loss from the year ago quarter on higher operating expenses, a despite higher revenues.
Security's net loss for the quarter was $1.12 million or $0.28 per share, compared to a net loss of $554,000 or $3.76 per share in the same quarter of 2005.
Common shares outstanding for the quarter increased to 3.96 million from 147,389
Revenue for the quarter increased to $212,835 from $73,735 in the first quarter of 2005. First quarter sales comprised almost entirely from products sold into the mass transit market.
As, the cost of sales for the quarter rose to $206,984 from $52,759 in the year ago quarter, the gross profit declined to $5,851 from $20,976 in the comparable period last year.
Total operating expenses for the quarter jumped to $1.16 million from $435,681
Shares of SWAT closed Tuesday's regular trade at $4.50 down $0.01 on a volume of 17,600.
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