Pretty good turnaround situation forming here...
Friday August 13, 3:24 pm Eastern Time
Company Press Release
SOURCE: Firetector Inc.
Firetector Inc. (Nasdaq: FTEC) Announces Third
Quarter and Nine Month Results
HICKSVILLE, N.Y., Aug. 13 /PRNewswire/ -- Firetector Inc. (Nasdaq: FTEC - news) announced that its revenues
increased approximately 20.6% to $4,667,331 from $3,868,333 for the third fiscal quarter of 1999 while revenues for the
nine months ended June, 30, 1999 increased by 21.6% to $12,336,737 from $10,145,625 for the nine month period ended
June 30, 1999.
Operating Income increased to $137,936 and $409,214 for the three and nine months ended June 30, 1999 compared to
$115,843 and $232,037 for the comparable 1998 periods.
Net income was $102,936 and $294,214 for the three and nine months periods ended June 30, 1999 compared to $104,843
and $211,037 during the comparable 1998 periods. Diluted earnings per share was $.06 and $.17 for the three and nine
months of fiscal 1999 compared to $.07 and $0.13 during the comparable fiscal 1998 periods. The 1998 periods were not
fully taxed due to the benefit from the Company's net operating loss carryforwards.
Firetector commented that it continues to increase revenues as a result of the successful marketing of fire alarm/life safety,
communication and audio- visual systems in the New York City area and strong fire alarm/life safety systems in Texas.
Management noted that the most recent quarter and year to date has involved a far larger amount of billing as a general
contractor which yields a lower margin percentage but positions the Company for follow-on sales.
Chief Financial Officer John Poserina added that ''A larger and more diverse revenue base is necessary to offset continued
pressure on pricing, particularly on service business, in New York City. The Company's intensified marketing has started to
result in increased sales and has increased our selling costs (although S,G&A as a percentage of sales has declined from over
30% to approximately 26%) but order position has increased to over $10 million as of today compared to $8.2 million at the
end of the second quarter.
Firetector is engaged in the design, manufacture, marketing and service of a variety of data communication products and
systems with applications in the fire alarm, life safety, transit, security and communication industries.
SOURCE: Firetector Inc. |
