Homeland Security Capital Corporation Announces Second Quarter Results
Date : 02/22/2010 @ 3:09PM
Source : Business Wire
Stock : Homeland Security Capital Corporation (HOMS)
Quote : 0.085 0.005 (6.25%) @ 3:18PM
Homeland Security Capital Corporation Announces Second Quarter Results
Homeland Security Capital Corporation (OTCBB:HOMS), an international provider of specialized technology-based radiological, nuclear, environmental, disaster relief, and security solutions to government and commercial customers, today reported financial results for the second quarter ended December 31, 2009.
Revenue for the quarter was $26.6 million compared to $22.2 million for the same period last year. Operating income for the quarter was $1.3 million or $0.02 per share compared to a net loss of $0.4 million or $0.01 per share for the same period last year. Net income attributable to common stockholders, after excluding preferred stock dividends and minority interests, was $0.8 million or $0.02 per share compared to a net loss of $0.7 million or $0.01 per share for the same period last year. EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter was $2.7 million compared to $0.4 million for the previous year’s quarter. EBITDAS (EBITDA before stock based compensation) for the quarter was $3.0 million compared to $1.3 million in the previous year’s quarter.
Revenue for the six months was $47.4 million compared to $39.9 million for the same period last year. Operating income for the six months was $0.5 million or $0.01 per share compared to a net loss of $2.4 million or $0.05 per share for the same period last year. Net loss attributable to common stockholders, after excluding preferred stock dividends and minority interests, for the six months was $0.4 million or $0.01 per share compared to a net loss of $3.0 million or $0.06 per share for the same period last year. EBITDA (earnings before interest, taxes, depreciation and amortization) for the six months was $3.1 million compared to a negative $0.9 million for the previous year’s six months. EBITDAS (EBITDA before stock based compensation) for the six months was $3.7 million compared to $0.3 million in the previous year’s six months.
At December 31, 2009 there were 45,294,009 common shares outstanding.
The Company reported funded backlog of $95.7 million at December 31, 2009. Backlog reflects new additions, less revenue earned and any adjustments for contract cancellations. Our funded backlog increased in the quarter by approximately $27.5 million.
C. Thomas McMillen, HOMS Chairman and CEO, stated, “The Company has achieved a milestone with record revenue, operating income and EBITDA for the current quarter, a record of which we are proud. We continue to organically grow our revenue and reduce expenses. I am particularly pleased with our increasing gross margins (21.7% in the quarter and 19.7% in the six months) and expense reductions (1.4% in the quarter and 3.4% in the six months, measured year over year), which can be credited to the dedicated oversight by our subsidiary’s senior management”. McMillen continued “At this point we are ahead of our annual plan, but remain vigilant in continuing to press the momentum we have gained thus far this year.” The Company consolidates the results of subsidiaries Safety & Ecology Holdings Corporation, Nexus Technologies Group, Inc., Polimatrix, Inc. and Homeland Security Capital Corporation, the holding company. The Company measures its operating performance against plan taking into consideration EBITDAS adjustments and one time charges.
Financial Measures In addition to the results presented in accordance with generally accepted accounting principles, or GAAP, in this press release, the Company presents EBITDA and EBITDAS which are non-GAAP measures. EBITDA is determined by taking the net income before preferred dividends and minority interests and adding back amortization of intangible assets, depreciation and amortization of property and equipment, taxes and interest expense (income), net. EBITDAS is determined by taking EBITDA and then adding back stock based compensation expense. The Company believes that these non-GAAP measurements, viewed in addition to and not in lieu of the Company's reported GAAP results, provides useful information to investors because these metrics provide a more focused measure of operating results. These metrics are an integral part of the Company's internal reporting to measure operations of the company and the performance of senior management. |
