Electronic Control Security Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended March 31, 2012
May 16, 2012 at 04:05 pm EDT
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Electronic Control Security Inc. announced earnings results for the third quarter and nine months ended March 31, 2012. The company's net revenues for the three months ended March 31, 2012 were $343,970 compared to $1,006,662 for the corresponding period in 2011. The decreases in net revenues during the nine and three month periods ended March 31, 2012 compared to the corresponding periods in 2011 are primarily attributable to a decrease in deliverable products and support services billings resulting from delays in release of funding at the Department of Defense and Department of Energy on projects on which the company serve as a subcontractor as well as at other customers. The company had loss from operations of $487,379 which included the cost of stock based compensation of $96,815 compared to a profit of $31,104, for the corresponding three months in 2011. The decrease in income from operations during the 2012 periods compared to the 2011 periods was attributable to the 2012 allowance for doubtful accounts and cost of stock-based compensation discussed above and to the receipt of lower gross margin orders, a less profitable mix of design and engineering support services billings, and a reduction in funded and released backlog.
The company reported net revenues of $2,010,970 for the nine months ended March 31, 2012 compared to $2,888,625 for the corresponding nine month period in 2011. The company had loss from operations for the nine months ended March 31, 2012 of $733,192 which included non-cash costs of an allowance for bad debts of $200,000 and stock based compensation of $96,815 and compared to profit of $422,845 for the 2011 period.
Electronic Control Security Inc. designs, manufactures and supplies standalone and fully integrated entry control and perimeter intrusion detection systems for the Department of Defense, Department of Energy, nuclear power stations, and various international customers. The Company offers offer U.S. Air Force certified technology and a comprehensive services portfolio that includes site survey/risk assessment, design and engineering, systems manufacturing and integration, factory acceptance testing, installation supervision, commissioning, operations, and maintenance training. The Company's product portfolio includes Automated Entry Control System (AECS), Infrared Perimeter Intrusion Detection (IPID), Fiber Optic Intelligence Detection System (FOIDS), PTZ Cameras, ECSI Long Range Day / Night CCTV, Vehicle Gate Automation, ECSI Long Range Radar, Water Infrastructure Sensing Equipment (WISE), Interoperable Device Management System (IDMS) and Emergency Response Stations.