Electronic Control Security Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2011
February 13, 2012 at 01:39 pm EST
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Electronic Control Security Inc. reported earnings results for the second quarter and six months ended December 31, 2011. For the quarter, net revenues were $552,569 compared to $1,080,411 for the corresponding period in 2010. The decrease in net revenues during each of the six and three month periods ended December 31, 2011 compared to the corresponding periods in 2010 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 company serve as a subcontractor as well as at other customers. Loss from operations was $357,822, which included the cost of stock based compensation of $96,815 compared to a profit of $243,100 for the corresponding three months in 2010.
For the six months, company had net revenues of $1,667,000 compared to $1,881,963 for the corresponding six month period in 2010. Loss from operations was $225,813, which included non-cash costs of an allowance for bad debts of $200,000 and cost of stock based compensation of $96,815 and compared to a profit of $391,741 for the same period in 2010.
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.