FAIR LAWN, N.J., March 12 /PRNewswire-FirstCall/ -- Henry Bros.
Electronics, Inc. , a turnkey provider of technology-based
integrated electronic security solutions, today announced results
for the fourth quarter and year ended December 31, 2009. The
Company reported revenue of $13.7 million for the three months
ended December 31, 2009, representing a 28% decrease from revenue
of $19.1 million for the same period a year ago. Revenue was down
in all regions, offset in part by an increase in Texas. The overall
decline in revenue is due principally to the effects of the
continuing credit freeze and economic downturn, which has had a
significant negative impact on construction markets and capital
spending patterns of commercial businesses, combined with a
significant reduction in revenue from the Company's New Jersey
region, as a result of the winding down of large projects that were
not replaced by similar projects. The Company reported a net loss
of $687,950 or $0.12 per diluted share, for the fourth quarter
ended December 31, 2009, compared to net income of $725,756, or
$0.12 per diluted share, in the comparable period of 2008. The
Company's net loss is principally due to a decline in revenues
given the current economy. In addition, the Company's investment in
the start up of a new office in Houston, the development of new
internet-based service programs, along with process and training
costs, also contributed to the net loss. Revenue for the year ended
December 31, 2009 was $55.1 million, representing a decrease of
11.6% from revenue of $62.4 million for the year ended December 31,
2008, stemming from the continued economic pressure described
above. Partially offsetting this decline were increases in the
Company's Texas and Colorado operations, which were up 12.4% on a
combined basis, as well as an increase in revenue resulting from
the Company's agreement with a division of L-3 Communications,
which is part of L-3's project for the U.S. Marine Corp. Systems
Command to deliver a Tactical Video Capture System ("TVCS"). The
L-3 contract generated $3.5 million incremental revenue in 2009
over 2008. The Company had a net loss for fiscal 2009 of $823,957,
or $0.14 per diluted share, compared to net income of $1.6 million,
or $0.26 per diluted share for 2008. Jim Henry, CEO of Henry Bros.
Electronics, stated "Though we remain optimistic that we will soon
see a turnaround in our business, our entire management team was
disappointed by our results for the fourth quarter and the full
year 2009. The long term contractual nature of our business is such
that we did not really begin to experience the full impact of the
protracted recessionary climate until the second half of the year.
This lag, coupled with unforeseeable delays in our TVCS project,
made it increasingly difficult to forecast our performance.
However, although the TVCS project has been moving slower than
originally forecast, our contract is still in place, and while the
timeline may have been moved further out, our participation and
related forecasted revenue share from this project has not
changed." Henry concluded, "We were also impacted in 2009 by an
increase in our SG&A, as we made strategic investments in our
Texas region, the ninth fastest growing market in the country. We
strongly believe in the value of the investment, and that it will
prove to be a prudent move when commercial spending begins to
rebound. Going forward, we expect our success to be tied to how our
offerings, and the knowledge of our team, benefits and improves
services within organizations. We have addressed this with an
enhanced recruitment process and more intensive training of our
sales staff. As we look to a profitable 2010, we are poised to take
advantage of the coming economic rebound, with a more qualified and
efficient team." The Company's backlog as of December 31, 2009 was
$28.0 million and $4.3 million above the $23.7 million at December
31, 2008. Conference Call Information: Henry Bros. Electronics will
be hosting a conference call on March 15, 2010, at 11 a.m. ET. To
participate on the call, please use the following number and
conference code: (888) 562-3356 (Domestic) (973) 582-2700
(International) Conference code: 58904818 A replay of the call will
be available from 3/15/2010 at 12 p.m. ET, through 4/15/2010 at
11:59 p.m. ET. To access the replay, please call (800) 642-1687 in
the United States or (706) 645-9291 outside the United States. To
access the replay, users will need to enter the following code:
58904818. About Henry Bros. Electronics, Inc. Henry Bros.
Electronics provides technology-based integrated electronic
security systems, services and emergency preparedness consultation
to commercial enterprises and government agencies. The Company has
offices in Arizona, California, Colorado, Maryland, New Jersey, New
York, Texas and Virginia. For more information, visit
http://www.hbe-inc.com/. Safe Harbor Statement: Certain statements
in this press release constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Additional
information concerning factors that could cause actual results to
differ materially from those in the forward looking statements is
contained under the heading of risk factors listed in the Company's
filings with the U.S. Securities and Exchange Commission. Henry
Bros. Electronics Inc. does not assume any obligation to update the
forward-looking information. Investor Contacts: ------------------
Todd Fromer Jim Henry, Vice- Chairman & KCSA Strategic
Communications Chief Executive Officer 212-896-1215 Henry Bros.
Electronics, Inc. tfromer@kcsa.com 201-794-6500 jhenry@hbe-inc.com
Tables follow HENRY BROS. ELECTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Audited) (Unaudited)
--------------------- -------------------- Year ended Three months
ended December 31, December 31, ---------------------
-------------------- 2009 2008 2009 2008 ---- ---- ---- ----
Revenue $55,105,469 $62,357,466 $13,716,240 $19,065,098 Cost of
revenue 40,848,553 46,465,194 10,593,504 14,316,337 ----------
---------- ---------- ---------- Gross profit 14,256,916 15,892,272
3,122,736 4,748,761 Operating expenses: - - Selling, general &
administrative expenses 14,985,849 12,797,730 3,970,725 3,336,728
---------- ---------- --------- --------- Operating (loss) profit
(728,933) 3,094,542 (847,989) 1,412,033 - - Interest income 28,610
91,558 7,587 17,826 Other income 38,885 17,266 9,611 7,610 Interest
expense (280,911) (271,290) (58,578) (62,079) -------- --------
------- ------- (Loss) income before tax expense (942,349)
2,932,076 (889,369) 1,375,390 Tax (benefit) expense (118,392)
1,374,320 (201,419) 649,634 -------- --------- -------- ------- Net
(loss) income $(823,957) $1,557,756 $(687,950) $725,756 =========
========== ========= ======== BASIC (LOSS) EARNINGS PER COMMON
SHARE: --------------------- Basic (loss) earnings per common share
$(0.14) $0.27 $(0.12) $0.12 ====== ===== ====== ===== Weighted
average common shares 5,865,187 5,786,104 5,883,843 5,812,343
========= ========= ========= ========= DILUTED (LOSS) EARNINGS PER
COMMON SHARE: --------------------- Diluted (loss) earnings per
common share $(0.14) $0.26 $(0.12) $0.12 ====== ===== ====== =====
Weighted average diluted common shares 5,865,187 5,988,782
5,883,843 6,015,021 ========= ========= ========= =========
DATASOURCE: Henry Bros. Electronics, Inc. CONTACT: Investor
Contacts: Todd Fromer, KCSA Strategic
Communications,+1-212-896-1215, tfromer@kcsa.com or Jim Henry,
Vice- Chairman & ChiefExecutive Officer, Henry Bros.
Electronics, Inc., +1-201-794-6500,jhenry@hbe-inc.com Web Site:
http://www.hbe-inc.com/
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