-- 2005 Second Quarter Revenues Grow 56% From Last Year --
Sequential Revenues Rise 18% from First Quarter 2005 -- 5.8%
Operating Margin Exceeds Target -- Second Quarter EPS Increases to
$0.05 per share SADDLE BROOK, N.J., Aug. 4 /PRNewswire-FirstCall/
-- Diversified Security Solutions, Inc. (AMEX:DVS), a full service
provider of integrated electronic security systems, announced
financial results for the three and six months ended June 30, 2005.
Sales for the quarter ended June 30, 2005 increased $3,674,336, or
56 percent, to $10,198,826 from $6,524,490 for the same period a
year ago. On a sequential basis, sales increased $1,585,752, or 18
percent from $8,613,074 in the first quarter of 2005. Net income
for the quarter ended June 30, 2005 was $305,972 or $0.05 per
share, compared to a net loss of $54,823, or ($0.01) per share, for
the same period in 2004. On a sequential basis, net income
increased 391 percent over $62,297, or $0.01 per share, reported
for the first quarter of 2005. Sales for the six-month period ended
June 30, 2005 increased $6,619,917 or 54 percent to $18,811,900
compared to $12,191,983 in the year-ago period. Net income for the
six-month period was $368,259 or $0.06 per share, compared to a net
loss of $155,955, or ($0.03) per share, for the same period in
2004. Backlog as of June 30, 2005 was $17.0 million. Jim Henry,
Chief Executive Officer of DVS, said, "Our second quarter results
demonstrate the significant operating leverage in our business
resulting from our sales growth. We are particularly pleased that
demand has driven sales to a record level where we have begun to
realize significant economies of scale. Incremental sales growth
this quarter resulted in an operating margin of 5.8 percent versus
1.5 percent last quarter. Our improving profitability is in-line
with our expectations and we remain on track to meet our annual
guidance for 2005 sales to be in the range of $36 to $40 million
and net income for the year to be between $1.0 and $1.2 million, or
$0.17 to $0.21 per share. Mr. Henry added, "Revenue in the second
quarter was driven primarily by new or expanded projects in the New
York metropolitan area, which continues to be a strong and growing
market for us. We remain particularly active with The Triborough
Bridge and Tunnel Authority (TBTA) of New York, and are beginning
to see accelerated demand in the New York City area for other
security projects." "We remain optimistic about our future growth.
The marketplace for our security solutions continues to be driven
by homeland security concerns and the need for more complex
integrated security solutions. The strength of the Henry Brothers
brand continues to open the door to such new business opportunities
and helps position DVS as the leading pure-play security integrator
in the public market today," concluded Mr. Henry. The Company will
host a conference call on Thursday, August 4, 2005 at 11:00 AM EDT
to discuss these results. To participate in the conference call,
please dial 1-800-322-0079 (Domestic) or (973) 935-2100
(International) by 10:55 AM EDT. A digital recording of the call
will be available by dialing 877-519-4471 using code 6334944 until
Thursday, August 11, 2005. About Diversified Security Solutions,
Inc. Diversified Security Solutions (AMEX:DVS) provides
technology-based integrated electronic security systems, services
and emergency preparedness consultation to commercial enterprises
and government agencies. DVS' integration subsidiary Henry Bros.
Electronics (HBE) has offices in New Jersey, California, Texas, and
Arizona. For more information visit http://www.hbeonline.net/ or
http://www.dssi-hq.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. There can be no
assurances that the Company's revenue will continue to increase or
that the Company will continue to be profitable. 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.
Diversified Security Solutions does not assume any obligation to
update the forward-looking information. Investor Contacts: Todd
Fromer / Erika Levy James Henry, CEO KCSA Diversified Security
Solutions, Inc. 212-896-1215 / 212-896-1208 201-794-6500 /
DIVERSIFIED SECURITY SOLUTIONS, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENT OF OPERATIONS Unaudited Six months ended Three months
ended June 30, June 30, 2005 2004 2005 2004 Revenue $18,811,900
$12,191,983 $10,198,826 $6,524,490 Cost of revenue 13,733,970
9,384,475 7,304,677 4,995,689 Gross profit 5,077,930 2,807,508
2,894,149 1,528,801 Operating Expenses: Selling general &
administrative expenses 4,354,545 3,026,223 2,303,795 1,599,389
Operating profit (loss) 723,385 (218,715) 590,354 (70,588) Interest
income 9,406 3,404 5,663 1,879 Other Expense (3,780) (3,780)
Interest (expense) (40,677) (49,019) (20,856) (24,211) Net income
(loss) before tax expense (benefit) 688,334 (264,330) 571,381
(92,920) Tax expense (benefit) 320,075 (108,375) 265,409 (38,097)
Net income (loss) after taxes $368,259 ($155,955) $305,972
($54,823) BASIC EARNINGS (LOSS) PER COMMON SHARE: Basic Profit
(Loss) Per Common Share $0.06 ($0.03) $0.05 ($0.01) Weighted
Average Common Shares 5,739,398 5,143,908 5,739,398 5,157,129
DILUTED EARNINGS (LOSS) PER COMMON SHARE: Diluted Profit (Loss) Per
Common Share: $0.06 ($0.03) $0.05 ($0.01) Weighted Average Diluted
Common Shares 5,739,398 5,143,908 5,739,398 5,157,129 DATASOURCE:
Diversified Security Solutions, Inc. CONTACT: Todd Fromer,
+1-212-896-1215, or Erika Levy, +1-212-896-1208, , both of KCSA; or
James Henry, CEO of Diversified Security Solutions, Inc.
201-794-6500 Web site: http://www.dssi-hq.com/
http://www.hbeonline.net/
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