iSECUREtrac Corp. (ISEC.OB) Reports Record Revenues in First Quarter 2009
Source: http://Blog.QualityStocks.net/?p=15182Posted on Tuesday, April 28th, 2009 | In Market Commentary, Small & Micro Cap
iSECUREtrac Corp. provides electronic monitoring services, client management software and supplemental services for use in community supervision. The company works with agents and officers within the law enforcement, corrections and social services sectors.
Electronic monitoring systems from iSECUREtrac provide a supervising officer a rich stream of reliable information regarding an individual’s location, movement and status. This information helps officers to better monitor and shape the behavior of those individuals under their supervision. Officers access system status and monitoring reports through the company’s web-based electronic monitoring software. Since it is web-based, there is no software to download or purchase and officers have access 24/7 from any internet-ready device, anywhere in the world.
ISECUREtrac today reported for the quarter ended March 31, 2009, historical bests in terms of total revenue, recurring revenue and operating loss. Total revenue for the quarter was $3.1 million, up 24% from the $2.5 million for the same quarter in 2008. Recurring revenues came in at $2.7 million which was up 20% from the same quarter last year.
The operating loss for the first quarter of 2009 was $297,000, an improvement of $880,000 or 75%, from the same period in 2008. According to Lincoln Zehr, the company’s CFO, “iSECUREtrac reported the lowest operating loss since at least 1999, possibly the lowest in the company’s history as an operating entity, and extended the company’s string of consecutive quarterly improvement (lower) in operating loss to five quarters.”
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