S.Jorstad stated, "While Q-3 was a softer period in terms of net results, our revenue continues to be strong with results this quarter $526,859 higher that Q3-2009. Our focus will be to work towards improving bottom line results and continue to aggressively increase revenue through organic growth. I continue to be optimistic with respect to an improving global economy and our ability to capitalize on it. We are currently working on strengthening our ability to finance potential major growth."
F.Ramsoondar, Chief Financial Officer reports on Q3- 2010 Financial Summary:
Revenue for the quarter amounted to $8,496,968, compared to $7,970,109 for the same quarter last year, an increase of $526,859 or 6.61%. Revenue for the nine months period ended September 30, 2010 amounted to $25,847,411 compared to $22,830,506 for the same period last year, an increase of $3,016,905 or 13.21%. The overall increase in sales is largely attributable to the growth that the Company experienced in Alberta and mainly in the Company's special projects sector.
Gross Profit Gross profit for the quarter amounted to $1,463,313 (17.22% of revenue), compared with $1,755,302 (22.02% of revenue) for the same period last year, a decrease of $291,989. Gross profit for the nine months period ended September 30, 2010 amounted to $5,470,166 compared to $4,642,477 for the same period last year, an increase of $827,689. The decrease in gross profit percentage for the three months period ended September 30, 2010 is attributed to increase in labour and service delivery costs.
The Company recorded EBIITDAS of $55,802 (0.66% of revenue) for the period, compared to EBIITDAS of $288,780 for the same period last year, a decrease of $232,978. EBIITDAS for the nine month period ended September 30, 2010 amounted to $944,420 compared to $355,434 for the same period last year, an increase of $588,986 or 165.71%. Net loss for the period totalled $(36,784), ($(0.001) basic and diluted earnings per share); compared with net income of $143,038 ($0.002 basic and diluted income per share) for the same period last year, a decrease of $179,822. Net income for the nine month period ended September 30, 2010 totalled $487,504 ($0.007 basic and diluted earnings per share) compared to net loss of $(507,573) ($(0.008) basic and diluted loss per share) for the same period last year, an increase of $995,077.
In addition to using financial measures prescribed by CGAAP, certain non-CGAAP measures are also used by the Company. These non-GAAP measures are EBIITDA and EBIITDAS. References in this press release to EBIITDA are to net income before interest, impairment, taxes, depreciation and amortization. References in this press release to EBIITDAS are to net income before interest, impairment, taxes, depreciation, amortization and stock-based compensation.
Stock Awareness Activities To find out more about United Protection Security Group Inc. (TSX-V: UZZ.V), visit our website at www.unitedprotection.com. To join the 'request for information', go to the web page www.unitedprotection.com and click the tab 'request information' and follow the prompts. You may also email Investor Relations at: iruzz@unitedprotection.com.
For additional investor and media relations inquiries contact: Fredy Ramsoondar, CFO, Executive Vice President and Director Email: fredy.ramsoondar@unitedprotection.com Tel: 780-465-8101
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks related to business development and retention, and risks related to the current economic and credit conditions. As a result, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein. Dated: November 29, 2010
Source: United Protection Security Group Inc. (TSX-V: UZZ.V) http://www.unitedprotection.com Maximum News Dissemination by Filing Services Canada Inc. * www.usetdas.com
-***- Reconciliation of EBIITDA and EBIITDAS to Historical Results (CGAAP)
Statement of income (loss) Three Three Nine Nine Months Months Months Months Ended ended Ended ended Sep. 30, Sep.30, Sep. 30, Sep. 30, 2010 2009 2010 2009
Net income (loss) $(36,784) $143,038 $487,504 $(507,573) for the period Add: Income taxes 5,466 17,232 37,466 23,352 Interest 36,848 52,984 114,174 216,771 Amortization and impairment 50,272 75,526 302,097 622,884 --------------------------------------- EBIITDA 55,802 288,780 941,241 355,434 --------------------------------------- Add: Stockbased compensation - - 3,179 - --------------------------------------- EBIITDAS $55,802 $288,780 $944,420 $355,434 ======================================= -***-
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