Investorideas.com - Security Stocks; United Protection Security Group Inc. (TSX-V: UZZ) Q2 - Results
Security Stocks; United Protection Security Group Inc. (TSX-V: UZZ) Q2 – Results
Edmonton, Alberta CANADA - August 30, 2011 (InvestorIdeas.com Newswire) - United Protection Security Group Inc. (TSX-V:UZZ Venture), F.V.Ramsoondar, Chief Executive Officer of United Protection Security Group Inc. is pleased to announce that the Company has released its Q2- 2011 results.
F.V.Ramsoondar stated: "The quarter ended June 30, 2011 reflects the results of the restructuring and cost management that the Company's new management initiated in Q2. I continue to be confident that our shareholders will continue to see positive changes in the results of the Company going forward."
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(1) EBIITDA = Earnings before interest, impairment, taxes, depreciation and amortization
(2) EBIITDAS = Earnings before interest, impairment, taxes, depreciation and amortization and share-base payments.
Revenues
Revenue was $16,509,272 for the six months period ended June 30, 2011, compared to $17,350,443 for the six months ended June 30, 2010, a decrease of $(841,171) or (4.85)%. The overall decrease in revenues is largely attributable to the additional one time revenue the Company recognized in 2010 from the 2010 Winter Games.
Gross margin
Gross profit was $2,893,029 (17.52%) for the six months period ended June 30, 2011, compared to $4,006,853 (23.09%) for the six months period ended June 2010. The decrease in gross profit is directly related to the reduction in revenues relating to the 2010 Winter Games.
Operating costs
Operating costs were $13,616,243 for the six months period ended June 30, 2011,compared to $13,343,590 for the six months period ended June 30, 2010, an increase of 2%. The increase is due to reclassification of accounts in 2011 and not an increase in delivery of service.
Selling and administrative expenses ("S&A")
S&A totalled $2,431,697 for the six months period ended June 30, 2011, compared to $3,121,414 for the six months period ended June 30, 2010, a decrease of $689,717 or 22.10%. The decrease is attributed to the continuing impact of the cost restructuring plan management initiated in May 2011.
Amortization
Amortization expense increased due to additional amortization recognized from the reclassification of intangible assets from goodwill and amortization of intangible assets acquired in 2010.
Stock Awareness Activities
To find out more about United Protection Security Group Inc. (TSX-V: UZZ), 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.
For additional investor and media relations inquiries contact:
Fredy Ramsoondar CEO 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
United Protection Security Group Inc. (TSX - V: UZZ)
5909 - 83rd Street, Edmonton, Alberta T6B 1E7
Telephone (780) 465-8101
To view this press release as a web page, click onto the link below:
http://www.usetdas.com/pr/unitedprotection08302011.htm
Source: United Protection Security Group Inc. (TSX-V: UZZ) http://www.unitedprotection.com
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