Integrated Security Systems, Inc. Reports Second Quarter Results
CARROLLTON, Texas–(BUSINESS WIRE)– Integrated Security Systems, Inc. (OTCBB:IZZI) today reported results for its fiscal 2010 second quarter ended December 31, 2009.
For the fiscal 2010 second quarter, the Company reported a net loss of $49,000 compared to a net loss of $463,000 in the prior year period. This improvement in earnings occurred despite a decline in sales of 11.1% from the second quarter of fiscal 2009. Sales for the second quarter of fiscal 2010 were $1.8 million, $227,000 less than the second quarter of fiscal 2009. The sales decline occurred in the Company’s road and bridge business, which declined by 23% since the year-ago quarter. Sales in the Company’s perimeter barrier business rose 1% from the second quarter of fiscal 2009. The improvement in net loss was primarily due to a reduction in interest expense.
Mr. Brooks Sherman, Chairman and Chief Executive Officer, commented, “We are pleased that the Company is now performing at a near breakeven level after years of incurring significant losses. Management is now able to shift its focus to increasing sales and developing new products, rather than strictly survival. While liquidity continues to be a concern as the Company is dependent on factoring its accounts receivable, operating cash flow was stable for the first six months of fiscal 2010.“
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, projections, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are not historical facts. Actual results may differ materially from those expressed or implied by the forward-looking statements contained in this release. Forward-looking statements are subject to numerous risks, uncertainties and assumptions about us and our business. Important factors that could cause actual results to differ materially from those in the forward looking statements include the discussion of financial position and liquidity discussed in Part I of our Form 10-K Report for the year ended June 30, 2009, including but not limited to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which discussion is incorporated herein by this reference. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
About ISSI
Headquartered in Carrollton, Texas, ISSI designs, develops and markets safety and security equipment to the commercial, industrial and governmental marketplaces homeland security needs. ISSI is a leading provider of anti-terrorist barriers, traffic control and safety systems within the road and bridge and perimeter security gate industries. ISSI designs, manufactures and distributes warning gates, lane changers, airport and navigational lighting and perimeter security gates and operators through its subsidiaries B&B ARMR and B&B Roadway. For more information, please visit www.integratedsecurity.com, www.bb-armr.com, www.bbroadway.com.