CLIFTON, N.J. , May 9 /PRNewswire-FirstCall/ -- Electronic Control Security, Inc. (OTC Bulletin Board: EKCS) (ECSI), a leading provider of a broad line of electronic security system technologies to the government and private sectors, today announced financial results for the nine months ended March 31, 2008 ("2008 Period") compared to the nine months ended March 31, 2007 ("2007 Period") and three months ended March 31, 2008 compared to the three months ended March 31, 2007 .
Arthur Barchenko , President and CEO, stated, "We had net revenues of
"Gross margins for the 2008 Period were 36.79% as compared to 25.49% of revenue for the 2007 Period. Gross margins were 66.53% of revenue for the three months ended March 31, 2008 compared to 37.21% for the corresponding three-month period in 2007. The increase in gross margins for the three months ended March 31, 2008 compared to the corresponding period in 2007 is primarily attributable to an increase in the order mix of higher gross margin products and design and engineering support services and a decrease in material costs."
"Equally important is the fact that, although the net loss from operations
Mr. Barchenko further stated that, "The Company's selling, general and
administrative expenses for the 2008 Period and for the three months ended
March 31, 2008 were
"During the quarter ended March 31, 2008 , the Company submitted proposals
on major projects in the Kingdom of Saudi Arabia , South Korea and Ethiopia and
to nuclear power stations, the Department of Energy and Department of Defense
facilities in the United States valued at approximately
Between October and December 2007 , the Company was awarded purchase orders
The Company is a sub-contractor to Raytheon Services responsible for the
sustainment portion on the ATFP-NAVFAC program for the southwest and northwest
naval facilities. Raytheon Services has been awarded the contract for these
facilities, and the sustainment portion of the contract is valued at over
ECSI is recognized as a global leader in perimeter security and an effective quality provider for both the Department of Defense and Homeland Security programs. The Company designs, manufactures and markets physical electronic security systems for high profile, high threat environments. The employment of risk assessment and analysis allows ECSI to determine and address the security needs of government and commercial-industrial installations. The Company has teaming agreements with major system integrators in both the United States and overseas to support the installation and aftermarket. ECSI is located at 790 Bloomfield Avenue, Bldg. C-1, Clifton, NJ 07012. Tel: 973-574-8555; Fax: 973-574-8562. For more information on ECSI and its customers, please visit http://www.anti-terrorism.com .
ECSI INTERNATIONAL, INC. SAFE HARBOR STATEMENT:
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to changes in economic conditions generally and in our industry specifically, changes in security technology, legislative or regulatory changes that affect us, the availability of working capital, changes in costs and the availability of goods and services, the introduction of competing products, changes in our operating strategy or development plans, our ability to attract and retain qualified personnel, changes in our acquisition and capital expenditure plans, and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1 of our Annual Report on Form 10-KSB for the fiscal year ended June 30, 2007 and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.
SOURCE Electronic Control Security, Inc.