CLIFTON, N.J., Feb. 15 /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 six months ended December 31, 2007 ("2007 period") compared to six months ended December 31, 2006 ("2006 period") and three-months ended December 31, 2007 compared to three months ended December 31, 2006 .
Arthur Barchenko, President and CEO, stated, "We had net revenues of
Further, "Gross margins for the 2007 Period were 27.85% as compared to 23.30% of revenue for the 2006 Period. Gross margins were 40.96% of revenue for the three-months ended December 31, 2007 compared to 50.92% for the corresponding three-month period in 2006. The decrease in gross margins for the three-months ended December 31, 2007 period compared to the corresponding period in 2006 is primarily attributable to an increase in the order mix of lower gross margin products and an increase in material costs along with lower design and engineering support service billings."
"The Company's selling, general and administrative expenses for the 2007
Period and for the three-months ended December 31, 2007 were
Net loss before deemed dividends related to preferred stock for the 2007
and 2006 Periods was $(837,292) and $(229,370), respectively and $(407,239)
and $(24,814) for the three-months ended December 31, 2007 and 2006,
respectively. The increase in net loss for the 2007 period is partially
attributable to a one-time charge of
Mr. Barchenko stated that, "During the quarter ended December 31, 2007 ,
the Company submitted proposals on major projects in the Kingdom of Saudi
Arabia , Korea, Ethiopia and Department of Defense facilities in the United
States valued at approximately
Between October and December 2007 , the Company was awarded purchase orders