GVI Security Solutions, a Texas-based firm that is a key market vendor of Samsung's security solution products, reported Monday that the company saw a profitable quarter, as net income for the second quarter reached $308,000. That equated to profits for the company of approximately $0.01 per share. The previous quarter saw net profit of $160,000, which did not significantly affect share price.
While those profits may be small, it's a significant mark for GVI Security, which saw a loss of $4.5 million in the second quarter of 2006. That loss equated to a $4.39 drop in share price.
CEO Steve Walin said the move to profitability was precipitated by "growth in premium segments of the video security surveillance marketplace." He cited growth in the education, banking and retail markets as key drivers. Walin also credited the company's partnership with security products manufacturer Samsung as being a growth driver. He added that the relationship "is driving our product mix towards higher quality products with advanced technical features that support premium pricing."
GVI saw rising revenues, with Q2 revenues up 11 percent over the previous quarter, from $11 million to almost $12.3 million. The company attributed the revenue growth to sales in the U.S. and Latin America.