BlastGard International, a Florida company specializing in blast and bomb mitigation materials such as blast-resistant trash cans, announced today the results of its fiscal year 2006.
Despite a clear focus on homeland security projects since 9/11, the extra focus on security hasn't translated into profitability for the company, which reported a net loss of $2.45 million after revenues of approximately $926,000.
CEO James Gordon said that the unprofitable report was chiefly based on projects that didn't come through in the fourth quarter that were expected. Gordon added that the company had refocused its business with "a strong management team and Board", as well as better financial forecasting.
The company's products have been applied to both military and municipal infrastructure. The company recent reported new orders for its BlastGard trash receptacles from transit authorities in Washington and New York City. The BlastGard trash receptacles are listed with the Support Anti-Terrorism by Fostering Effective Technologies Act of 2002 (the SAFETY ACT), which limits the company's liability for its products in the event of a terror attack.