Canadian Home Alarm Firm AlarmForce Says Six-Month Profit up 11% at $1.04M

Company reaches record-setting levels in recurring monitoring revenues


TORONTO -- Home security firm AlarmForce Industries Inc. said Tuesday its profit for the first six months of fiscal 2005 climbed 11 per cent as revenues rose 19 per cent during the period.

Net income for the six months ended April 30 rose to $1.04 million from $934,186 in the same period a year earlier, AlarmForce said.

That amounted to earnings per diluted share of 8.7 cents compared to 8.5 cents in the prior year.

Revenue for the period was $8.3 million, up from $6.9 million during the same six months a year before.

The company did not provide a quarterly breakdown of results. Its subscriber base increased during the second quarter to more than 52,700, up from 44,800 at the end of April 30, 2004, president and CEO Joel Matlin said in a release.

''Our recurring monitoring revenues continued to increase to record-setting levels from the comparative six-month period of the previous year,'' Matlin said.

''We are looking ahead to another record year for subscriber growth.''

Matlin said the company's recent expansion into the United States has ''proven positive even at this early stage.''

''Based on the experience in Charlotte we are expanding into two neighbouring centres in North Carolina,'' Matlin said.

''Their population reflects similar demographic characteristics as our target markets in Canada, and this demographic segment represents the most successful niche markets for us.''

AlarmForce (TSX:AF) makes and installs two-way-voice home alarm systems. On Tuesday, its shares lost 10 cents to close at $4.50 on the Toronto Stock Market.