Lorex Technology, a Canadian-based maker of video surveillance products, announced that its revenues for the 2011 fiscal year were up 34 percent to $62 million.
In addition, revenue during the fourth quarter, which ended on Sept. 30, 2011, grew by 40 percent or $5.3 million over the prior year to $18.6 million.
"We are extremely pleased with our record setting operating results achieved during fiscal year end 2011," said Lorex Chairman and CEO Reuben Klein. "We reported 34 percent growth in our top line revenues while at the same time maintaining gross profit margin percentage at the same level of 2010. Furthermore, our EBITDA for the year grew by 48 percent when compared to 2010 and we are delighted to report to shareholders that we have now completed our twelfth consecutive quarter of positive EBITDA."
Klein attributed the growth to an increase in demand for do-it-yourself video solutions, as well as a growing awareness of the company’s Digimerge line of professional surveillance products.
"We are pioneers and leaders of do-it-yourself video security solutions, and we continue to innovate by offering secure, internet-connected plug and play video technology to our customers," Klein added. "We believe that the new look, intuitive operation and ease of remote connectivity will cater to the growing demand from consumers. Our record sales and earnings this year will help us continue to build a stronger balance sheet and improve our working capital position. We will continue to increase our marketing and product development initiatives in 2012, which is expected to continue to contribute to our growth and profitability."
The company is projecting its 2012 revenues to be in the $66 million to $70 million range.