GVI hits 7th consecutive profitable quarter

Over two years ago, GVI Security Solutions, which delivers the Samsung Electronics security products line, wouldn't have had much to cheer about as the company struggled to turn itself profitable. Now, with seven consecutive profitable quarters behind them, GVI Security Solutions issued yet another positive financial statement, noting that the company is finding "strong top line growth."

The company announced today the results of its third quarter 2008. The highlight of the announcement was that the company has seen 13 percent growth in revenue this past quarter over the same quarter a year ago. GVI Chairman and CEO Steve Walin credited that to repeat sales to integrators and an influx of large projects in Latin America. He also pointed to growing adoption in retail and the banking sectors, although these gains were not necessarily in the U.S. market.

Net revenues for the quarter were $12.2 million, part of a $36.4 million total from the last 9 months (three quarters).

GVI's COO/CFO Joseph Restivo said he found it impressive that the company was able to find growth and continue profitability despite "issues affecting economies worldwide."

"Operationally, we delivered another strong quarter, reflecting our increased emphasis on growth while maintaining our focus on profitability and delivering our seventh consecutive profitable quarter," stated Restivo. "In light of the widely noted issues affecting economies worldwide, our operating results, showing strong top-line growth and profitability were particularly impressive, with strong results from our basic day-to-day business of repeat sales to installers and integrators."

Restivo said the income from the last three quarters aids the company "in reaching our goal of further lowering interest expenses moving forward.” Restivo noted that once the company hits $1 million in net income for 2008, the company's interest rate will be lowered.