Homeland Integrated Security Systems Posts Financials, Showing an Increase in Sales and Gross Profits for the First Half of 2006 Over First Half of 2005
By Market Wire
Last Update: 8/15/2006 8:31:42 AM Data provided by
ASHEVILLE, NC, Aug 15, 2006 (MARKET WIRE via COMTEX) -- Homeland Integrated Security Systems, Inc. (PINKSHEETS: HISC) announced today its financial results for the six months ending June 30, 2006. The Company shows revenues of $870,816 for the first six months of 2006, as compared to $435,070 in revenues for the first six months of 2005. Gross profit increased from $274,859 for the first six months of 2005 to $755,903 for the first six months of 2006. For the same period, the net loss was $486,000 as compared to $246,517 in 2005. The increased net loss is attributed to the Company's efforts to establish a global sales network and relationships with key carriers in Europe and the Middle East.
The balance sheet shows total assets increased 147%, from $2,144,606 on June 30, 2005 to $5,300,000 as of June 30, 2006. The assets include Homeland Integrated Security Systems purchase of 50.1% of the shares in Evans Systems, Inc. Homeland Integrated Security Systems shareholders of record will be receiving a stock dividend in Evans once the Company establishes a new record date, which will be announced shortly. All Homeland Integrated Security shareholders of record will receive 1 share of Evans Systems Inc. for every 50 shares of HISC they own as of the record date. The dividend in Evans System is expected to be valued at $.50 per share.
"I am pleased with the new direction and focus the management team is undertaking in bringing increased revenue to our Company while at the same time reducing costs. Now that we have established our global sales network we expect to see significant improvement in our bottom line by the end of the year," stated Fred Wicks, CEO of Homeland Integrated Security Systems, Inc.
Homeland Integrated Security Systems' first quarter financial statements will be posted on www.pinksheets.com.
About Homeland Integrated Security Systems, Inc.: Homeland Integrated Security Systems, Inc. owns proprietary technology and has the rights to use patents to some of the most innovative and sophisticated security products. Cyber Tracker technology has applications for data and tracking functions across numerous verticals. For more information please visit our website www.hissusa.com.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. Homeland Integrated Security Systems, Inc. is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
SOURCE: Homeland Integrated Security Systems, Inc.
