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TTSR - Tactical Solution Partners Completes Historical Audit and Reports Third Quarter Financial Results
GLEN BURNIE, Md., Oct. 6 /PRNewswire-FirstCall/ -- Tactical Solution Partners, Inc. ('TSPI') (Pink Sheets: TTSR) announced today the completion of the audit of its financial statements for the years ended December 31, 2004 and 2005 by Marcum & Kliegman, LLP, its certified public accountants.
TSPI recognized revenue of $9,081,780 for the year ended December 31, 2005, an increase of approximately 19% over 2004 revenue of $7,647,593. The primary reason for the increase in sales was due to replacement of legacy mobile data hardware and software solutions by TSPI's PelicanMobile customers and new sales to customers in the Mid-Atlantic region. Sales of ruggedized laptops represented the majority (61%) of revenues during 2005, which is expected to continue for the PelicanMobile Division in the future.
Net Income for the year ended December 31, 2005 was $1,732,115, an increase of approximately 58% over 2004 net income of $1,098,661.
TSPI also announced unaudited financial results for the third quarter of 2006. Revenue for the third quarter ended September 30, 2006 was $4,989,866 compared to $2,332,559 in the same period in 2005. For the nine months ended September 30, 2006, TSPI reported revenue of $12,600,803 compared to $6,373,943 in the same period in 2005, representing a 97.7% increase.
About Tactical Solution Partners, Inc.
Tactical Solution Partners, Inc is a leading provider of rugged mobile communication and anti-terrorism training and preparedness solutions through two divisions. PelicanMobile provides rugged mobile data communication solutions to the public safety and law enforcement markets. Tactical Solution Options delivers tactical training and threat identification and mitigation solutions to deter, defy, and defeat terrorism in the United States and abroad.
Forward-Looking Statements
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words 'expect,' 'anticipate,' 'estimate,' 'project,' 'forecast,' 'outlook,' 'target,' 'objective,' 'plan,' 'goal,' 'pursue,' 'on track,' and similar expressions, are 'forward-looking statements' and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements and takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.
SOURCE Tactical Solution Partners, Inc.
Source: PR Newswire (October 6, 2006 - 9:32 AM EST)
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