ISEC.. $0.41 Earnings..
OMAHA, NE -- (Marketwire) -- 11/05/09 -- iSECUREtrac Corp (OTCBB: ISEC), an industry leader in electronic monitoring solutions, reported 47% revenue growth and cash flow positive operations for the quarter ended September 30, 2009.
Total revenue for the quarter ended September 30, 2009 was $3.2 million, up 47% from the $2.2 million reported for the same quarter in 2008. Revenue from equipment leasing and services was up 40% over the same quarter the previous year. Year-to-date, for the nine months ended September 30, 2009 total revenues were up 35% from the prior year.
The Company's operating loss for the quarter was $73,000, an improvement of 90%, or $685,000, over the same period from the prior year. Year-to-date the operating loss for 2009 is $464,000 -- an improvement of just over $2,400,000 (84%) over 2008.
Lincoln Zehr, Chief Financial Officer of iSECUREtrac, pointed out that "While the financial turnaround of the Company continues to occur in nearly every aspect, at this time, the area of cash flow is the most dramatic." Zehr pointed out that since the beginning of the year the Company has generated net cash from operating activities of $1,980,000. In comparison, through the same period in 2008, the net cash used in operating activities was $2,037,000 -- an improvement of more than $4,000,000.
President and Chief Executive Officer, Peter Michel, pointed out that "While achieving cash flow positive was very important for the Company, it is one of many objectives the Company is intent on achieving. We remain committed to delivering profitable operations and at the same time offer our customers the very best in equipment, services and technology coupled with customer service that is second to none."
Michel went on to say that "I am also very pleased that the holder of the majority of the Company's long-term debt, Crestpark LP, Inc., has agreed to extend the maturity date of the Company's long-term debt to January 2012 on essentially the same terms as the original issue. Given the current circumstances in the capital and credit markets today, this extension is a clear indication of the commitment our debt holders have towards ensuring the long-term success of the Company."
Conference Call Information:
As a reminder, the Company's 3rd Quarter 2009 earnings call will be held this afternoon, Thursday, November 5th, as follows:
Time: 3:30 PM Central (4:30 PM Eastern)
Dial-in number: 1-877-941-2068
International: 1-480-629-9712
Please dial in 5-10 minutes prior to the start. An operator will request your name and organization and ask you to wait until the call begins. If you have any difficulty connecting, please call iSECUREtrac at (866) 537-0022.
About iSECUREtrac
iSECUREtrac Corp provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.
Safe Harbor
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
Company Contact
Doug Zbylut
Email Contact
(402) 537-0022
Investor Relations
Barwicki Investor Relations
Andrew J. Barwicki
