ISEC.. $0.57
iSECUREtrac Reports Cash Flow Positive Operations, 27% Growth in Revenue and 80% Improvement in Operating Loss.........
OMAHA, NE -- (MARKET WIRE) -- 03/16/10 -- iSECUREtrac Corp (OTCBB: ISEC), an industry leader in electronic monitoring solutions, reported today that the Company was cash flow positive in 2009.
This is the first time in the Company's history that it has had cash flow positive operations. The magnitude of this improvement is highlighted in the Company's cash flow statement which shows Net Cash Generated by Operating Activities of $2,239,000, an improvement of $4,875,000 over the $2,636,000 of Net Cash Used In Operating Activities in 2008.
In addition, the Company reported total revenue of $12.3 million for the year ended December 31, 2009, up $2.6 million -- or 27% from $9.7 million reported in 2008.
Further, for the year ended December 31, 2009 the Company reported a net operating loss of $711,000, an improvement of $2,812,000 -- or 80% over the operating loss of $3,523,000 reported in 2008.
"2009 was a year of unprecedented success for the Company," noted Peter Michel, the Company's President and Chief Executive Officer. "Not only did the Company report cash flow positive operations for the first time ever, but the operating loss was trimmed substantially from previous years. While the decline in revenue in the latter half of the year is disappointing it is very important to understand that the decline was not attributable to the loss of any customers. Rather the decline was the result of satisfied customers exercising the renewal options with discounted pricing, thereby extending their contracts with the Company, in one instance out to January of 2012."
Michel went on to note that, "...the impact of lower state and local budgets continues to be felt across the industry. We believe that the on-going evaluation of costs by corrections agencies will reinforce the value proposition that the Company provides to agencies at all levels of community supervision programs. Management is committed to doing what is necessary to successfully position the Company to benefit from agency recognition of the lower costs and improved public safety provided by our solutions."
Conference Call Information:
As a reminder, the Company's year-end 2009 earnings call will be held this afternoon, Tuesday, March 16, 2010 as follows:
Time: 3:30 PM Central (4:30 PM Eastern)
Dial-in number: 1-877-941-4776
International: 1-480-629-9762
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
(866) 537-0022
