Markland Technologies Reports Record Second Quarter Revenues; Company Posts Revenues of over $17 million in the Second Quarter
RIDGEFIELD, Conn., Feb 16, 2005 (BUSINESS WIRE) -- Markland Technologies, Inc. (OTC BB:MRKL - News; http://www.marklandtech.com),
a defense and homeland security company transforming advanced laboratory technology into real-world products, announced today that it reported record results for its fiscal second quarter ending December 31, 2004.
Revenues for the quarter were $17,044,677 a significant increase over revenues for the corresponding period in 2003 of $3,256,771. Revenues for the six months ended December 31 2004 and 2003 were $32,814,528 and $3,563,495 respectively. This increase is due almost entirely to the acquisition of EOIR Technologies Inc. Net cash provided by operating activities for the six months ended December 31, 2004 was a positive $194,896, also a significant increase over the corresponding period in 2003 in which the company experienced negative net operating cash flow of $884,314. The operating loss for the quarter amounted to $4,412,710. This loss resulted primarily from non-cash charges for the compensatory element of stock issuances, losses on disposals of equipment and amortization of intangible assets resulting from our recent acquisitions. These non-cash charges amounted to $2,905,823 for the three months ended December 31, 2004.
Net loss attributable to shareholders for the six months ended December 31, 2004 was $9,253,213 or a loss of $0.20 per share compared to a loss of $2,055,935 or a loss of $0.38 per share in the corresponding period in 2003. This decrease in the loss per share is due to an increase in the weighted average number of shares outstanding to 45,380,646 from 5,463,757. The non-cash charges included in the net loss attributable to shareholders for the six months ended December 31, 2004 amounted to $7,259,673 compared with $2,049,856 for the corresponding period in 2003.. Please see refer to our Quarterly Report on Form 10QSB for the quarter ended December 31, 2004 filed with the Securities and Exchange Commission for more information about our financial performance. That document is a public filing available on the SEC's web site at www.sec.gov.
"These results represent sequential quarter to quarter revenue growth of approximately $1.3M," said Robert Tarini, Chairman and CEO of Markland Technologies Inc. "We have continued to demonstrate revenue growth capability and are creating scale of operations which meet our expectations and will continue to strive to grow the company and improve our financial results. As of the end of the quarter we were operating cash flow positive for the six months of the fiscal year to date and had a cash balance of nearly $6M. Our dedicated staff of over 200 employees is poised to provide highly differentiated products and services to the US Department of Homeland Security and US Department of Defense to protect our country and our military."
About Markland Technologies
Markland Technologies, Inc. is committed to helping secure America by providing innovative emerging technologies and expert services to meet the country's needs to protect our people, our borders and our infrastructure assets. The Company is a Board member of the Homeland Security Industries Association ( http://www.hsianet.org)
Markland Technologies, Inc is a featured Company on HomelandDefenseStocks.com, a service for which Markland compensates the provider.
SOURCE: Markland Technologies Inc.
Markland Technologies http://www.marklandtech.com
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