Markland Technologies Reports Third Quarter Results; Company Posts Revenues of $13.2M in the Third Quarter
Markland Technologies, Inc. (OTCBB: MRKL - News), a defense and homeland security company transforming advanced laboratory technology into real-world products, announced today results for the company's fiscal third quarter ending March 31, 2005.
Revenues for the quarter were $13,210,258 a significant increase over revenues for the corresponding period in 2004 of $1,818,846. Revenues for the nine months ended March 31, 2005 and March 31, 2004 were $46,024,786 and $5,382,341 respectively. This significant increase in year over year revenues is due almost entirely to the acquisition of EOIR Technologies Inc.
Net cash used in operating activities for the nine months ended March 31, 2005 was $2,921,984 as compared to $2,360,283 in the corresponding period in 2004. The operating loss for the quarter amounted to $5,248,299. This loss was affected by non-cash charges for the compensatory element of stock issuances and amortization of intangible assets resulting from our recent acquisitions. These non-cash charges amounted to $1,672,935 for the three months ended March 31, 2005. Net loss attributable to common shareholders for the nine months ended March 31, 2005 was $20,954,843 or a loss of $0.36 per share compared to a loss of $6,243,618 or a loss of $0.97 per share in the corresponding period in 2004. This decrease in the loss per share is due to an increase in the weighted average number of shares outstanding to 57,790,890 from 6,438,758. The non-cash charges included in the net loss attributable to common shareholders for the nine months ended March 31, 2005 amounted to $15,194,410 compared with $4,548,553 for the corresponding period in 2004. Please refer to our Quarterly Report on Form 10QSB for the quarter ended March 31, 2005 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.
"The company finished the quarter in a very strong financial position with a record funded backlog of over $59M and a cash balance of approximately $8M," said Robert Tarini, Chairman and CEO of Markland Technologies Inc. "Our third quarter is historically our lowest revenue quarter for our subsidiary EOIR Technologies, while the fourth quarter is historically their highest revenue quarter. We believe that this pattern of seasonal revenue recognition will continue and that this fiscal year's fourth quarter revenue numbers will show significant growth over our third quarter numbers. The company is poised to capture significant new business from customers in the DOD and Homeland Security market segments. The company also expects to be able to reduce its overhead expenses as we consolidate administrative functions within our operating subsidiaries in the next several quarters."
About Markland Technologies
Markland Technologies, Inc. is committed to setting next-generation standards in defense and security through the provision of innovative emerging technologies and expert services. The Company is engaged in the identification of advanced technologies currently under development in laboratories, universities and in private industry, and in the transformation of those technologies into next-generation products. Markland's solutions support military, law enforcement and homeland security personnel to protect the nation's citizens, borders and critical infrastructure assets from the threat of terrorism and other dangers. Through strategic development, Markland focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields. The Company is a Board Member of the Homeland Security Industries Association, and is a featured Company on HomelandDefenseStocks.com; additional details can be viewed at http://www.homelanddefensestocks.com/Companies/MarklandTech
. For more information about the Company and its products, please visit the Markland home page at http://www.marklandtech.com
Markland Technologies, Inc is a featured Company on http://www.HomelandDefenseStocks.com,
a service for which Markland compensates the provider.
For full details, click here: http://www.homelanddefensestocks.com/Companies/MarklandTech/
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SOURCE: Markland Technologies, Inc.
Markland Technologies http://www.marklandtech.com
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