KENNEDY SPACE CENTER, FL -- (MARKETWIRE) -- 07/24/12 -- World Surveillance Group Inc. (OTCQB: WSGI) (OTCBB: WSGI), a developer of lighter-than-air unmanned aerial vehicles ("UAVs") and related technologies, today announced preliminary financial results for its quarter ended June 30, 2012.
WSGI had revenue in the quarter ended June 30, 2012 of approximately $551,000 compared to approximately $26,000 for the quarter ended June 30, 2011, and compared to approximately $147,000 in the first quarter of 2012. The Company had a net loss from continuing operations of approximately $1.5 million, or $0.00 per share, for the quarter ending June 30, 2012, compared to a net loss of $1.4 million, or $0.01 per share, for the comparable quarter of 2011.
On June 30, 2012, the Company had total liabilities of approximately $15.8 million compared to $17.7 million at March 31, 2012, a decrease of 10.5%, principally due to the write-off in the second quarter of 2012 of aged accounts payable and accrued liabilities from the Company's discontinued operations and legacy debt balance.
WSGI's President and CEO Glenn D. Estrella stated, "We are excited by the record revenue generated by the Company in the second quarter of 2012 as a result of the success of GTC's mobile satellite solutions portal and the fulfillment of the Space Florida contract relating to the flight testing of the Argus One UAV. We are also pleased to have reduced our total outstanding liabilities by approximately $1.9 million this past quarter and we are working diligently to continue to reduce our overall debt level and strengthen our balance sheet. We are continuing to see the results of programs and strategies we put in place in 2011 and the first quarter of 2012 and look to make further progress in the quarters to come."
WSGI intends to file its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the three months ended June 30, 2012 by August 14, 2012. The Company's Form 10-Q containing its full unaudited financial statements for the quarter ended June 30, 2012 will then be able to be accessed online at www.wsgi.com or be obtained through the SEC's website at www.sec.gov.
