Network Installation Posts 41% Increase in Third Quarter Revenue vs. 2004
November 21 2005 - 6:55PM
PR Newswire (US)
IRVINE, Calif., Nov. 21 /PRNewswire-FirstCall/ -- Network
Installation Corp. (OTC:NWKI) (BULLETIN BOARD: NWKI) , today
announced revenue of approximately $1.1 million for the quarter
ended September 30, 2005, vs. $760,835 for the quarter ended
September 30, 2004, a 41% increase. Total loss for the quarter
ended September 30, 2005 was (.15) per share vs. (.02) per share
for the quarter ended September 30, 2004. Network Installation
recorded approximately $1.2 million in non-cash charges for the
quarter ended September 30, 2005. Total cash on hand was
approximately $1.3 million. The Company's complete filing is
available on its Form 10-QSB for the period ending September 30,
2005. Network Installation CEO Jeffrey Hultman stated, "I am
pleased to announce that for the very first time, we've achieved
revenue of $1 million in sequential quarters. I am even more
excited regarding the tremendous progress we've made with our two
most recent acquisitions of Kelley Technologies and Spectrum
Communications. He added, "2005 has been a period of significant
transition for Network Installation as we are continuing to wind
down lower margin projects and expensing the associated costs.
While we will continue to concentrate on considerably greater top
line growth in 2006, we will also focus our efforts on achieving
profitability." Kelley Technologies was acquired on September 22,
2005 and for purposes of reporting in Network Installation's 10-QSB
filing for the period ending September 30, 2005, the statement of
profit and loss is reflective of only eight days prior to the
quarter end, however the balance sheet reflects a consolidation of
both companies. The acquisition of Spectrum Communications closed
on November 1, 2005 following the end of the quarter and therefore
its financial statements have not been included. Upon the Company's
future filing of its 10-KSB for the period ending December 31,
2005, the complete financial results of Kelley Technologies and
Spectrum Communications will be consolidated with Network
Installation. In the third quarter of 2004, the Company utilized
the 'Completed Contracts' Method as a revenue recognition policy.
This approach was changed to the 'Percentage Of Completion' Method
as reported in our Form 10-KSB/A filing, which we believe better
represents business activity. However, when comparing first quarter
numbers for 2005 to those for 2004, the comparison involves numbers
calculated using differing methods. The Company's complete filing
is available on its Form 10-QSB for the period ending June 30,
2005. About Network Installation Network Installation Corp. is
single source provider of communications infrastructure,
specializing in the design, installation, deployment and
integration of specialty systems and computer networks. Through its
wholly-owned subsidiaries, Kelley Technologies, Spectrum
Communications and Com Services, Network Installation Corp.
provides its services to the following customers and industries;
U.S. Dept. of Homeland Security, Gaming & Casinos, U.S.
Government & Military, local and regional municipalities,
Healthcare and Education. To find out more about Network
Installation Corp. (OTC:NWKI) (BULLETIN BOARD: NWKI) or its
subsidiaries, please visit http://www.networkinstallationcorp.net/,
http://www.kccinc.com/ or http://www.spectrumccsi.com/. The
Company's public financial information and filings can be viewed at
http://www.sec.gov/. Forward-Looking Statements This release
contains forward-looking statements, including, without limitation,
statements concerning our business and possible or assumed future
results of operations. Our actual results could differ materially
from those anticipated in the forward-looking statements for many
reasons including: our ability to continue as a going concern,
adverse economic changes affecting markets we serve; competition in
our markets and industry segments; our timing and the profitability
of entering new markets; greater than expected costs, customer
acceptance of wireless networks or difficulties related to our
integration of the businesses we may acquire; and other risks and
uncertainties as may be detailed from time to time in our public
announcements and SEC filings. Although we believe the expectations
reflected in the forward-looking statements are reasonable, they
relate only to events as of the date on which the statements are
made, and our future results, levels of activity, performance or
achievements may not meet these expectations. We do not intend to
update any of the forward-looking statements after the date of this
document to conform these statements to actual results or to
changes in our expectations, except as required by law. For further
information, please contact Jeffrey R. Hultman, Chairman and CEO
Network Installation Corp., , ph (949) 753-7551. DATASOURCE:
Network Installation Corp. CONTACT: Jeffrey R. Hultman, Chairman
and CEO of Network Installation Corp., +1-949-753-7551, Web site:
http://www.kccinc.com/ Web site: http://www.spectrumccsi.com/ Web
site: http://www.networkinstallationcorp.net/
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