United Protection Security Group Inc. - Year-end Profit of $700k for 2011 - Increase of $1,9M Over 2010
May 01 2012 - 6:00AM
PR Newswire (Canada)
EDMONTON, May 1, 2012 /CNW/ - F.V.Ramsoondar, Chief Executive
Officer and Director of United Protection Security Group Inc. (UPSG
or the Company), announces that the Company has posted its 2011
audited year-end results: a) Revenue was $34,511,263 for 2011
compared to $34,028,796 for the prior year, an increase of $482,467
or 1.42%. b) Gross margin was $6,267,929 (18.16%) for 2011,
compared to $6,328,678 (18.60%) for the prior year.
c) Selling, general and administrative expenses ("SG&A")
totalled $5,002,777 for 2011, compared to $6,082,729 for 2010, a
decrease of $1,079,952 or 17.75%. d) Net income was $709,384
for 2011 compared to a loss of $(1,141,016) for the prior year, an
increase of $1,850,400. F.Ramsoondar states: "At the 2011 Annual
General Meeting, I promised shareholders that I would deliver
profits for 2011, compared to losses in 2010 and 2009, and I have
delivered on that promise. The 2011 results are a significant
improvement over the last two years. I look forward to 2012 and
beyond". 2011 results included prior years adjustments for expenses
finalized in 2011 as well as adjustments for International
Financial Reporting Standards, these adjustments collectively were
in excess of $200,000. Statements in this press release other than
purely historical information, including statements relating to the
Company's future plans and objectives or expected results, are
forward-looking statements. Forward-looking statements are based on
numerous assumptions and are subject to all of the risks and
uncertainties inherent in the Company's business, including risks
related to business development and retention, and risks related to
the current economic and credit conditions. As a result, actual
results may vary materially from those described in the
forward-looking statements. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. United Protection
Security Group Inc. CONTACT: Fredy Ramsoondar CEO and
DirectorEmail: fredy.ramsoondar@unitedprotection.comTel:
780-465-8101
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