United Protection Security Group Inc. - Year-end Profit of $700k for 2011 - Increase of $1,9M Over 2010
EDMONTON, May 1, 2012
EDMONTON, May 1, 2012 /CNW/ - F.V.Ramsoondar, Chief Executive Officer
and Director of United Protection Security Group Inc. (UPSG or the
Company), (TSX-V: UZZ) 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.