CompuDyne Corp. on Thursday reported first-quarter net income of $807,000 on $40 million revenue, compared with a loss of $319,000 on revenue of $36 million for the same period in 2005.
Earnings for the Annapolis-based security systems provider rose to 10 cents per share, compared to a loss of 4 cents per share for the first quarter of 2005.
During a conference call, CompuDyne President and CEO Martin Roenigk gave an upbeat assessment of the company?s results. “We are solidly back in the black,” he said.
But Roenigk also warned that the company?s backlog of orders was “not atsufficient levels to make us as profitable as we would like.”
CompuDyne saw the biggest gains in its attack protection division, which provides U.S. embassies throughout the world with bullet and bomb proof glass. That division?s revenue was up 69.4 percent to $11.7 million, compared with $6.9 million in the same period a year ago.
“We?ve been very active in embassy work,” Roenigk said.
However, revenue for CompuDyne?s fiber-optic perimeter alarm systems was negatively affected by delays in military tests of important new products, according to a document the company filed with the Security and Exchanges Commission.
“This process is now substantially behind us,” the document said.
Revenue was flat for the company?s public safety and justice division, which generated $11.8 million this quarter, compared to $11.7 million for the first quarter of 2005.
In its filing, the company also said it expected its second-quarter results to be positive.
More about compudyne
» CompuDyne
2530 Riva Road
Suite 201
Annapolis, MD 21401
» www.compudyne.com
» Industry: Security & Protection Services
» Full-time employees: 766
Source: Yahoo Finance
