February 8th, 2012
Posted on 30. Jul, 2010 by PublicWire in Technology
(SRMC.OB) Sierra Monitor Corporation Announces Second Quarter Results
(PublicWire.com News Release) Sierra Monitor Corporation (OTCBB: SRMC), a Cleantech focused company that delivers information technology for environment measurement and control by developing specialized embedded software that is deployed on proprietary hardware platforms, today announced financial results for the second quarter ended June 30, 2010.
Financial Highlights
– Achieved second quarter sales of $3.5 million, an increase of 20% over the second quarter of 2009 — Increased second quarter FieldServer product sales 30% year-over-year — Reported second quarter net income of $150,812, compared to a net loss of $47,073 in the prior year — Ended the second quarter of 2010 with a strong balance sheet, approximately $1.8 million of cash on hand and no bank debt — Recorded sales of $6.4 million for the six months ended June 30, 2010, an increase of 3% over the previous year — Reported year to date net income of $77,706 compared to a net loss of $43,010 in the previous year
Business Highlights
– Shipped orders valued at more than $150,000 of protocol interface devices for fire detection system integration in the Town Centre at the $10 billion King Abdullah University of Science and Technology (KAUST), Saudi Arabia.
– Established a partnership with AMX(R), the leading provider of solutions that simplify the implementation, maintenance, and use of technology to create effective environments, and energy measurement.
AMX will implement FieldServer Technologies Gateway as a bridge between AMX platforms and protocols found in building management.
– FieldServer communication bridges enabled integration of fire safety and building automation systems in each of the ten World Cup Soccer stadiums in South Africa.
– Shipped gas and flame detection systems valued at more than $175,000 for a major pipeline project in Kuwait.
– Sierra Monitor completed the move into an additional 12,600 square foot light industrial space facility adjacent to its existing 16,000 square foot headquarters.
(SRMC.OB)Sierra Monitor Corporation Announces Second Quarter Results
Second Quarter and First Six Months of 2010 Financial Results Net sales for the quarter ended June 30, 2010 were $3,517,732, an increase of 20% from $2,936,722 reported for the same period of 2009. For the six months ended June 30, 2010, sales increased 3% to $6,420,812, compared to $6,206,778 for the same period of 2009.
Sierra Monitor posted GAAP net income of $150,812, or $0.01 per share (basic and diluted), for the quarter ended June 30, 2010, compared to GAAP net loss of $47,073, or $0.00 per share (basic and diluted), for the same period of 2009. Sierra Monitor posted GAAP net income of $77,706, or $0.01 per share (basic and diluted), for the six months ended June 30, 2010, compared to GAAP net loss of $43,010, or $0.00 per share (basic and diluted), for the same period of 2009.
Sierra Monitor posted non-GAAP net income of $304,781 or $0.03 per share (basic and diluted), for the quarter ended June 30, 2010 compared to non-GAAP net income of $49,362 or $0.00 per share (basic and diluted), for the same period of 2009. Sierra Monitor posted non-GAAP net income of $277,013, or $0.02 per share (basic and diluted), for the six months ended June 30, 2010, compared to non-GAAP net income of $138,423, or $0.01 per share (basic and diluted), for the same period of 2009.
“We made excellent progress during the second quarter and I am very pleased with the performance of our organization,” said Gordon R. Arnold, chairman and chief executive officer. “We maintained a strong backlog, grew sales by 20%, achieved a gross margin of 59%, grew the FieldServer product line by 30%, controlled fixed costs, achieved income from operations of approximately $250,000 and moved our training facility, warehouse and inventory storage to an adjacent facility. We enter the third quarter of 2010 with strong momentum and an opportunity to continue to produce solid financial results.”
Cash Position Sierra Monitor had $1,794,787 in cash at June 30, 2010 with no bank borrowings. Trade receivables at June 30, 2010 were $2,073,465. At June 30, 2010, the Company’s Days Sales Outstanding was 53 days.
SRMC.OB, SRMC.OTCBB, OTCBB:SRMC, SRMC
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(SRMC.OB)Sierra Monitor Corporation Announces Second Quarter Results
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