Homeland Security Capital Corporation Announces Third Quarter Results
At March 31, 2010 there were 44,995,830 common shares outstanding.
The Company reported funded backlog of $98.7 million at March 31, 2010. Backlog reflects new additions, less revenue earned and any adjustments for contract cancellations. Our funded backlog increased in the quarter by approximately $4.0 million.
C. Thomas McMillen, HOMS Chairman and CEO, stated, “We are continuing our diligence in cost reductions in all of our operations. Our margins have increased 6.0% year over year and our SG&A costs have dropped 3.4% year over year. These cost reductions coupled with 20.6% year over year revenue increase has lead us to a record profitable nine months. These achievements can be credited to the dedicated oversight by our subsidiarys’ senior management.” McMillen continued, “We continue to track favorably to our annual plan and believe we will continue profitably through the remainder of our fiscal year.”
The Company consolidates the results of subsidiaries Safety & Ecology Holdings Corporation, Nexus Technologies Group, Inc., Polimatrix, Inc. and Homeland Security Capital Corporation, the holding company. The Company measures its operating performance against plan taking into consideration EBITDAS adjustments and one time charges.Financial Measures In addition to the results presented in accordance with generally accepted accounting principles, or GAAP, in this press release, the Company presents EBITDA and EBITDAS which are non-GAAP measures. EBITDA is determined by taking the net income before preferred dividends and adding back amortization of intangible assets, depreciation and amortization of property and equipment, taxes and interest expense (income), net. EBITDAS is determined by taking EBITDA and then adding back stock based compensation expense. The Company believes that these non-GAAP measurements, viewed in addition to and not in lieu of the Company's reported GAAP results, provides useful information to investors because these metrics provide a more focused measure of operating results. These metrics are an integral part of the Company's internal reporting to measure operations of the company and the performance of senior management.
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