Homeland Security Capital Corporation (OTCBB: HOMS), an international provider of specialized technology-based radiological, nuclear, environmental, disaster relief, and security solutions to government and commercial customers, yesterday reported financial results for the first quarter ended September 30, 2010.
Revenue for the quarter was $25.1 million compared to $20.9 million for the same period last year. Net income for the quarter, before giving effect to preferred stock dividends, was $0.3 million or $0.01 per share compared to a net loss of $0.8 million or $0.02 per share for the same period last year. Net loss attributable to common stockholders, after excluding preferred stock dividends, was $0.1 million or $0.00 per share compared to a net loss of $1.2 million or $0.02 per share for the same period last year. EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter was $1.3 million compared to $0.4 million for the previous year’s quarter. EBITDAS (EBITDA before stock based compensation) for the quarter was $1.3 million compared to $0.7 million in the previous year’s quarter.
At September 30, 2010 there were 54,194,268 common shares in issue, 50,623,837 common shares outstanding and 3,570,431 common shares held in treasury.
The Company reported a funded backlog of $89.2 million at September 30, 2010. Backlog reflects new additions, less revenue earned and any adjustments for contract cancellations. Our funded backlog remained approximately the same in the quarter.C. Thomas McMillen, HOMS Chairman and CEO, stated, “We continue to benefit from stimulus funded projects. Our revenues continue to grow as a result of expanded work on existing projects as well as work on new projects.” McMillen continued, “Our focus continues to be on cash flow, cost containment strengthening our balance sheet.” 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.