At December 31, 2010 there were 54,491,449 common shares in issue, 50,921,018 common shares outstanding and 3,570,431 common shares held in treasury.
The Company reported a funded backlog of $108.5 million at March 31, 2011. Backlog reflects new additions, less revenue earned and any adjustments for contract cancellations. Our funded backlog decreased approximately $8 million in the quarter.
C. Thomas McMillen, HOMS Chairman and CEO, stated, “The quarter results were softer than we anticipated with some projects slow to start and others affected by bad weather.” McMillen continued, “We continue to focus our efforts on positive cash flow and cost containment. Our goal for the fourth quarter is to keep our margins at 20% and avoid cost additions, which affected our expenses this quarter.”
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.Conference Call and Webcast The Company will host an earnings conference call at 9:00 a.m. EDT on Tuesday, May 17th, 2011. During the call, C. Thomas McMillen, Chairman and Chief Executive Officer, Chris P. Leichtweis, President and Michael T. Brigante, Chief Financial Officer, will discuss the Company's performance and financial results. The telephone number for the conference call is 877-407-0778 (Toll Free US); and 201-689-8565 (International). A live webcast of the call will also be available on the Company's website, www.hscapcorp.com. Investors can also access the webcast at www.InvestorCalendar.com. The webcast will be archived on the site, and investors will be able to access an encore recording of the conference call for one week by calling 1-877-660-6853 (Replay Toll Free US) 1-201-612-7415 (Replay International), conference ID # 357465. The encore recording will be available after the conference call has concluded.