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Homeland Security Capital Corporation Announces Annual Results For Fiscal Year 2011

Stocks in this article: HOMS

Homeland Security Capital Corporation (OTCBB: HOMS), an international provider of specialized technology-based radiological, nuclear, environmental, disaster relief, electronic security solutions and real estate services to government and commercial customers, today reported financial results for its year ended June 30, 2011.

Including the effect of discontinued operations, revenue for the quarter was $27.2 million compared to $26.8 million for the same period last year. Net loss for the quarter, before giving effect to preferred stock dividends, was $5.2 million or $0.10 per share compared to a net income of $0.3 million or $0.01 per share for the same period last year. Net loss attributable to common stockholders, after excluding preferred stock dividends, was $5.6 million or $0.09 per share compared to a net loss of $0.1 million or $0.00 per share for the same period last year. EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter was a negative $4.9 million compared to $1.4 million for the previous year’s quarter.

Including the effect of discontinued operations, revenue for the year was $105.1 million compared to $97.9 million for last year. Net loss for the year before giving effect to preferred stock dividends, was $4.4 million or $0.08 per share compared to a net income of $1.9 million or $0.04 per share for last year. Net loss attributable to common stockholders, after excluding preferred stock dividends, for the year was $6.0 million or $0.10 per share compared to a net income of $0.3 million or $0.01 per share last year. EBITDA for the year was a negative $2.9 million compared to a negative $6.7 million for the previous year.

At June 30, 2011 there were 54,194,268 common shares outstanding.

C. Thomas McMillen, HOMS Chairman and CEO, stated, “We clearly had a disappointing fourth quarter. As many who follow our company know, we have been actively marketing our homeland security subsidiaries to prospective buyers and the increased expenses from these sale activities as well as unanticipated costs on several projects have had a negative effect on our results.” McMillen continued, “We look forward to more positive results in the future, including growing our recent acquisitions in the real estate services industry.”

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