Press Release
INTEGRATED SECURITY SYSTEMS, INC. PROVIDES BUSINESS UPDATE FOR FISCAL YEAR 2004 AND FISCAL YEAR 2005
August 30, 2004 - For Immediate Release
Irving, Texas – August 30, 2004 – Integrated Security Systems, Inc. (OTCBB Symbol: IZZI), a premier supplier of anti-terrorist and perimeter security technology, today provided preliminary and unaudited financial information for the year ended June 30, 2004 and guidance for fiscal year 2005.
Integrated Security Systems, Inc. (“ISSI”) had sales for fiscal year ended June 30, 2004 of $9.8 million. Losses of $3.7 million, including $0.9 million in one-time non-cash financing charges, were reported on those sales. These numbers compare to sales of $5.0 million and losses of $4.0 million for fiscal year ended June 30, 2003.
C. A. Rundell, Jr., Chairman and CEO of ISSI said, “Fiscal year 2004 was a year in which the company laid the foundation for strong future growth and profitable operations. The year was highlighted by the acquisition of ARMR Services by B&B Electromatic to form B&B ARMR on September 5, 2003. During the year, the two operations were consolidated in B&B’s Louisiana facility. This consolidation resulted in unusual expenses for moving manufacturing equipment, establishing new capabilities, payment of terminations and hiring and training new people. In addition, the consolidation delayed shipments. The Company also introduced and tested several new anti-terrorist crash barrier products to meet growing demand. These investments in future growth penalized earnings more than $1 million in the third and fourth quarters.”
Mr. Rundell further stated, “We expect sales to double from 2004 to $20 million for fiscal year 2005. This forecast is buttressed by an all time high backlog of $6.2 million. We further expect to realize net income of approximately 8-10% on these revenues. While most of the transition expenses are behind us, some residual costs will spill over into the first quarter ended September 30, 2004, so that a modest loss may be incurred. The balance of the year is expected to be profitable.”
About Integrated Security Systems, Inc. (ISSI)
Headquartered in Irving, Texas, ISSI is a technology company that designs, develops and markets safety equipment and security software to the commercial, industrial and governmental marketplaces. ISSI is a leading provider of traffic control and safety systems within the road and bridge and perimeter security gate industries. ISSI designs, manufactures and distributes warning gates, crash barriers (anti-terrorist and traffic control barriers), lane changers, airport and navigational lighting and perimeter security gates and operators. ISSI’s Intelli-Site® provides users with a software solution that integrates existing subsystems from multiple vendors without incurring the additional costs associated with upgrades or replacement. Intelli-Site® features a user-defined graphics interface that controls various security devices within one or multiple facilities. ISSI conducts its design, development, manufacturing and distribution activities through two wholly owned subsidiaries: BB ARMR Corporation and Intelli-Site, Inc. For more information, please visit www.integratedsecurity.com, www.bb-armr.com or www.intelli-site.com.
This information contains certain forward-looking statements. It is important to note that IZZI's actual results could differ materially from those projected by such forward-looking statements. Important factors that could cause actual results to differ materially from those projected in the forward-looking statements include, but are not limited to, the following: operations may not improve as projected, new products may not be accepted by the marketplace as anticipated, or new products may take longer to develop than anticipated.
CONTACTS:
Integrated Security Systems, Inc.
C. A. Rundell, Jr., Chairman, CEO
(972) 444-8280
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Integrated Security Systems, Inc • www.integratedsecurity.com 8200 Springwood Dr. Ste 230 • Irving, TX 75063 • 972-444-8280 All images & content © Copyright 2003 ISSI. All Rights Reserved. |