EDMONTON, June 2 /CNW/ - S. Jorstad, Chairman, President and Chief
Executive Officer of United Protection Security Group Inc. ("UPSG" or "the
Company"), a Canadian based company, trading on the TSX Venture Exchange,
under the symbol (TSX-V: UZZ) reports that the Company has released its
consolidated interim financial statements for the first quarter ended March
31, 2009 and the related management's discussion and analysis of financial
position and results of operations ("MD&A").
S. Jorstad further states "The economic conditions in the quarter were
challenging. The gross profit margin declined as the economy slowed down. We
have responded to the economic slowdown by executing our strategic economic
recovery program to reduce direct and overhead expenses. The benefits of this
program will be realized in the third quarter of 2009 and beyond. While the
economic condition remains uncertain for the foreseeable future, it is
anticipated Q-2 2009 will continue to experience pressure from all quarters.
The Company remains focused on growth opportunities, especially in the
Automated Technology and Electronic Surveillance Division, and to continue to
deliver value to our customers and shareholders. Several major contracts
awarded recently in which the Company has been successful bidders include the
Edmonton International Airport and the Vancouver/Whistler 2010 Winter Games.
These major contracts give the Company the added confidence to continue
investing in the future."
F. Ramsoondar, Chief Financial Officer states that the Company posted
revenue of $7,761,124 for the quarter, compared to $6,588,766 for the same
quarter last year, an increase of $1,172,358 or 17.79%. Earnings for the
quarter were negatively impacted by the write-down of $400,000 in goodwill due
to impairment charges. This write down in goodwill is non-cash in nature and
does not affect the Company's liquidity or cash provided by operating
activities and will not impact future operations. Excluding the goodwill
write-down, the Company generated net income of $126,257 for the quarter,
compared to net income of $236,884 for the same period last year.
About United Protection Security Inc.
United Protection Security Group Inc. is an established security
protection company; focused on high impact, high visibility, and high risk
security situations, coupled with one of the broadest ranges of traditional
private security services in the industry.
Delivering 21st Century Solutions to centuries old problems through a
network of 'Elite Private Protection Professionals'.
United Protection Security Group Inc. is committed to providing its
clients with a "superior quality service" at a competitive price. It is
further committed to providing its employees and associates with the
assistance, support, and opportunity to maximize their individual potential
for excellence, peak performance and personal growth. It is the Company's
policy and highest priority to protect the health and welfare of all its
clients and employees and their respective property.
Copies of the consolidated interim financial statements, related MD&A,
CEO and CFO 52-109FV1 certification forms can be found on SEDAR at
Statements in this press release other than purely historical
information, including statements relating to the Company's future plans and
objectives or expected results, are forward-looking statements.
Forward-looking statements are based on numerous assumptions and are subject
to all of the risks and uncertainties inherent in the Company's business,
including risks related to business development and retention, and risks
related to the current economic and credit conditions. As a result, actual
results may vary materially from those described in the forward-looking
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
For further information:
For further information: investor and media relations inquiries contact:
Spinnaker Capital Management, Ali Mahdavi, (416) 402-7300