TORONTO, May 24, 2011 /CNW/ - LOREX Technology Inc. ("LOREX" or the "Company") [NEX: LOX.H] announces results* for the three and six month periods ended March 31, 2011. 

Highlights of the three and six month operating results are as follows:

(Thousands of US $, unless otherwise noted)

  Three months ended Six months ended
March 31 March 31
2011 2010 2011 2010
Revenue $ 11,336 $ 9,342 $ 27,581 $ 19,841
Earnings before interest, taxes, amortization ** 358 223 2,460 688
Earnings before income taxes 263 61 2,247 306
Net earnings 244 36 2,049 173
Earnings per common share, basic $ 0.01 $0.00 $ 0.07 $ 0.00
Earnings per common share, diluted $ 0.01 $0.00 $ 0.05 $ 0.00
Weighted average number of shares - basic 31,290,278 31,290,278 31,290,278 31,123,501
Weighted average number of shares - diluted 43,807,254 43,790,278 43,790,278 43,623,501

*Unaudited financial information is available at  www.sedar.com.

**EBITDA is not a measure of performance under Canadian GAAP. EBITDA should not be considered in isolation or as a substitute for profit nor as a measure of operating performance or profitability.

Chairman and CEO, Reuben Klein is pleased to report the results for the three and six month periods ended March 31, 2011. Mr. Klein stated "our revenue for the quarter ended March 31, 2011 grew by 21% over the prior year. We also grew our pre-tax earnings by $202,000, notwithstanding an unusual expense relating to the severance of a former executive.

"The strong results for the first half of fiscal 2011 have strengthened our balance sheet by improving our working capital and reducing our bank indebtedness. With this improved financial strength, we are now positioned to capitalize on opportunities that may present themselves in the future," said Klein.

"We previously reported that projected revenues for the year ending September 30, 2011 will be in the range of $54 million to $58 million. Based on actual results for the first six months of the year, we anticipate having revenue in the upper end of the range."  

About LOREX Technology Inc.:
LOREX Technology Inc. ('LOREX') (NEX:LOX.H) provides businesses and consumers with leading edge video surveillance security solutions and sells its products under the LOREX and Digimerge brands. The LOREX brand, which caters to both small business and consumer markets, is available in thousands of retail locations across North America. The Digimerge division distributes its products through major distributors in  North America. Both brands concentrate on the sale of wired, wireless and IP security surveillance equipment including cameras, digital video recorders and all-in-one systems.

LOREX subsidiaries include; LOREX Canada Inc., LOREX Corporation and Strategic Vista Corporation Limited, Hong Kong.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.

Cautionary Statement on Forward-Looking Information

This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this press release relate to the Company's projected revenue. The forward-looking information reflects predictions and does not in any way reflect a guarantee. Factors which could cause actual results to differ materially from current projections include, among other things: competitive conditions in which the Company participates; changes in consumer spending; general economic conditions and normal business uncertainty; customer preferences towards product offerings; the occurrence of a pandemic or other catastrophic event which could create shortages of labour, products or services required to operate the business profitably; fluctuations in foreign currency exchange rates; changes in the Company's relationships with its suppliers. The Company cautions that this is not an exhaustive list of factors that may affect the forward-looking information contained in this press release. Potential investors and readers are urged to give careful consideration to all of these factors in evaluating any forward-looking information and are cautioned not to place undue reliance on such information. While the Company believes that its projections are reasonable, results predicted in this forward-looking information may differ materially from actual results. The Company disclaims any obligation to update forward-looking information, except as may be required by law.

SOURCE LOREX Technology Inc.

For further information:

Reuben Klein
President and Chief Executive Officer
LOREX Technology Inc.
Phone: (905) 946-8589, extension 120

Profil de l'entreprise

LOREX Technology Inc.

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