TORONTO, Jan. 6 /CNW/ - Lorex Technology Inc. ("LOREX" or the "Company") (NEX: LOX.H) would like to provide an indication as to its expected fourth quarter and year end financial results.
The Company's revenue for the fourth quarter is anticipated to be approximately $11.8 million with full year revenue anticipated to be approximately $46.8 million. Profit before tax for the fourth quarter is expected to be approximately $205,000 and $406,000 for the full year. The positive result came notwithstanding non-recurring costs in excess of $1 million for professional fees and other costs related to raising capital and addressing existing and potential claims.
"We are pleased to report positive results during a period when the North American economy continued to be a challenge," Chairman and CEO Reuben Klein stated. "Our goal is to deliver continuing growth in profitability and the 2009 results are a good first step. As recently reported Lorex refinanced its senior debt which we believe is a sign of lender confidence and contributes to the Company's financial stability. We are excited about our current products which feature the latest technologies, two of which are being honoured with design and engineering innovation awards at the 2010 International Consumer Electronics Show which runs January 7th to 10th in Las Vegas."
The above numbers are extracted from the Company's draft financial statements for the year ended September 30, 2009 and are not expected to differ significantly from the final numbers. There can be no assurance that the numbers reported herein will be the numbers as reported in the final audited financial statements as accounting treatments of various expenses and/or revenue can have an impact on the final number. There may be other reasons for the amendment of the numbers as reported herein.
The fourth quarter results and audited financial statements for the year ended September 30th, 2009 are expected to be filed on or before January 28, 2010.
About Lorex Technology Inc.:
Lorex 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 over 9,000 retail locations across North America and has an established market presence in the UK. The Digimerge brand is distributed through major distributors in both North America and Europe. 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., Digimerge Technologies Inc., Lorex Corporation and Strategic Vista Corporation Limited, Hong Kong.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward looking statements can be identified by the use of forward looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Lorex is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements contained in this release. Lorex cannot assure investors that actual results will be consistent with these forward looking statements and except as required by law, Lorex assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
SOURCE LOREX Technology Inc.
For further information: For further information: Jordan Schwartz, Chief Financial Officer, LOREX Technology Inc., Phone: (905) 946-8589 ext 168, email@example.com, www.lorextechnology.com