(TSX - V: UZZ)
EDMONTON, Nov. 24 /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 third quarter ended September 30, 2009 and the related management's discussion and analysis of financial position and results of operations ("MD&A").
Mr.Jorstad further states "I am pleased to report that the Company has posted a net profit in the quarter of $143,038 after realizing losses in the first two quarters of the year. This is a direct result of a committed management team working towards cost control procedures. Greater efficiency is being achieved through a process of gradual decentralization with more local authority to our branch offices with respect to delivery and account management.
While net income was below amounts posted for Q-3 last year, I am confident that the results demonstrated for Q-3 this year sets the stage for a return to continued profitability as the Company exits 2009 and enters 2010. A strong pipeline of new contracts are entering the revenue stream going forward in Q4 and beyond, including several related to 2010 Olympic suppliers' needs", unrelated to the Vancouver Olympic Committee directed contracts.
F.Ramsoondar, Chief Financial Officer states "the Company posted revenue of $7,970,109 for the quarter, compared to $6,848,276 for the same quarter last year, an increase of $1,121,833. EBITDA(1) for the period amounted to $288,780, compared to $315,670 for the same period last year. Net income for the period amounted to $143,038, compared to $271,637 for the same period last year."
United Protection Security Group Inc. is fully committed to its long term strategy of investing in accretive acquisitions, and achieving organic growth through continuous investment in management and client service delivery.
(1) EBITDA = Earnings before interest, taxes, depreciation and
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.
Copies of the consolidated interim financial statements, related MD&A, CEO and CFO 52-109FV1 certification forms can be found on SEDAR at www.SEDAR.com.
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 statements.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
SOURCE United Protection Security Group Inc.
For further information: For further information: For further investor and media relations inquiries contact: F.Ramsoondar, CFO, (780) 465-8101