EDMONTON, May 1, 2012 /CNW/ - F.V.Ramsoondar, Chief Executive Officer and Director of United Protection Security Group Inc. (UPSG or the Company), (TSX-V: UZZ) announces that the Company has posted its 2011 audited year-end results:
a) Revenue was $34,511,263 for 2011 compared to $34,028,796 for the prior year, an increase of $482,467 or 1.42%.
b) Gross margin was $6,267,929 (18.16%) for 2011, compared to $6,328,678 (18.60%) for the prior year.
c) Selling, general and administrative expenses ("SG&A") totalled $5,002,777 for 2011, compared to $6,082,729 for 2010, a decrease of $1,079,952 or 17.75%.
d) Net income was $709,384 for 2011 compared to a loss of $(1,141,016) for the prior year, an increase of $1,850,400.
F.Ramsoondar states: "At the 2011 Annual General Meeting, I promised shareholders that I would deliver profits for 2011, compared to losses in 2010 and 2009, and I have delivered on that promise. The 2011 results are a significant improvement over the last two years. I look forward to 2012 and beyond".
2011 results included prior years adjustments for expenses finalized in 2011 as well as adjustments for International Financial Reporting Standards, these adjustments collectively were in excess of $200,000.
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.
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.
For further information:
Fredy Ramsoondar CEO and Director