Viscount Systems Releases Second Quarter 2013 Results
Revenues Increase 15.5% and the Net Loss Declines 44.5%
BURNABY, British Columbia--(BUSINESS WIRE)-- Viscount Systems (OTCQB:VSYS), a leading-edge, high technology supplier of security systems and software today announced its results for the second quarter ending June 30, 2013.
Revenues for the second quarter of 2013 were $1,041,088, an increase of 25.7% as compared to the first quarter of 2013 and a 15.5% increase as compared to the second quarter of 2012. The company's net loss for the second quarter before non cash and other items was $293,196, compared to a loss of $518,825 for the second quarter of 2012, a 44.5% decrease.
Sales of the Company's IT-based access control solution called Freedom, launched in 2012, were $203,882 for the second quarter, vs. nil for the second quarter of 2012. For the six month period ended June 30, 2013, Freedom sales were $345, 128, an increase of 178% vs. the same period in 2012.
"During the second quarter we announced several new contracts for Freedom, particularly to U.S. Government clients," noted Stephen Pineau, President and CEO of Viscount Systems. "Freedom drastically reduces system costs while providing a much more secure software solution. This combined with strong sales of our MESH panel systems is assisting us to dramatically reduce our operating losses and move the company towards profitability. The interest in Freedom continues to increase and we expect to see strong demand as we enter the growth cycle of our Freedom technology."
Viscount will hold a webinar and conference call to review the second quarter results on Thursday, August 15that 4:15 pm ET.To register go to:
About Viscount's Freedom Access Control Solution
Freedom Encryption Bridge is the first and only access control system that allows entry devices (ID cards, RFID readers, biometrics etc.) to be connected to, and controlled by, standard building IT networks without requiring expensive control panels. This eliminates up to 80% of the cost of traditional access control systems. Freedom also utilizes existing IT permission databases (Microsoft Active Directory or LDAP) to replace the software component of traditional systems. Freedom drastically reduces system costs while providing a much more secure software solution.
About Viscount Systems
Viscount Systems Inc., designs unified IT and physical security software platforms for building security and emergency planning. Recent awards include the 2012 Microsoft "Be What's Next" Award, SIA Convergence Solution of the Year 2011 and Homeland Security Platinum Award for Emergency Response and Gold Award for Access Control at GOVSEC 2011.
Safe Harbor Statement
Forward looking statements: This press release and other statements by Viscount Systems Inc. may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," or similar expressions.
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