SecureAlert (OTC:SCRA) today reported gross profit improvement of $4,713,431 and a reduction in net loss of $9,161,891 for the fiscal year ending September 30, 2010, compared to the year ending 2009. As I write, shares of SecureAlert are up 4 percent at $0.11 per share on heavy volume of more than 1 million shares compared to its average daily volume of 842,000 shares. SecureAlert has a market cap of $35 million and a 52-week range between $0.08 and $0.16 per share.Recurring revenues from monitoring services grew from $12,055,159 in the fiscal year ended September 30 2009 to $12,079,757 for the same reporting period in 2010, an increase of $24,598. Importantly, this was achieved while loss from operations decreased from $20,955,333 for fiscal year ended September 30 2009 to $10,083,337 for the same reporting period in 2010, or an improvement of $10,871,996, or 52%.
The Company reported a gross profit of $4,881,196 for the fiscal year ended September 30, 2010 compared to a gross profit of $167,765 for the fiscal year ended September 30, 2009, an improvement of $4,713,431, or an improvement of 2,910%. Gross profit margin increased from 1% in the fiscal year ended September 30 2009 to 39% for the same reporting period in 2010. During the years ended September 30, 2010 and 2009, the Company impaired monitoring equipment and parts of $590,801 and $2,319,530, respectively. Excluding impairment costs, adjusted gross margins were $5,471,997 and $2,487,295, a 220% improvement for the fiscal years ended September 30, 2010 and 2009, respectively.
"I am pleased with Company's progress and accomplishments over the past fiscal year, as we have focused on driving profitability. I am happy to report that these concentrated efforts have resulted in a gross margin improvement of 38 basis points and a reduction in our net operating loss by 52%, all while increasing our recurring revenue base," said John L. Hastings, III, President and Chief Operating Officer of SecureAlert, Inc.
SecureAlert is an international provider of electronic monitoring systems, case management and services utilized by more than 625 law enforcement agencies worldwide. SecureAlert offers real-time intervention services and innovative technologies to observe and track offenders wherever they may be: In their car, home or office. The Company delivers solutions and peace of mind through programs that allow probationers and paroled offenders to re-enter society by electronically monitoring them 24 hours a day, for enhanced public safety, while reducing the overall burdens and costs carried by the criminal justice and corrections systems.
For more information please visit: www.securealert.com.
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