Today, Brekford Corp. reported a 100.68% increase in revenue, 162.46% increase in gross profit and a significant increase in net profit of 1,311.74% for third fiscal quarter 2011. The company is a leading provider of fully-integrated vehicle installation services, rugged mobile technology solutions and traffic safety solutions.
Brekford also released information on other aspects of its financial performance, indicating increases across the board. Net sales from last year are up $2.67 million, totaling $5.3 million for the third quarter ended September 30, 2011. Expenses related to the expansion of the business increased for the third quarter 2011 to $0.734 million compared to $0.431 million for the third quarter last year.
Net income and gross profit also increased, up to $493,925 and $1.26 million, respectively. Gross profit margin increased to 24% for the third quarter 2011 compared with 18% for the third quarter of 2010 due to an increase in implemented contracts as well as increased sale of electronic ticketing systems. Brekford expects its gross margin to improve in the remaining quarters of the year as the expanded business program continues to grow with new contracts.
The Company’s cash position as of the end of third quarter of 2011 totaled $2.2 million, up from $1.5 million at the end of third quarter of 2010.
Company CEO, C.B. Brechin, remarked, “The Company is pleased to report significant positive growth for the fourth consecutive quarter, attributed largely to the ongoing expansion of our Traffic Safety Group (TSG). We believe the Company’s sustained growth is a measure of the enormous opportunity that exists in automated traffic safety, a space we remain focused on realizing its full potential as we continue to build shareholder value.”
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