Digital Ally Inc. (OTCBB: DGLY), a manufacturer of advanced video surveillance products for law enforcement, homeland security, and commercial security applications, announced Monday it recorded record revenue and net income for the second quarter of 2007.
Company revenue for the three-month period ending June 30, 2007, was around $3.8 million, compared to revenue of $0.8 million during the second quarter in 2006. The big revenue spike began in March 2006, when the company commenced shipping its advanced digital surveillance products.
The spike also spread to gross profits for DGLY, which totaled around $2.6 million during the second quarter of 2007, and the gross profit margin reached a record 69.1 percent of revenue. In addition, net income totaled $403,872 or 3 cents per diluted share for the quarter, versus a net loss of over $938 or 8 cents per diluted share for the same period in 2006.
When it was all said and done, net income for the second quarter of 2007 represented a 149 percent improvement from the $162,150 the company made during the first quarter of 2006.
Stanton E. Ross, CEO for DGLY, considered 2007 a breakout year for Digital Ally, and expects this trend to continue as international orders continue to expand across the growing customer base.
“To date, we have received orders from law enforcement agencies in 48 states, 11 foreign countries, and the U.S. Government,” Ross confirmed in a press release. “During the second quarter, the number of states that have signed statewide contracts with Digital Ally expanded to four including West Virginia, New Mexico, Arkansas, and Wisconsin.”
The CEO also explained that the largest order in company history was received just after the end of the second quarter from the state of Mississippi. This was for the purchase of the DVM-500, the Digital In-car Video Systems, to be used by state law enforcement agencies throughout the state.
“Momentum continues to build as more law enforcement agencies, domestically and abroad, become aware of the space-saving and operational advantages of our DVM-500 in the field, and we look forward to additional contract announcements in the second half of 2007,” Ross continued.
For the six month period, ending June 30, 2007, DGLY showed revenue of just over $7 million, compared to revenue of $0.8 million for the first half of 2006.
DGLY is located in Leawood, Kan., and has a primary focus in the field of Digital Video Imaging and storage.
Let us hear your thoughts below:
