FAIR LAWN, N.J., Oct. 18 /PRNewswire-FirstCall/ -- Henry Bros. Electronics, Inc. , a turnkey provider of technology-based integrated electronic security solutions, today announced that the Company has filed its Annual Report on Form 10-K for the year-ended December 31, 2006 and its Quarterly Reports on Form 10-Q for the first and second quarters ended March 31, 2007 and June 30, 2007. With these filings, the Company expects to regain compliance with sections 134 and 1101 of the American Stock Exchange Company Guide. In addition, the Company intends to issue a press release in conjunction with the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 on or before November 14, 2007.
For the twelve months ended December 31, 2006, Henry Brothers reported sales of $42.1 million, which were flat compared with the previous year. For the first and second quarters of 2007, the Company reported sales of $10.9 million and $13.5 million, representing increases of 18.9% and 33.3% over the first and second quarters of 2006, respectively.
The Company reported a net loss for the twelve months ended December 31, 2006 of $2.3 million, or $0.39 per share, compared to net income of $1.1 million, or $0.20 per share, for the same period ended December 31, 2005. For the quarter ended March 31, 2007, the Company reported a net loss of $0.8 million, or $0.14 per share, versus net income of $0.1 million, or $0.02 per share, in the prior year period. Net income for the three months ended June 30, 2007 was $0.2 million, or $0.03 per share, compared to a net loss of $0.4 million, or $0.07 per share, for the three months ended June 30, 2006.
Henry Bros. President Brian Reach stated, "It is a relief to get these filings behind us and our new corporate team looks forward to working on future growth opportunities while ensuring greater process efficiencies. We feel confident in our business model and believe that there is increasing demand for our services. Our second quarter results have signaled a turnaround from our disappointing performance in the 2007 first quarter as our New Jersey and California operations showed significant improvement in operating results. Notwithstanding these improvements, we continue to search for business process improvements that will further enhance our profitability."
About Henry Bros. Electronics, Inc.
Henry Bros. Electronics provides technology-based integrated electronic security systems, services and emergency preparedness consultation to commercial enterprises and government agencies. The Company has offices in Arizona, California, Colorado, Maryland, New Jersey, New York, Texas and Virginia.
For more information, visit http://www.hbe-inc.com/.
Safe Harbor Statement: Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Without limiting the generality of the foregoing, there can be no assurance that the Company will be profitable in 2007. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained under the heading of risk factors listed in the Company's filings with the U.S. Securities and Exchange Commission. Henry Bros. Electronics Inc. does not assume any obligation to update the forward- looking information.
Investor Contacts:
Todd Fromer / Erika Kay
KCSA Worldwide
212-896-1215 / 212-896-1208
