Business
Allen-Vanguard announces financial results for first quarter of fiscal 2007
Allen-Vanguard announces financial results for first quarter of fiscal 2007.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n- Q1 results in line with expectations and with forecast for record year\n in fiscal 2007\n- Establishes \"Defence Electronics\" and \"Protective Products & Services\"\n divisions and announces strategic plan\n\nOTTAWA, Feb. 14 /CNW Telbec/ - Allen-Vanguard Corporation (the \"Company\"\nor \"Allen-Vanguard\") (TSX: VRS) of Ottawa, Canada reported today its financial\nresults for the first quarter ended December 31, 2006. All figures are in\nCanadian dollars.\n\nFirst Quarter (\"Q1\") Highlights\n\nRevenue was $10.2 million in Q1 2007, an increase of 15% over $8.9 million\nin Q1 2006. EBITDA(1) was a loss of $0.4 million in Q1 2007, compared to a\nloss of $1.7 million in Q1 2006. The net loss for Q1 2007 was $0.5 million or\n$0.01 per share, compared to a net loss of $2.5 million or $0.07 per share in\nQ1 2006.\n\"First quarter results are in line with expectations,\" said Company\nPresident and CEO David E. Luxton. \"As previously stated, we devoted effort in\nthis quarter to significant longer term opportunities with Lockheed Martin and\nwe expect to begin seeing the benefit of that action soon.\" The Company noted\nthat order flow on all fronts remains strong, and it expects strong\nperformance for the balance of the fiscal year and a record year for revenue\nand earnings.\n\nStrategic update\n\nThe Company also announced plans to grow the business on two strategic\nfronts to maximize value from a diversified and balanced business platform\nwith transparency of results.\nThe Company's proprietary Electronic Counter Measures (ECM) technology is\nevolving into a platform that ultimately has multiple functions in defence and\nsecurity, much as the mobile phone has become a platform that enables many\napplications. \"This is the anchor to our newly named Defence Electronics\ndivision,\" said Mr. Luxton. \"This business has high growth potential over the\nlong term, driven by innovation and acquisition or licensing of technology\nadd-ons.\"\nThe Company's second operating division will be Protective Products &\nServices, encompassing its more traditional business lines which include\nExplosive Ordnance Disposal (EOD), search equipment (Search) and\nChemical-Biological-Radiological-Nuclear (CBRN) protection, plus ancillary\nproducts and training. \"These businesses provide a more predictable earnings\nbase with stead...