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United Protection Security Group Inc. - Q3-2012 - RESULTS

(TSX - V: UZZ)

EDMONTON, Nov. 30, 2012 /CNW/ - F.V.Ramsoondar, President and Chief Executive Officer of United Protection Security Group Inc. (UPSG or the Company), (TSXV: UZZ) is pleased to announce that the Company has released its Q3- 2012 results.

UPSG PERFORMANCE Q3

a) Revenue
  Revenue was $11,162,502 for the quarter ended September 30, 2012 compared to $8,758,376 for the comparative quarter, an increase of $2,404,126 or 27.45%.  Acquisitions in the current year have been a significant reason for the increase in revenue.  The Company expects that its future operating results may be subject to quarterly and annual fluctuations resulting from a variety of factors, including market conditions, changes in customers and geographic distribution.  In the Electronic Security division, revenues are primarily derived from the number of new installation and monitoring contracts.
   
b)  Gross margin
  Gross margin was $2,327,090 (20.85%) for the quarter ended September 30, 2012, compared to $1,635,321 (18.67%) for the comparative quarter.  In 2011, the Company outsourced some of its operations to a subcontractor and therefore accounted for the costs as cost of sales. This arrangement has ended in the current year, resulting in a decrease in cost of sales and an increase in overhead costs in the quarter compared to the three months ended September 30, 2011. The improvement in the gross margin also arose due to synergies utilized in the Ontario operations in 2012.
   
c)  Selling, general and administrative expenses ("SG&A")
  SG&A totalled $1,615,972 for the current quarter, compared to $1,225,926 for the quarter ended September 30, 2011, an increase of $390,046 or 31.82%. The increase is attributed to the change in the subcontractor arrangement noted above, as well as increased overhead in support of the Company's expanding scope of operations.  Management will continue to review SG&A for additional cost reduction opportunities.



    Quarter ended
Sept 30,
    2012   2011
Revenue $  11,162,502  $  8,758,376 
EBIITDAS        711,118         409,395 
Net income    235,539     230,374 

Reconciliation of EBIITDA and EBIITDAS        
    Quarter ended Sept 30,
    2012   2011
         
Net income $  235,539 $  230,374
Add:  Income taxes (recovery)   17,000   (63)
  Finance costs    233,814    59,837
  Depreciation and amortization   224,765   141,961
EBIITDA   711,118   432,109
Add:  Other gains (losses)         -   (30,000)
  Share-based compensation         -   7,286
EBIITDAS $  711,118 $  409,395



UPSG PERFORMANCE Q3 YEAR TO DATE

a)  Revenue
  Revenue was $31,452,140 for the nine months ended September 30, 2012 compared to $25,267,648 for the comparative period, an increase of $6,184,492 or 24.48%.  Organic growth and acquisitions have been the primary reasons for the increase in revenue.  The Company expects that its future operating results may be subject to quarterly and annual fluctuations resulting from a variety of factors, including market conditions, changes in customers and geographic distribution.  In the Electronic Security division, revenues are primarily derived from the number of new installation and monitoring contracts.
   
b)  Gross margin
  Gross margin was $6,333,727 (20.14%) for the nine months ended September 30, 2012, compared to $4,528,350 (17.92%) for the comparative quarter.  In 2011, the Company outsourced some of its operations to a subcontractor and therefore accounted for the costs as cost of sales.  As discussed above, the end of this subcontractor relationship in the current year has contributed to increased gross margins. The improvement in the gross margin also arose due to synergies utilized in the Ontario operations in 2012 since May, 2012.
   
c)  Selling, general and administrative expenses ("SG&A")
  SG&A totalled $4,368,800 for the current period, compared to $3,651,831 for the nine months ended September 30, 2011, an increase of $716,969 or 19.63%. Additional overhead in support of our expanding scope of operations have been the primary reasons for the increase in SG&A.  Management will continue to review SG&A for additional cost reduction opportunities.

  Nine months ended September 30,
    2012   2011
Revenue $  31,452,140  $  25,267,648 
EBIITDAS    1,964,927    876,519 
Net income   723,052    268,715 

Reconciliation of EBIITDA and EBIITDAS        
    Nine months ended September 30,
    2012   2011
         
Net income $  723,052 $  268,715
Add:  Income taxes (recovery)    227,800   (24,939)
  Finance costs   429,784   215,225
  Depreciation and amortization   584,291   434,440
EBIITDA   1,964,927   893,441
Add:  Other gains (losses)    -   (46,667)
  Share-based compensation    -   29,745
EBIITDAS $  1,964,927 $  876,519



Stock Awareness Activities
To find out more about United Protection Security Group Inc. (TSX-V: UZZ), visit our website at www.unitedprotection.com.  To join the 'request for information', go to the web page www.unitedprotection.com and click the tab 'request information' and follow the prompts.

Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks related to business development and retention, and risks related to the current economic and credit conditions. As a result, actual results may vary materially from those described in the forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

SOURCE United Protection Security Group Inc.

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