MONTREAL -- Frisco Bay Industries Ltd. (NASDAQ: FBAY), a provider of security systems and an ATM deployer, reported increased revenues and earnings for the quarter ended Oct. 31. Revenues for the quarter, at C$12.8 million ($8.2 million U.S.), were 23 percent higher than revenues of C$10.4 million ($6.6 million U.S.) in the corresponding period of 2001.
Net earnings for the quarter more than tripled to reach C$903,924 ($580,463 U.S.), or C38 cents per share (24 cents U.S.), compared to C$296,662 ($190,512 U.S.), or C12 cents per share (8 cents U.S.) in the same period last year.
For the first nine months, revenues increased by 22 percent to C$38.2 million ($24.5 million U.S.) compared to C$31.3 million ($20.1 million U.S.) in the corresponding period of 2001. Net earnings for the nine period were C$2.6 million ($1.6 million U.S.), or C$1.13 per share (72 cents U.S.), a 138 percent improvement over net earnings of C$1.1 million ($706,495 U.S.) or C48 cents per share (31 cents U.S.), in the corresponding period of 2001.
Barry Katsof, chairman and chief executive, noted in a news release that this was the company's eighth consecutive quarter of profitability.
"With our C$4 million net cash position, we are poised to capitalize on market opportunities, such as new product and service offerings, as well as acquisitions as they arise," he said in the release. "Furthermore, based on our current backlog in both new equipment sales and recurring service revenue, we expect to surpass the C$50 million threshold in revenue coupled with record earnings this fiscal year."
