MONTREAL -- Frisco Bay Industries Ltd. (NASDAQ: FBAY), a provider of security systems and off-premise ATMs, reported revenues for the period ended July 31 of approximately $13.7 million Canadian (about $8.7 million U.S.), an 18 percent increase over revenues of $11.6 million Canadian in the year-earlier period.
Net earnings for the quarter increased 34 percent to approximately $1 million Canadian (about $638,500 U.S.), or 45 cents per share (about 29 cents U.S.), compared to $800,273 Canadian or 35 cents per share, in the same period last year.
For the first half of the year, revenues increased by 21 percent to $25.4 million Canadian compared to $20.9 million Canadian in the corresponding period. Net earnings for the six months ended July 31 totaled $1.7 million Canadian, or 75 cents per share, up from $82,376, or 36 cents per share, in the corresponding period of last year.
Barry Katsof, Frisco Bay's chairman and chief executive officer, said in a news release, "The company's diversification from its traditional security business into secure white label ATMs and cash dispensing demonstrates that our business model does and will provide stability in different market conditions."
Katsof added that Frisco Bay anticipates continued profitability for the remainder of the fiscal year.
