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Brekford Corp. Reports $2,058,000 Net Income Increase in Fiscal 2009
HANOVER, MDâ??March 16, 2010 - Brekford Corp. (BFDI.OB) www.brekford.com, a leading provider of fully integrated vehicle installation and rugged technology solutions geared toward mission critical operations, reports fiscal fourth quarter and full year 2009 results. 2009 performance includes a 128% improvement in our cash position, 32% increase in gross profit and 43% decrease in operating expenses and 8% increase in net sales. Net income increased to $0.6 million in 2009, compared with a loss of $1.5 million in 2008.
Financial Highlights for the Fiscal 2009 Fourth Quarter and Year Ended December 31, 2009:
For the fourth quarter ended December 31, 2009, net sales totaled $3.6 million compared to $4.1 million in the fourth quarter ended December 31, 2008 . For the full year. net sales rose 8% to $14.6 million compared to $13.5 million in the year-ago period.
Gross profit for the fourth quarter 2009 rose 50% to $0.8 million compared to $0.6 million in the fourth quarter 2008. Gross profit margin improved to 22% of net sales for the fourth quarter 2009 from 14 % of net sales in the fourth quarter 2008, a 60% increase.
Net income for the fourth quarter of 2009 totaled $27k, compared to net income of $0.5 million, in the fourth quarter of 2008. For 2009 Brekford posted net income of $0.6 million compared to the 2008 net loss of $1.5 million, an increase of $2.1 million.
For 2009, gross profit rose 32% to $2.6 million compared to $2.0 million in fiscal 2008. Gross profit margin increased to 18% of net sales for 2009 from 15% of net sales in 2008. Operating expenses decreased 43% for 2009 to $2.0 million compared with $3.5 million in fiscal 2008 as the result of controlled spending.
As of December 31, 2009 the Company's assets totaled 4.1 million compared to 4.3 million at the end of 2008. Our cash position at December 31,2009 improved 128% to total $1.8 million, up from $0.8 million at the end of fiscal 2008, to reflect increased cash flow from operations. Shareholders' equity at December 31,2009 stood at $2.4 million, up from $2.1 million at the end of fiscal year 2008.
C.B. Brechin, Chief Executive Officer of Brekford commented: "We are proud to report strong results despite the economic downturn. Our revenue and net income growth reflect our leading position in the east coast and our growing recognition as a leading homeland technology service provider. Our recent successful expansion into the federal market and awards of photo speed enforcement services reflect our commitment to future growth. We are starting to reach critical mass and are confident that continued sales growth and controlled spending position us to further increase our profitability in the coming year."
Company Highlights in Fiscal Year Ended December 31, 2009:
For more Company information, please visit www.brekford.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of that term in Section 21E of the Securities Exchange Act of 1934, as amended. . Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, market conditions, the cost and success of development activities and ability to successfully manage growth. Readers are referred to the documents filed by Brekford International Corp. with the SEC, specifically the Company's most recent reports filed on Form 10-K and Forms 10-Q, which further identify
the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company expressly disclaims any obligation to update any forward-looking statements.