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Mission Ready Services Inc
Symbol MRS
Shares Issued 57,127,787
Close 2015-11-27 C$ 0.07
Market Cap C$ 3,998,945
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Mission Ready earns $220,000 before other items in Q3

2015-11-27 19:27 ET - News Release

Mr. Rod Reum reports

MISSION READY RELEASES Q3 2015 RESULTS

Mission Ready Services Inc. has achieved a new high for gross revenues, which exceeded $7-million year to date to the end of the third quarter.

Highlights

  • Record revenue in 2015 of over $7-million, a 178-per-cent increase over the same period in 2014;
  • Net income before other items of $220,000 in the third quarter of 2015, compared with a $655,000 loss in the third quarter of 2014;
  • Revenues of $2.2-million for the third quarter, a 182-per-cent increase over the same quarter in the prior year.

The company had increased revenues to the end of the third quarter in 2015 by $4.5-million to $7-million (2014 -- $2.5-million), a 178-per-cent increase over the same period in 2014. Total expenses in determining income (loss) before other items increased 55 per cent to $6.6-million from $4.3-million. Income before other items increased to $500,000, as compared with a loss of $1.7-million in the prior year. This improvement is attributed primarily to the increased revenue and higher profit margins achieved in both business segments of the company and in particular its cleaning, decontamination and repair business.

The company's overall net loss for the nine-month period decreased by 98 per cent from $2.7-million last year to $60,000 for the current year to date. This loss is mainly attributed to non-cash expenses of $760,000 for amortization and depreciation, $170,000 for stock-based compensation, and interest and debenture conversion costs of $120,000, partially offset by a foreign currency translation gain of $500,000 and by net income from operations of $400,000. The company continued its product development efforts, including placing its patented No-Contact technology into a riot-control shield (patent pending).

Outlook:

The company's focus is on profitable growth as it execute its strategy of expanding services to the U.S. Department of Defence, U.S. law enforcement agencies, and other protective service agencies within the United States and other countries. The company has several wearable protective products, developed by its research and development division, that are being readied for market. These include:

  1. Ballistic combat shirt;
  2. Tactical police shirt;
  3. No-Contact modular riot shield cover;
  4. Other products incorporating the No-Contact technology.

The company is also expanding its decontamination, cleaning and repair services, both for the U.S. military and to municipal firefighters and emergency first responders, and has several proposals pending to provide those services to a number of potential new customers and increase its services to existing ones. To this extent, its U.S. locations will become certified by Underwriters Laboratory (UL) as an independent service provider approved for the inspection, cleaning and repair for protective ensembles for structural and proximity firefighting. UL will be verifying that the company has the ability to inspect, restore and repair textiles and protective clothing to their original integrity. Site inspections have been completed, and certification of both sites is expected in the fourth quarter of 2015.

Neither the timing nor the degree of likelihood of success of any of the proposals or discussions or the company's commercialization efforts can be stated with any degree of accuracy.

We seek Safe Harbor.

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