This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Pacific Safety Products loses $364,000 in Q1 2009-11-26 16:19 ET - News Release Mr.
David Scott reports PACIFIC SAFETY PRODUCTS INC. ANNOUNCES FISCAL YEAR 2010 FIRST QUARTER RESULTS
Pacific Safety Products Inc. has released consolidated financial results for the three-month period ended Sept. 30, 2009.
Recent developments: - Recognized first multimillion-dollar sale to the United States federal government;
- Increased sales from U.S. operations by almost 80 per cent as compared with the prior year;
- Decreased operating expenses by $300,000 or 14 per cent, as compared with the prior year;
- Received U.S. National Institute of Justice standard 06 certification of U.S. law enforcement products;
- Commenced delivery of protective products to the Canadian Department of National Defence against a contract with a potential value of up to $19-million;
- Experienced a significant decline in Canadian core sales as compared with the same period of the prior year.
David Scott, chief executive officer, commented: "It has been a challenging quarter and results were disappointing. Market demand during the quarter was substantially less than anticipated for core product sales, and competition for existing sales opportunities was strong, resulting in lower gross margins. Subsequent to quarter-end, the company adjusted its work force and expense structure to scale its operations to reflect the current market conditions. The company expects that its existing contracts will provide a revenue stream that will carry it through this subdued market. The company also continues to make progress on its research and development initiatives, both for Head Mounted Systems as well as NIJ 06 product certifications." The remainder is available to Stockwatch subscribers.
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