Frisco Bay reports Q2 results
October 2, 2003
MONTREAL - Reduced capital spending in Canada saw revenues for systems integrator Frisco Bay fall slightly to $11,436,460 for the period ending July 31, 2003, compared to the $13,726,785 the company posted for the same period a year ago. That figure is a six percent decline for the first six months of 2003.
Reduced product sales responsible for drop in revenue were offset, however, by a 19 percent uptick in service revenues for the first six months as a result of continued growth in the company's recurring revenue base.
"In spite of a reduction in product sales, the company was able to remain profitable in large part due to the strength of its recurring revenue model," said Barry Katsof, chairman and chief executive officer of Frisco Bay.
More than 40 percent of Frisco Bay's revenues are generated from recurring revenue sources, including monitored access control, service contracts and ATM transaction fees, or more than $20 million CDN on an annualized basis.