Henry Bros. down 350k in Q3
FAIR LAWN, N.J.--Henry Bros. Electronics announced its Q3 numbers this week, with slightly disappointing results.
According to a release, the Company reported revenue of $12.1 million for the three months ended September 30, 2009, representing a slight decrease from revenue of $12.3 million for the same period a year ago. The company said the decline is "due principally to the protracted credit freeze and economic downturn which is having a significant negative impact on construction markets and capital spending patterns of commercial businesses."
The slightly down revenue reversed the company's recent history of profitably quarters, as Henry Bros. reported a net loss of $357,382 vs. net income of $210,782, in the comparable period of 2008. The company is now down about 4.4 percent for the year, with $41.4 million in revenue for the first nine months of 2009, with a net loss of $136,007.
In the release, Jim Henry, CEO of Henry Bros. Electronics, commented, "A poor business climate and new, hence unforeseen, administrative requirements which caused delays in the TVCS project resulted in what is, undoubtedly, a disappointing quarter. During the first and second quarters we began to see increased competition for fewer jobs and longer negotiated sales cycles. These conditions persisted into the third quarter. However, we are confident this shift will not be permanent as the economy recovers ... Going forward, we intend to maintain and grow market share, and to find new and innovative areas for revenue growth. We will also continue to effectively manage our work force and will remain ready to take advantage of the spending that has now shifted into 2010."
In other news, at its Nov. 11 meeting the Board of Directors appointed Richard Rockwell as chairman. Rockwell has served on the Henry Bros. Board since November 2007. Jim Henry will continue as company CEO and treasurer, as well as serve as vice-chairman of the board.