Henry Bros. reports stronger margins Backlog up 121 percent, year over year
By L. Samuel Pfeifle
Updated Fri August 13, 2010
FAIR LAWN, N.J. - Henry Bros. Electronics, one of the few pure-play security integrators in the public realm, reported revenues of $15.2 million for the second quarter, 8.4 percent better than 2Q 2009, and 21.8 percent better than 1Q 2010. Perhaps even better news for the company, the net profit of $393,804 represents a 2.6 percent net margin versus just a .4 percent net margin for the same period last year.
Further, for the first six months of 2010, the company's net margin is at 1.6 percent versus just .75 percent in 2009. That has resulted in increased earnings ($451,191 vs. $221,375) despite slightly lower revenues ($27.6 million vs. $29.3 million).
And for those looking to Henry Bros. as a market bellwether, it may be seen as good news for the economy that the company is reporting a backlog of $50 million, representing the largest number ever for the company, and an increase of 121 percent over this same time last year.
Company CEO Jim Henry, in comments to investors, attributed the better results to cost-cutting measures, first, along with "our aggressive strategy of refocusing our sales force on prospecting is driving our momentum in our key markets.'
He said bookings were up in New York, California, and Texas, and the retail, healthcare, and transportation verticals.
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