Security manufacturer posts flat earnings, expenses for 2003
October 16, 2003
IRVING, Texas - Integrated Security Systems, a manufacturer of perimeter security equipment and other security software solutions, saw its sales for fiscal 2003 remain at $5 million, the same figure the company posted for fiscal 2002, according to the company.
ISSI's gross margins of 36 percent, of $1.8 million were comparable to fiscal 2002 figures, while operating expenses were also flat. Company officials said several new perimeter security products were introduced and enhancements to Intelli-Site, ISSI's integration software, were released. Research and development expenses also increased, but were offset by other cost reductions.
"Fiscal year 2003 was a good foundation building year," said C. A. Rundell Jr., chief executive officer of ISSI. Rundell cited the company's merger of its safety gate B&B Electromatic subsidiary, with ARMR Services Corp., which supplies barriers and parking control equipment, the appointment of Peter Beare as chairman and chief executive officer and other new management at B&B ARMR, and other product developments as good steps for the company.