Viscount Systems shows increased revenue, net loss decline in Q2 2013
Viscount Systems has just announced the results for its second quarter 2013, and has shown both an increase in revenue and a net loss decline.
According to the company, revenues for the second quarter of 2013 were $1,041,088, an increase of 25.7% as compared to the first quarter of 2013 and a 15.5% increase as compared to the second quarter of 2012. The company’s net loss for the second quarter before non-cash and other items was $293,196, compared to a loss of $518,825 for the second quarter of 2012, a 44.5% decrease.
“During the second quarter we announced several new contracts for Freedom, particularly to U.S. Government clients,” Stephen Pineau, President and CEO of Viscount Systems said. “Freedom drastically reduces system costs while providing a much more secure software solution. This combined with strong sales of our MESH panel systems is assisting us to dramatically reduce our operating losses and move the company towards profitability. The interest in Freedom continues to increase and we expect to see strong demand as we enter the growth cycle of our Freedom technology.”
Reported previously in BiometricUpdate.com, Viscount Systems recently deployed its Freedom access control system at a U.S. Department of Veterans Affairs hospital facility, representing the third federal agency to deploy the system.
A U.S. Department of Labor facility in Atlanta has also recently deployed the company’s flagship Freedom access control system.
According to the company, sales of the Freedom system – which was launched in 2012 – were $203,882 for the second quarter, and for the six month period ended June 30, 2013, were $345,128.