TORONTO – Video surveillance equipment supplier Lorex Technology Inc. (TSXV:LOX) has reported a big drop in fourth-quarter net earnings despite seeing revenues soar 40 per cent.
Toronto-based Lorex said net earnings in the three months ended Sept. 30 were US$1.7 million or three cents per diluted share, compared with US$2.7 million or six cents per diluted share in the same 2010 period.
However, revenue was up sharply at US$18.6 million from $13.3 million.
For the full 2011 fiscal year, the company reported net profits of US$4.6 million or 10 cents per diluted share on revenues of US$62.7 million, compared with earnings of just under US$4 million, or nine cents per share, on revenues of almost US$46.8 million in fiscal 2010.
“We are extremely pleased with our record-setting operating results achieved during fiscal year-end 2011,” chairman and CEO Reuben Klein said in a release.
“We reported 34 per cent growth in our top line revenues while at the same time maintaining gross profit margin percentage at the same level of 2010.”
Lorex Technology provides businesses and consumers with video surveillance security solutions that include wired, wireless and IP security surveillance and monitoring equipment including cameras, digital video recorders and all-in-one systems.
