SOURCE: iSECUREtrac Corp.

iSECUREtrac Corp.

August 11, 2009 08:00 ET

iSECUREtrac Reports 35% Growth in Revenue -- Cash Flow Positive

OMAHA, NE--(Marketwire - August 11, 2009) - iSECUREtrac Corp. (OTCBB: ISEC), an industry leader in electronic monitoring solutions, reported 35% revenue growth and cash flow positive operations for the quarter ended June 30, 2009.

Total revenue for the quarter ended June 30, 2009 was $3.2 million, up 35% from the $2.4 million reported for the same quarter in 2008. Recurring revenue from the leasing of monitoring systems and related services for the quarter ended June 30, 2009 was $3.1 million -- up 32% over the prior year.

The operating loss for the quarter was $94,000, an improvement of 90%, or $874,000, over the same period from the prior year. Year-to-date the operating loss for 2009 is $391,000 -- an improvement of $1,754,000 over 2008.

According to Lincoln Zehr, the Company's CFO, "The Company continues to improve in almost every financial performance measure -- revenue, gross margin, operating loss, net loss, days sales outstanding and cash flow. The results for the quarter ended June 30, 2009 mark the 6th consecutive quarter of reduced operating loss -- dating back to the 1st quarter of 2008."

"In addition, June 30, 2009 is the second consecutive quarter where cash flow from operating activities has been in excess of the Company's debt service requirements."

Peter Michel, the Company's CEO, noted that "We are pleased that our efforts to become profitable are yielding the results we had hoped for and we remain committed to continuing those trends. What is especially important here is that we have achieved those results while continuing to invest in the technology and infrastructure that will ensure that iSECUREtrac maintains its strong leadership position within the industry."

Conference Call Information:

As a reminder, the Company's 2nd Quarter 2009 earnings call will be held tomorrow afternoon, Wednesday, August 12, 2009. Dial-in information is as follows:

Time: 3:30 PM Central (4:30 PM Eastern)
Dial-in number: 1-877-941-8633
International: 1-480-629-9822

Please dial in 5-10 minutes prior to the start. An operator will request your name and organization and ask you to wait until the call begins. If you have any difficulty connecting, please call iSECUREtrac at (866) 537-0022.

About iSECUREtrac

iSECUREtrac Corp. provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit www.isecuretrac.com for more information.

Safe Harbor

This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.

Contact Information

  • Investor Relations
    Andrew Barwicki
    Barwicki Investor Relations
    Email Contact
    (516) 662-9461

    Company Contact
    Traci Mallgrave
    Email Contact
    (866) 537-0022