Mission Ready Services Inc.
TSX VENTURE : MRS

Mission Ready Services Inc.

November 27, 2015 19:19 ET

Mission Ready Releases Q3 2015 Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 27, 2015) - Mission Ready Services Inc. (TSX VENTURE:MRS) - Mission Ready Services Inc. ("Mission Ready" or the "Company") is pleased to report a new high for gross revenues which exceeded $7 million year to date to the end of the third quarter.

Highlights

  • Record revenue in 2015 of over $7 million, a 178% increase over the same period in 2014
  • Net income before other items of $220 thousand in Q3 2015 compared to a $655 thousand loss in Q3 2014
  • Revenues of $2.2 million for Q3, a 182% increase over the same quarter in the prior year.

The Company had increased revenues to the end of the third quarter in 2015 by $4.5 million to $7 million (2014 - $2.5 million), a 178% increase over the same period in 2014. Total expenses in determining Income (Loss) Before Other Items increased 55% to $6.6 million from $4.3 million. Income Before Other Items increased to $.5 million as compared to a loss of $1.7 million in the prior year. This improvement is attributed primarily to the increased revenue and higher profit margins achieved in both business segments of the Company and in particular its cleaning, decontamination and repair business.

The Company's overall net loss for the nine month period decreased by 98% from $2.7 million last year to $.06 million for the current year to date. This loss is mainly attributed to: non-cash expenses of $.76 million for Amortization & Depreciation, $.17 million for Stock Based Compensation and interest and debenture conversion costs of $0.12 million; partially offset by a foreign currency translation gain of $.5 million and by net income from operations of $.4 million. The Company continued its product development efforts including, placing our patented No-Contact technology into a riot control shield (patent pending).

Outlook:

The Company's focus is on profitable growth as we execute our strategy of expanding services to the US Department of Defence, US law enforcement agencies and other protective services agencies within the US and other countries.

The Company has several wearable protective products, developed by our research and development division, that are being readied for market.

These include:

  1. Ballistic Combat Shirt
  2. Tactical Police Shirt
  3. No-Contact Modular Riot Shield Cover
  4. Other products incorporating the No-Contact technology

The Company is also expanding its decontamination, cleaning and repair services, both for the US military and to municipal firefighters and emergency first responders and has several proposals pending to provide those services to a number of potential new customers and increase its services to existing ones. To this extent its US locations will become certified by Underwriters Laboratory (UL) as an Independent Service Provider approved for the inspection, cleaning, and repair for protective ensembles for structural and proximity fire-fighting. UL will be verifying that the Company has the ability to inspect, restore and repair textiles and protective clothing to their original integrity. Site inspections have been completed and certification of both sites is expected in the fourth quarter of 2015.

Neither the timing nor the degree of likelihood of success of any of the proposals or discussions or our commercialization efforts can be stated with any degree of accuracy.

About Mission Ready Services Inc.

MRSI was created to meet a critical need of one of the world's largest customers, the US Government and in particular the Departments of Defence, Homeland Security and Justice and various other agencies such as law enforcement, first responders and the many others worldwide that help to safeguard our health and security.

MRSI's mission is to save lives and enhance the performance of military personnel, first responders, and those who protect us by working to ensure they are equipped with the best possible personal protective equipment.

For further information, visit the Company's website at MissionReady.ca.

Mission Ready Services Inc.

Rod Reum, President & CEO

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by Mission Ready Services Inc. as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mission Ready Services Inc. to be materially different from those expressed or implied by such forward-looking information.

Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission Ready Services Inc. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Mission Ready Services Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information