SOURCE: World Surveillance Group
KENNEDY SPACE CENTER, FL--(Marketwire - Jul 24, 2012) - World Surveillance Group Inc. (OTCQB: WSGI) (OTCBB: WSGI), a developer of lighter-than-air unmanned aerial vehicles ("UAVs") and related technologies, today announced preliminary financial results for its quarter ended June 30, 2012.
WSGI had revenue in the quarter ended June 30, 2012 of approximately $551,000 compared to approximately $26,000 for the quarter ended June 30, 2011, and compared to approximately $147,000 in the first quarter of 2012. The Company had a net loss from continuing operations of approximately $1.5 million, or $0.00 per share, for the quarter ending June 30, 2012, compared to a net loss of $1.4 million, or $0.01 per share, for the comparable quarter of 2011.
On June 30, 2012, the Company had total liabilities of approximately $15.8 million compared to $17.7 million at March 31, 2012, a decrease of 10.5%, principally due to the write-off in the second quarter of 2012 of aged accounts payable and accrued liabilities from the Company's discontinued operations and legacy debt balance.
WSGI's President and CEO Glenn D. Estrella stated, "We are excited by the record revenue generated by the Company in the second quarter of 2012 as a result of the success of GTC's mobile satellite solutions portal and the fulfillment of the Space Florida contract relating to the flight testing of the Argus One UAV. We are also pleased to have reduced our total outstanding liabilities by approximately $1.9 million this past quarter and we are working diligently to continue to reduce our overall debt level and strengthen our balance sheet. We are continuing to see the results of programs and strategies we put in place in 2011 and the first quarter of 2012 and look to make further progress in the quarters to come."
WSGI intends to file its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the three months ended June 30, 2012 by August 14, 2012. The Company's Form 10-Q containing its full unaudited financial statements for the quarter ended June 30, 2012 will then be able to be accessed online at www.wsgi.com or be obtained through the SEC's website at www.sec.gov.
About World Surveillance Group Inc.
World Surveillance Group Inc. (OTCQB: WSGI) designs, develops, markets and sells autonomous, lighter-than-air UAVs capable of carrying payloads that provide persistent security and/or wireless communications solutions at low, mid, and high altitudes. WSGI's airships, when integrated with electronics systems and other high technology payloads, are designed for use by government-related and commercial entities that require real-time intelligence, surveillance and reconnaissance or communications support for military, homeland defense, border control, drug interdiction, natural disaster relief and maritime missions. For more information regarding WSGI, please visit www.wsgi.com, or view our reports and filings with the Securities and Exchange Commission on http://www.sec.gov.
Certain statements in this release constitute forward-looking statements. These statements include those regarding the financial condition, results of operations and balance sheet of the Company, the ability of the Company to reduce its debt levels or strengthen its balance sheet, the ability of the Company to build on its 2011 or first quarter 2012 progress or momentum, the results of any programs or strategies enacted by the Company, the timing or results of any flight testing of our products, the further advancement, development or commercialization of the Company's UAVs or other products, the capabilities and advantages of, and costs related to, the Company's technology and products, the success of GTC's MSS portal, the ability of the Company to capitalize on market demand and grow the Company's business, the Company's ability to successfully commercialize its airships or other products, or execute its strategy and business plans, the Company's ability to successfully accomplish any of its goals, the effects of any changes in the Company's operations, and the Company's ability to enhance shareholder value. The words "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.