Revenues, losses up for Integrated
ALBANY, N.Y. - Integrated Alarm Services Group reported revenues of $9.8 million for the quarter ended June 30, up 75 percent from the same quarter in 2002.
Total revenues for the first two quarters of 2003 are $18.5 million, up from $11 million during the same period in 2002.
While earnings increased, losses were also up. Integrated reported $5.3 million in losses for the second quarter, which works out to $3.30 per share, bringing the companyÃ¢â‚¬â„¢s year-to-date losses to $16.1 million, or $11.19 per share. These numbers are substantially higher than 2002, when the company reported second quarter losses of $0.9 million and year-to-date losses of $2.5 million.
The results do not include earnings from the companyÃ¢â‚¬â„¢s initial public offering, which took place on July 29 and brought in $189.5 million after underwriting commissions.
In its earnings report, released in September, the company said that as of Sept. 5 it had paid off approximately $94.6 million in debt with the proceeds from that offering.
Integrated is in the process of converting its various software applications to Mastermind, which it said will provide a foundation for its planned service offerings, such as GPS and personal emergency response monitoring. Certain modules of this new system will be available by the end of the year.