HANOVER, Md., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Another Positive quarter for Brekford Corp.
Brekford Corp. (the "Company") (OTCBB:BFDI), www.brekford.com, a leading homeland security technology service provider of fully integrated vehicle upfitting services, rugged information technology and automated traffic photo enforcement solutions geared towards mission critical operations, reports another profitable quarter ended September 30, 2010.
Financial highlights for the third quarter 2010:
The Company's cash position as of the end of the third quarter of 2010 improved by 48% to total $1.5 million compared to $1.0 million at the end of the third quarter of 2009, reflective of its positive net income during the past eight quarters.
For the third quarter ended September 30, 2010, the Company reported net sales totaling $2.7 million, a decrease from the same period in 2009.
Operating expenses of $0.431 million were down by 9% for this quarter compared to $0.476 million for the third quarter of 2009, mainly due to tighter controls imposed on expenditures by management. Net income for the third quarter of 2010 totaled $34,987 compared to $207,750 for the third quarter of 2009, primarily due to lower revenues. Gross profit for the third quarter 2010 was $0.482 million compared to $0.681 million for the third quarter of 2009.
C.B. Brechin, Chief Executive Officer of Brekford, commented: "Despite the difficult economy with budget cutbacks, Brekford has managed to maintain consistent positive net income for the past eight quarters by providing superior quality equipment and service to public safety agencies."
Mr. Brechin also stated, "Brekford's newly launched automated photo enforcement program is progressing and the company is working with several municipalities in determining their automated traffic enforcement needs. Brekford was recently awarded a contract by the Town of Landover Hills to operate their school zone safety speed camera program. I am truly convinced that Brekford's photo enforcement program will be invaluable especially to the municipalities that need a full set of solutions to their photo enforcement program."
About BREKFORD
For over a decade, Brekford has provided services to branches of the U.S. military, various federal entities and numerous security and public safety agencies throughout the United States. Brekford provides these agencies with an end-to-end suite of mobile communications, information technology, video solutions and vehicle upfitting and services designed to streamline procurement processes and offer maximum functionality for their day to day operations. Brekford is a one-stop shop with its unique 360-degree approach to vehicle upfitting, cutting edge technology, and automated traffic enforcement services for homeland security and law enforcement agencies. Additional information about Brekford may be found online at http://www.globenewswire.com/newsroom/ctr?d=177297&l=11&a=www.brekford.com&u=http://www.brekford.com">www.brekford.com
The Brekford Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6847
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of that term in Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, market conditions, the cost and success of development activities and ability to successfully manage growth. Readers are referred to the documents filed by Brekford Corp. with the SEC, specifically the Company's most recent reports filed on Form 10-K and Forms 10-Q, which further identify the important risks, trends and uncertainties which could cause actual results to differ materially from the forward-looking statements in this press release. The Company expressly disclaims any obligation to update any forward-looking statements.