GVI Security Solutions, Inc. Reports Record Second Quarter Profits on Increased Revenues.CARROLLTON, Texas Carrollton is a city in Texas, partially in Dallas County, partially in Denton County, and partially in Collin County. As of 2005, census estimates the city's total population to be 122,699.[1] Carrollton is a suburb of Dallas. -- GVI GVI Global Vision International (UK) GVI Giga Virtual Instrument GVI Global Vegetation Index GVI Google Videos (file extension) GVI Georgia Ventures Inc. Security Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : GVSS GVSS Gentle Vision Shaping System ), a leading provider of video security solutions featuring the complete Samsung Electronics Samsung Electronics (SEC, Hangul:삼성전자; KSE: 005930, KSE: 005935, LSE: SMSN, LSE: SMSD) is a South Korean multinational corporation and the world's largest and leading electronics and information technology company. line of products, today reported record second quarter earnings for the quarter ended June 30, 2008. For the quarter ended June 30, 2008, net income was approximately $366,000 or $0.01 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, an increase of over 18% as compared to net income of approximately $308,000, or one cent per diluted share, in the quarter ended June 30, 2007. Income before income taxes for the quarter ended June 30, 2008 rose over 89% to $594,000 from $327,000 in the quarter ended June 30, 2007. "We are pleased to report our sixth consecutive profitable quarter, with earnings for the quarter ended June 30, 2008 up 18% from the prior year, and earnings for the first half of 2008 up nearly 50% from the prior year," said GVI Chairman/CEO Steven Walin. "Our six straight quarters of profits have provided a solid financial base to expand our sales and marketing efforts, and the 13% growth in revenue we saw in the quarter ended June 30, 2008 over the prior quarter ended March 31, 2008 demonstrates that our expanded sales efforts are beginning to deliver positive results." On a six-month basis, net income for the first half of 2008 was approximately $695,000 an increase of 48% as compared to net income of approximately $469,000 in the first half of 2007. Income before income taxes for the first half of 2008 rose 130% to over $1.1 million from $492,000 in the first half of 2007. "The strong sales and earnings results we delivered today illustrate our ability to successfully transition to an increased emphasis on growth while maintaining our focus on profitability," stated GVI COO/CFO Joe Restivo. "As we move forward with the previously announced marketing plan with our strategic partner, Samsung Electronics, we remain focused not just on growth, but on profitable growth." Net revenue for the quarter ended June 30, 2008 increased $544,000, an increase of 4% to approximately $12.8 million from under $12.3 million in the three months ended June 30, 2007. The increase in revenues reflects increased sales to distributors, integrators and installers. Selling, General, and Administrative expenses overall increased approximately $211,000 or 9%, to approximately $3.0 million in the quarter ended June 30, 2008 from approximately $2.8 million in the three months ended June 30, 2007. General, and administrative expense declined from the prior year while sales and marketing expense increased primarily due to increases in sales and marketing activities. Net interest expense for the three months ended June 30, 2008 decreased 28% to approximately $187,000 from approximately $260,000 in the three months ended June 30, 2007. This decrease is primarily a result of the benefits of GVI's new credit facility with Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. . "Net income of $695,000 for the first half of 2008 will help us reach our goal of further lowering interest expenses moving forward," added Joseph Restivo. "Should GVI achieve $1 million in net income for 2008, our current rate of prime plus .75% on our Wells Fargo credit facility will be reduced by 50 basis points to prime plus .25%." Conference Call GVI will host a conference call at 4:15 p.m. Eastern Daylight Time on Wednesday, August 13, 2008, to discuss the Company's earnings for the quarter ended June 30, 2008. To participate in the event by telephone, please dial 877-419-6592 five to 10 minutes prior to the start time (to allow time for registration) and enter conference code 5643041. The conference call will be broadcast live over the Internet and can be accessed at http://investor.shareholder.com/media/eventdetail.cfm?eventid =58039&CompanyID=GVSS&e=1&mediaKey=DAA DAA - Distributed Application Architecture: under design by Hewlett-Packard and Sun. A distributed object management environment that will allow applications to be developed independent of operating system, network or windowing system. 54AE4E4D0324A06C5BD82562B0557. (Due to its length, this URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists). Enter conference ID# 5643041. To listen to the call, please visit this Web site at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live webcast, an audio replay of the conference call will be archived at this site for one year, enter conference ID# 5643041. A digital replay of the call will be available on Wednesday, August 13 at approximately 7:15 p.m. Eastern Daylight Time through Wednesday, August 20 at 11:59 p.m. Eastern Daylight Time. Dial 888-203-1112 and enter access code 5643041. About GVI Security Solutions, Inc. GVI Security Solutions, Inc. (OTCBB: GVSS) is a leading provider of video surveillance and security solutions, with sales and service representation throughout North, Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . The company provides Samsung Electronics and GVI branded products, software and services to the Homeland Security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States and Commercial markets. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Some of the statements made by GVI Security Solutions, Inc. in this press release are forward looking in nature. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . We caution you not to place undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by the statements herein. GVI Security Solutions, Inc. believes that its primary risk factors include, but are not limited to: reliance on primary supplier; concentration of customers; credit limits imposed by primary supplier; effective integration of recently acquired operations and personnel; expansion risks; effective internal processes and systems; the ability to attract and retain high quality employees; changes in the overall economy; rapid change in technology; the number and size of competitors in its markets; outstanding indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. ; control of the Company by principal stockholders; law and regulatory policy; the mix of products and services offered in the Company's target markets; and other factors detailed in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2007 currently on file, as well as the risk that projected business opportunities will fail to materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. or will be delayed. [TABLE OMITTED] |
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