Optelecom-NKF, Inc., a leading global supplier of advanced video surveillance solutions, recently announced results for its first quarter ended March 31, 2008.
Revenue for the quarter advanced to $10.5 million, an increase of 19% compared to the same quarter last year. Gross profit increased to $6.5 million, up 31% for the three months ended March 31, 2008. Operating expenses were $5.9 million for the quarter ended March 31, 2008 compared to $5.0 million in the first quarter of 2007.
Income from operations for the current quarter increased to $512 thousand compared to a loss from Operations of $51 thousand reported for the first quarter in 2007. After including interest expense and income taxes, the company reported net income of $148 thousand, or $0.04 per diluted share, for the first quarter of 2008. This compares to a net loss of $258 thousand, or ($0.07) per diluted share, for the first quarter of 2007.
"We reported solid first quarter 2008 sales marking our third straight quarter of double digit growth," said Edmund Ludwig, Optelecom-NKF's President and CEO. "Our markets are currently witnessing a key technological transition toward network-enabled surveillance solutions. The jump in sales for what is our seasonally slowest quarter demonstrates the increased momentum of our business."
"Revenue for the first quarter increased 19% with growth in both our domestic and international markets," added Steven Tamburo, Optelecom-NKF's Chief Financial Officer. "We continue to experience strong acceptance of our global IP surveillance products and solutions. Our recent addition of a Siqura® camera line demonstrates our product development capability in these rapidly growing markets."
