iSECUREtrac Reports Record 3rd Quarter Revenues: Financial News

Wednesday, November 09, 2005

OMAHA, Neb., Nov. 9 /PRNewswire-FirstCall/
iSECUREtrac(TM) Corp. an industry leader in offender monitoring solutions utilizing global positioning systems (GPS) and wireless technologies, reported third quarter 2005 revenues of $1.37 million, a 6% increase over the third quarter of 2004. Recurring revenues from the leasing and hosting of monitoring systems were $1.18 million for the third quarter, an increase of 24% over the comparable period last year.

Year to date, total revenues were $3.83 million, a 13% increase over the same period a year ago. The Company reported net loss of $1.02 million and $3.05 million, respectively, for the three and nine months ending September 30, 2005, compared to net losses of $1.61 and $7.78 million for the same periods last year.

'The successful completion in June of our strategic initiative has allowed us to concentrate efforts on growing our recurring revenue stream. It is paying off as evidenced by October billings in excess of $500,000,' said David Vana, CFO of iSECUREtrac. 'This growth is continuing at an accelerated pace and we expect $1.7 million of revenues for the 4th quarter, a 24% increase over the 3rd quarter. For the year, we project revenues in excess of $5.5 million primarily on the strength of offender monitoring devices in the field under lease agreements which should top out at over 3,800 units by December 31st.'

'We are proud to be taking over the leading role of offender monitoring in the USA,' said Tom Wharton, CEO of iSECUREtrac. 'As the demand for GPS monitoring continues to grow from sex offender monitoring legislation, domestic violence programs, methamphetamine user supervision programs, and critical federal and state offender re-entry initiatives, specialized community supervision programs are developing that require our state of the art GPS monitoring systems,'

'We are pleased to have recently won contracts with the most sophisticated EM users in the country, each requiring GPS systems that demand the critical features that our system has to offer. Market momentum continues to build, and state legislation for sex offender monitoring will produce a record number of GPS monitoring requirements for years to come,' continued Wharton."