|
HALIFAX ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
ALEXANDRIA, VA – November 16, 2009 – Halifax Corporation of Virginia
(HALX.PK OTC) today announced its financial results for the quarter September 30,
2009.
Revenues for of three months ended September 30, 2009 were $7.6 million compared to
$8.9 million for the prior year. For the six months ended September 30, 2009, revenues
were $15.3 million compared to $17.9 million for the same period last year. The decrease
in revenues in 2009 was attributable to the termination of certain large nation-wide
enterprise maintenance contracts.
The Company reported operating income of $105,000 for the three months ended
September 30, 2009, compared to operating income of $347,000 for the same period last
year. For the six months ended September 30, 2009 the Company reported operating
income of $239,000 compared to $664,000 for the six months ended September 30, 2008.
The reduction in operating income was primarily due to lower revenues due to
lengthening sales cycles, somewhat offset by lower operating costs.
The Company reported net income of $44,000, or $.01 per basic and diluted share for the
three months and $227,000, or $.07 per basic and diluted share for the six months ended
September 30, 2009.
Charles McNew, President and Chief Executive Officer, stated, “The current quarter, as
expected, was relatively flat compared to the first quarter of FY 2010. We are pleased to
continue our string of profitable quarters and we remain reasonably optimistic looking
forward, given the pressures in the maintenance service marketplace and the economic
environment in general.”
“We also continue to see growth potential for our supply chain services program,
Enterprise Logistics Solutions, which is affording the company multiple higher margin
business process outsourcing opportunities.”
The Company will host a conference call for investors at 11 a.m. EST on Monday,
November 16, 2009, to review the financial and operational results for the quarter. The
conference call phone number is 800-952-3470 for U.S. callers and 212-231-2904 for
international callers. The conference call replay will be available from 1 p.m. EST on
Monday, November 16, 2009, to 1 p.m. EST on Tuesday, November 17, 2009. The
replay number is 800-633-8284 for U.S. callers and 402-977-9140 for international
callers. The reservation number is 21443257.
Founded in 1967, Halifax Corporation of Virginia is an enterprise logistics and
maintenance solutions company providing a wide range of technology services to
commercial and government customers throughout the United States. The Company’s
principal products are enterprise logistics solutions and high availability hardware
maintenance services. More information on Halifax can be found at www.hxcorp.com.
Certain statements made by the Company which are not historical facts may be
considered forward-looking statements, including, without limitation, statements as to
trends, management’s beliefs, views, expectations and opinions, which are based upon a
number of assumptions concerning future conditions that ultimately may prove to be
inaccurate. Such forward-looking statements are subject to risks and uncertainties and
may be affected by various factors described in the Risk Factors section in the Company's
Annual Report on Form 10-K that may cause actual results to differ materially from those
in the forward-looking statements. For further information that could affect the
Company’s financial statements, please refer to the Company’s reports filed with the
Securities and Exchange Commission.
Summary Provided
|