Brekford Corporation (OTCBB:BFDI) released financial information from its third fiscal quarter 2011 this morning. The Hanover, Maryland-based technology service provider showed the type of growth that investors want to see with revenue climbing 100.7 percent, gross profit surging by 162.4 percent and net profit jumping upward by an alarming 1,311.7 percent.
More concisely, highlights from Q3 2011 as compared to Q3 2010 included:
- Net sales totaled $5.3 million compared to $2.6 million, an increase of $2.67 million.
- Operating expenses increased to $734,000 compared to $431,000 - the result of an increase in expenses for the expansion of the business.
- Net income totaled $493,925 compared to $34,987, an increase of $458,938.
- Gross profit was $1.26 million compared to $482,000.
- Gross profit margin increased to 24% compared with 18%.
- The Company's cash position improved to total $2.2 million, up from $1.5 million at the end of third quarter of 2010.
Brekford CEO C.B. Brechin stated,
"The Company is pleased to report significant positive growth for the fourth consecutive quarter, attributed largely to the ongoing expansion of our Traffic Safety Group (TSG). We believe the Company's sustained growth is a measure of the enormous opportunity that exists in automated traffic safety, a space we remain focused on realizing its full potential as we continue to build shareholder value."
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