Financial Highlights
Generated income from operations of $6,772 for the first quarter of 2009;
Reported first quarter net income of $4,063;
Recorded fifteenth consecutive quarter of profitability;
Business Highlights
Received Factory Mutual (FM) compliance certification for both performance and hazardous location operation for a new Hydrogen Sulfide (H2S) Gas Detector series;
Commissioned new FieldServer bridge and gas detection systems that protect both the newly opened New York Mets Citi Field and the New York Yankees minor league ball park against landfill gas risks;
Began shipments of flame detectors to a solar panel tool manufacturer;
Shipped major gas detection system to Saudi Arabia for protection of a power plant;
Completed shipment of a significant order of open path hydrogen sulfide detection systems for use in a petrochemical facility in Colombia;
First Quarter 2009 Financial Results
Sierra Monitor posted non-GAAP net income of $100,551, or $0.01 per share (basic and diluted), for the quarter ended March 31, 2009, compared to non-GAAP net income of $155,618, or $0.01 per share (basic and diluted) for the same period of 2008.
“The Sierra Monitor team has risen to the challenge of the current economic conditions to deliver record sales” said Gordon Arnold, chairman and chief executive officer. “Changes in product mix and increased sales discounts have put pressure on margins and our fixed expenses have been impacted by Sarbanes Oxley compliance costs and other administrative expenses. As a result of these factors our net income has weakened compared to the prior year results. Our balance sheet and business fundamentals remain strong as we face the continued difficult business environment” he said.
Cash Position
Sierra Monitor had $1,188,156 in cash and no debt at March 31, 2009. Receivables at March 31, 2009 were $2,090,868. The company’s days sales outstanding in accounts receivable (DSO’s) was 60 days.
