SANDY, UT -- (Marketwire) -- 02/11/11 -- SecureAlert, Inc. (OTCBB: SCRA), a leading international provider of patented, wireless electronic monitoring systems and services to public safety agencies, reported gross profit improvement of $4,713,431 and a reduction in net loss of $9,161,891 for the fiscal year ending September 30, 2010, compared to the year ending 2009.
Recurring revenues from monitoring services grew from $12,055,159 in the fiscal year ended September 30 2009 to $12,079,757 for the same reporting period in 2010, an increase of $24,598. Importantly, this was achieved while loss from operations decreased from $20,955,333 for fiscal year ended September 30 2009 to $10,083,337 for the same reporting period in 2010, or an improvement of $10,871,996, or 52%.
The Company reported a gross profit of $4,881,196 for the fiscal year ended September 30, 2010 compared to a gross profit of $167,765 for the fiscal year ended September 30, 2009, an improvement of $4,713,431, or an improvement of 2,910%. Gross profit margin increased from 1% in the fiscal year ended September 30 2009 to 39% for the same reporting period in 2010. During the years ended September 30, 2010 and 2009, the Company impaired monitoring equipment and parts of $590,801 and $2,319,530, respectively. Excluding impairment costs, adjusted gross margins were $5,471,997 and $2,487,295, a 220% improvement for the fiscal years ended September 30, 2010 and 2009, respectively.
"I am pleased with Company's progress and accomplishments over the past fiscal year, as we have focused on driving profitability. I am happy to report that these concentrated efforts have resulted in a gross margin improvement of 38 basis points and a reduction in our net operating loss by 52%, all while increasing our recurring revenue base," said John L. Hastings, III, President and Chief Operating Officer of SecureAlert, Inc. Mr. Hastings continued, "The Company is well-positioned to achieve accelerated revenue growth from both our domestic and international business development initiatives, as we have been able to establish ourselves as a market leader in delivering the most reliable electronic monitoring product and intervention service solutions worldwide. We look forward to fiscal year 2011 and the many opportunities that will be realized, as changes in the global marketplace are resulting in an ever-greater demand for our products and services, which provide lower cost alternatives to incarceration and greater safety for our communities," concluded Hastings.
A more complete discussion of operating results for the fiscal year ended September 30, 2010 is included in the annual report on Form 10-K, as amended, with the Securities and Exchange Commission, filed on January 4, 2011
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