Princeton Security Technologies (OTC-BB: PSGY) Inches Closer to Profitability
Princeton Security Technologies (OTC-BB: PSGY), a supplier of x-ray and gamma-ray detectors for numerous end markets, similar to companies like RAE Systems, Inc. (AMEX: RAE) and Raytheon Company (NYSE: RTN), announced higher revenues and a narrowed net loss in its most recent quarterly report filed Monday with the SEC.
As a key supplier of x-ray and gamma-ray detectors in addition to spectroscopy systems for over 30 years, Princeton Security Technologies (OTC-BB: PSGY) offers investors an established play in numerous niche markets ranging from scientific research to homeland security.
The company’s ten products range from its SAM Defender, which can identify isotopes using radiation monitors and SNM characterization, to Nuclear Spectroscopy Systems, which consist of gamma-ray detectors working with analytical software to achieve low cost results.
Princeton Reports a Bullish Second Quarter
On August 16, 2010, Princeton announced second quarter sales increases of over 11% to $455,076, while its net loss narrowed 56% to just $93,010. The improved results were largely attributed to increased overseas sales of nuclear detector products, as well as sharply lower SG&A expenses.
The new orders for nuclear detector systems and radioactive isotope identifier devices were announced in June and booked as revenue for domestic and international customers in the homeland security space. The orders demonstrate the superiority of the company’s products over the competition.
The firm’s end markets also continue to rapidly expand. For instance, the Homeland Security Research Corporation estimates that the combined U.S. market for homeland security products and services will increase from $69 billion in 2010 to $84 billion in 2014, representing growth of at least 5.1% per year.
The company also reported a very sizable order backlog of over $1 million that should help support results over the next six months.
About Princeton Technologies
Princeton Security Technologies, through its wholly owned subsidiary, Princeton Gamma-Tech Instruments, Inc (PGT), is a supplier of X-ray and Gamma-ray Detectors and Spectroscopy systems, and Radioactive Radioisotope Identifier products.
The Company serves a broad customer base in scientific research, industrial materials analysis, and Homeland Security. PGT operates a full customer service and Reachback program via its partners, backed by highly skilled R&D and manufacturing staff in its Princeton facility.
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