Princeton Security Technology Inc. (OTCBB: PSGY), a developer of radiation isotope identifiers and area monitors for the homeland security market, in the same space as companies like Ortec , a part of Ametek, (NYSE: AME ), and Rae Systems Inc. (AMEX: RAE), recently reported a 79% increase in revenues and strong profit (20%) in its latest quarter.
Princeton Security Technology Inc. (OTCBB: PSGY), a developer of radiation isotope identifiers and area monitors for the homeland security market, recently reported a 79% increase in revenues and swing to profitability in its latest quarter.
Here are some highlights from the 10-Q:
Total sales increased 79% for the comparable quarterly periods in March 31, 2011 from 2010 due to increased domestic sales in Radioactive Isotope Identifier Products. Our gross profit increased by 96% or $224,442 from the same period in 2010. Our operating expenses decreased to $278,349 for the quarter ended March 31, 2011, from $297,852 for the same period last year. Our Net Profit was $180,433 compared to a net loss of $(65,591) for the same period in 2010.
The quarterly profit was a combination of increased overall sales volume and the higher gross profit margin compared to previous quarters due to more favorable product mix as well as improved cost of goods. We continue to invest in our Research and Development activities, which partially affects to our net profit for the next quarters. As we have had a chance to work on our production efforts, we have been able to keep the cost of goods in control. We are hopeful, as our R&D will generate new products we are able to increase sales as well as continue to stay profitable, which can be done with the similar quarterly sales revenue and cost structure.
About Princeton Security Technology
Princeton Security Technologies, through its wholly owned subsidiary, Princeton Gamma-Tech Instruments, Inc (PGT), is a supplier of X-ray and Gamma-ray Detectors, Spectroscopy systems, Radiation Detection Area Monitors and Radioactive Radioisotope Identifier products. The Company serves a broad customer base in scientific research, industrial materials analysis, and Homeland Security. PGT has its headquarters with highly skilled R&D and manufacturing staff in its Princeton facility.
