Somerset International Revenue and Gross Margins Increase Significantly in 2007 Revenue Increases 55%, With a 69% Increase in Gross Margins Over Previous Year; Gross Profit Margins Increase More
SOURCE:
Somerset International Group, Inc.
2008-04-02 06:54:00
Somerset International Revenue and Gross Margins Increase Significantly in 2007
Revenue Increases 55%, With a 69% Increase in Gross Margins Over Previous Year; Gross Profit Margins Increase More
BEDMINSTER, NJ–( EMWNews – April 2, 2008) – Somerset International Group, Inc. (
company, reported significant increases for the year ended December 31,
2007.
“Our financial results for the year ended December 31, 2007 demonstrate the
success of Somerset’s growth strategy of increasing revenue through the
acquisition of companies in the security technology industry,” commented
John X. Adiletta, President and Chief Executive Officer of Somerset. “The
acquisitions we consummated in 2007 have made significant contributions to
our growth in revenues, gross profit dollars and gross profit margins.
“In July 2007 we completed the acquisition of Meadowlands Fire, Safety, and
Electrical Supply Co., Inc.; and Vanwell Electronics, Inc. Vanwell
Electronics exclusively distributes Siemens Building Technologies, Inc.
products and Meadowlands distributes other brands of fire and security
equipment. The addition of both companies was a significant milestone for
Somerset as we continue to build out our portfolio of security technology
companies. Additionally, in October 2007 we completed the acquisition of
Fire Control Electrical Systems, Inc. Fire Control exclusively distributes
Honeywell Life Safety security products. This acquisition, in the final
quarter of 2007, further strengthened and diversified our revenue stream
and contributed to the increases in revenue and gross margins reported in
our year-end results.
“We enter 2008 on what we believe is an even stronger base than 2007. We
recently hired Robert M. Ryan as Vice President and General Manager of Fire
Control Electrical Systems, Inc. and Lance K. Berkheimer as President of
Meadowlands Fire, Safety, and Electrical Supply Co., and Vanwell
Electronics. Both Mr. Ryan and Mr. Berkheimer have depth of experience in
both management and sales positions. These new additions strengthen each of
our portfolio companies and further position them for growth moving
forward.
“We also recently engaged Sales Engine International to enhance sales of
our campus safety security solution subsidiary, Secure System, Inc. Sales
Engine International uses cost-effective and result-oriented e-mails and
webinars to demonstrate effectiveness of Secure System.”
Mr. Adiletta concluded: “The completion of the four acquisitions Somerset
has made to date demonstrates our ability to acquire and integrate
profitable businesses within the security technology sector. Our goal is
to develop a portfolio of synergistic companies that will increase our
cross-selling opportunities and operating efficiencies over time and
produce increased profitability for Somerset. Moving forward, we continue
to target companies with high growth rates, strong customer base and
products that can benefit from cross-selling opportunities.”
Financial Highlights:
-- Revenue for the year ended December 31, 2007 increased $2,138,921 to $3,879,312 compared with revenues of $1,740,391 for the comparable year ended December 31, 2006. -- Net loss attributable to common stockholders for the year ended December 31, 2007 was $1,753,078 or $0.15 per share compared to $1,495,687 or $0.23 per share during the year ended December 31, 2006. -- Gross margins for the year ended December 31, 2007 increased to $2,099,023, or 54.1% of revenue representing an increase of $1,450,882 compared to a gross margin of $648,141 or 37.2% of revenue during the year ended December 31, 2006. -- Selling, general and administrative (SG&A) expenses for the year ended December 31, 2007 increased by $1,517,215 to $3,140,091 over SG&A expenses of $1,622,876 during the year ended December 31, 2006.
For more information on the results, please visit the Company’s Form 10K
filing at www.sec.gov.
About Somerset International Group, Inc.
Somerset International Group, Inc. finds undervalued technology investments
aligned around the exponential growth in concern and demand for security
and the acquisition of profitable and near-term profitable private small-
and medium-sized businesses that provide proprietary security products and
solutions for people and enterprises — from personal safety to information
security. Additional information about the company is available at:
http://www.somersetinternational.com.
About Secure System, Inc.
Secure System, Inc. provides personal alarm systems, wireless transmitters
and receivers, and personal alarm locators. The company currently serves
colleges and universities and medical and mental health facilities. Its
products are also easily adaptable for office campuses, residential
facilities, and correctional facilities. The system works by providing an
individual with a wireless personal alarm locater with which they can
summon help and be located by the pressing of a button. Additional
information about the company is available at:
http://www.securesysteminc.com.
About Meadowlands Fire, Safety, and Electrical Supply Co., Inc./Vanwell
Electronics, Inc.
Meadowlands and Vanwell specialize in the distribution, sale, installation
and maintenance of fire and security equipment and systems that include
fire detection, video surveillance, and burglar alarm equipment.
Meadowlands and Vanwell have similar product availability from distinct
manufacturers. Vanwell exclusively distributes Siemens Building
Technologies, Inc. products and Meadowlands distributes other brands of
fire and security equipment. This affords the opportunity to provide a
wide array of specified equipment with the flexibility to offer cost
effective alternates when appropriate. The products encompass complete
lines of fire, CCTV (closed circuit TV), communications and PA systems;
services include maintenance contracts, monitoring services and system
engineering. Additional information about the company is available at:
http://www.meadowlandselec.com.
About Fire Control Electrical Systems, Inc.
Fire Control Electrical Systems, Inc. specializes in the distribution,
sale, installation, and maintenance of Honeywell Life Safety fire and
security equipment and systems that include fire detection, video
surveillance, sound systems, and burglar alarm equipment. Additional
information about the company is available at: http://www.firecontrols.com.
Safe Harbor Statement
Statements about our future expectations are “forward-looking statements”
within the meaning of applicable Federal Securities Laws, and are not
guarantees of future performance. When used herein, the words “may,”
“will,” “should,” “anticipate,” “believe,” “appear,” “intend,” “plan,”
“expect,” “estimate,” “approximate,” and similar expressions are intended
to identify such forward-looking statements. These statements involve risks
and uncertainties inherent in our business, including those set forth under
the caption “Risk Factors” in our most recent Registration Statement on
Form SB-2 dated December 6, 2006 filed with the SEC and other filings with
the SEC, and are subject to change at any time. Our actual results could
differ materially from these forward-looking statements. We undertake no
obligation to update publicly any forward-looking statement.
Contact:
Somerset International Group, Inc. Investor Relations: Media Relations: |
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