NEW YORK, August 19, 2010 /PRNewswire-FirstCall/ -- Suspect Detection Systems Inc., (OTCBB: SDSS), proprietor of counter terror and crime prevention technology developed by its subsidiary Suspect Detection Systems Ltd., today reported financials for Q2 of the 2010 fiscal year.
The quarter grossed more revenues than any previous quarter in company history.
Highlights of the financial reports are as follows: - The company reported revenues of $717K in Q2 2010 versus $254K in Q2 2009, an increase of 182 percent. - Company revenues for the first half of 2010 equaled $1,377K versus $423K during the first half of 2009. - The gross margin in Q2 2010 was $685K versus $240K in Q2 2009, an increase of 185 percent. - Net loss during Q2 2010 was $39K versus a net loss of $98 in Q2 2009
"Q2 2009 is the best grossing quarter to date in the history of our company," said Gil Boosidan, CEO of Suspect Detection Systems Inc. "Company revenues for the first half of 2010 exceed total revenue for 2009 by 55 percent. These revenues demonstrate the ability of our company to open up additional sales channels, while posting impressive follow-up sales with our pre-existing customers."
"During the quarter the company expanded market penetration with a distribution agreement in Japan, and recorded a follow-up sale in India. More recently, the company completed its largest sale in the private sector to date in Central America."
"There is no better endorsement of our suspect identification solutions than follow-up sales. These sales confirm the usefulness of Cogito Technology in preventing crime and terror, both in federal law enforcement and in the private sector," Boosidan added.
About Suspect Detection Systems
Suspect Detection Systems Inc. through its subsidiary Suspect Detection Systems Ltd., is a developer of proprietary counter terror and crime prevention technology designed to identify threats in real-time, and prevent incidents before they are carried out. The technology detects the hidden 'hostile intent' of assailants-before they commit their intended acts-with a remarkable degree of accuracy. The system can also be used after crime was committed to quickly identify criminals from among a pool of suspects.
Learn more about Suspect Detection Systems Inc. and Cogito Technology online at http://www.sdss-corp.com.
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Suspect Detection Systems and its technologies. Readers are cautioned not to place undue reliance on these statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated in the forward-looking statements. Suspect Detection Systems' public filings may be viewed at http://www.sec.gov.
Contact: Alex Traiman, SDSS Public Relations, +1-646-863-9729, firstname.lastname@example.org
SOURCE Suspect Detection Systems