VANCOUVER, B.C. – Mission Ready Services Inc. (TSX-V: MRS) – Mission Ready Services Inc. (“Mission Ready” or the “Company”) is pleased to report that it has again achieved a new high for gross revenues in a quarter.
- Record revenue in Q2 2015 of over $2.7M, a 147% increase over Q2 2014
- Net income of $400 thousand in Q2 2015 compared to a $500 thousand loss in Q2 2014
- Revenues of $2.8 million for Q2, $4.8 million year to date.
The Company has increased its gross revenues to the end of the second quarter in 2015 by $ 3.07 million to $4.8 million (2014 – $1.74 million), a 176% increase over the same period in 2014. Total expenses in determining Income (Loss) Before Other Items increased 62% to $4.6 million from $2.8 million. Income Before Other Items increased to $.25 million as compared to a loss of $1.06 million in the prior year. This improvement is attributed primarily to the increased revenue and higher profit margins achieved by the Company’s cleaning, decontamination and repair business.
The Company’s overall net loss for the six month period decreased by 124% from $1.6 million last year to $.17 million for the current year. This loss is mainly attributed to: non-cash expenses of $.50 million for Amortization & Depreciation, $.17 million for Stock Based Compensation and interest and debenture conversion costs of $0.10 million; partially offset by a foreign currency translation gain of $.3 million and by net income from operations of $.4 million in the current quarter. The Company continued its product development efforts including, placing our patented No-Contact technology into a riot control shield (patent pending). We also completed development and supported US Army trials for a new generation combat shirt and concurrently developed a Tactical Police Shirt (patents pending).
Results for the second quarter 2015 are much improved over the first quarter of 2015 for both 10-20 Services and Protect The Force. For 10-20, revenues were in excess of $2 million compared to $1.3 million for the previous quarter and its operations continue to be cash flow positive, with net income from operations of $0.4 versus a loss of $.04 in the first quarter The increase is due to 10-20’s US Marine contract and increased logistical services provided. For Protect The Force, work is continuing on the $1.4 million contract award from the US Navy Marine Corps as well as earning revenue from several other projects for the Department of Homeland Security, North Carolina State University and other clients.
The Company’s focus is on profitable growth as we execute our strategy of expanding services to the US Department of Defence, US law enforcement agencies and other protective services agencies within the US and other countries.
The Company has several wearable protective products, developed by our research and development division, that are being readied for market and has entered into discussions with several potential customers to commercialize these products in 2015.
- Ballistic Combat Shirt
- Tactical Police Shirt
- No-Contact Modular Riot Shield Cover
The Company is also expanding its decontamination, cleaning and repair services, both in the US military and to municipal firefighters and emergency first responders and has several proposals pending to provide those services to a number of potential new customers and increase its services to existing ones. To this extent its US locations will become certified by Underwriters Laboratory (UL) as an Independent Service Provider approved for the inspection, cleaning, and repair for protective ensembles for structural and proximity fire-fighting. UL will be verifying that the Company has the ability to inspect, restore and repair textiles and protective clothing to their original integrity.
About Mission Ready Services Inc.
MRSI was created to meet a critical need of one of the world’s largest customers, the US Government and in particular the Departments of Defence, Homeland Security and Justice and various other agencies such as law enforcement, first responders and the many others worldwide that help to safeguard our health and security.
MRSI’s mission is to save lives and enhance the performance of military personnel, first responders, and those who protect us by working to ensure they are equipped with the best possible personal protective equipment.
For further information, visit the Company’s website at MissionReady.ca or contact:
Terry Nixon – Director, Corporate Communications
Mission Ready Services Inc.
(signed “Rod Reum”)
President & CEO
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “forecast”, “project”, “budget”, “schedule”, “may”, “will”, “could”, “might”, “should” or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by Mission Ready Services Inc. as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mission Ready Services Inc. to be materially different from those expressed or implied by such forward-looking information.
Forward-looking statements are based on assumptions management believes to be reasonable. Although Mission Ready Services Inc. has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. http://www.mrscorp.com/mission-ready-reports-record-quarter-and-six-month-revenues/ http://www.mrscorp.com/mission-ready-reports-record-quarter-and-six-month-revenues/ http://www.mrscorp.com/mission-ready-reports-record-quarter-and-six-month-revenues/ http://www.mrscorp.com/mission-ready-reports-record-quarter-and-six-month-revenues/ http://www.mrscorp.com/mission-ready-reports-record-quarter-and-six-month-revenues/Accordingly, readers should not place undue reliance on forward-looking information. Mission Ready Services Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.