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Homeland Announces 2ndQ Financial Figures

Homeland Security Capital Corporation (OTCBB:HOMS) has announced financial results for the second quarter ended December 31, 2009.

Revenue for the quarter was $26.6 million compared to $22.2 million for the same period last year. Operating income for the quarter was $1.3 million or $0.02 per share compared to a net loss of $0.4 million or $0.01 per share for the same period last year.

Net income attributable to common stockholders, after excluding preferred stock dividends and minority interests, was $0.8 million or $0.02 per share compared to a net loss of $0.7 million or $0.01 per share for the same period last year. EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter was $2.7 million compared to $0.4 million for the previous year’s quarter. EBITDAS (EBITDA before stock based compensation) for the quarter was $3.0 million compared to $1.3 million in the previous year’s quarter.

C. Thomas McMillen, HOMS Chairman and CEO, stated, “The Company has achieved a milestone with record revenue, operating income and EBITDA for the current quarter, a record of which we are proud, ” said C. Thomas McMillien, HOMS chairman and CEO. “We continue to organically grow our revenue and reduce expenses. I am particularly pleased with our increasing gross margins (21.7% in the quarter and 19.7% in the six months) and expense reductions (1.4% in the quarter and 3.4% in the six months, measured year over year), which can be credited to the dedicated oversight by our subsidiary’s senior management.”

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