ICx (NASDAQ GM: ICXT) has announced today its operating and financial results for the first quarter ended March 31, 2010.
The firm reported the following: “For the quarter ended Mar. 31, 2010, ICx reported revenues of $40.6 million, compared to $47.4 million for the quarter ended Mar. 31, 2009, representing a 14 percent decrease year-over-year. The Company showed adjusted EBITDA profits of $2.1 million, an improvement of $1.3 million, or 163 percent, over the first quarter in 2009. Product revenue grew 33 percent for the first quarter, which resulted in year over year growth in adjusted EBITDA profits due to high gross margins on product sales in the Detection group.”
“With continued growth in adjusted EBITDA profits, we are pleased with our achievements in the first quarter of 2010, ” said Colin Cumming, CEO of ICx Technologies. “Our revenue would have been higher for the quarter, but a significant contract was delayed and came in after the quarter closed. This revenue will be captured later in the year.”
