Protection One Inc., a Lawrence-based company that provides monitored-security survives nationwide, is busy building its customer base while easing focus from a troubled section of the economy: residential properties.
Protection One, with 75 employees at its corporate headquarters in the I-70 Business Center in North Lawrence, said it boosted its recurring monthly revenue among commercial customers by 45.8 percent last year.
Excluding results from the company's merger last year with Integrated Alarm Services Group Inc., Protection One would have increased that portion of commercial revenue by about 10 percent, said Darius Nevin, executive vice president and chief financial officer.
"Our shift in focus is toward the commercial marketplace," Nevin said. "We are seeing nice growth."
But the company did report a wider loss than a year ago, attributed to increased interest costs and amortization related to acquisition of Integrated Alarm Services Group.
Net loss for the year was $32.2 million, or $1.37 per share, compared with a net loss of $17.4 million, or 95 cents per share, from a year earlier. Total revenue was $347.9 million, up $77.3 million, or 29 percent, from $270.6 million a year earlier.
Richard Ginsburg, Protection One's president and chief executive officer, said the company was on track in many of its business segments, despite economic turmoil elsewhere.
"Although the slowing economy has the potential to impact the security market in general, we have been and will continue to be disciplined in competing in the sectors in which we believe we have the best chance of success," Ginsburg said.
Protection One shares closed Wednesday at $9.86, down 17 cents, or 1.7 percent.