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Archive for Wednesday, May 14, 2008

Protection One Inc.’s revenues, losses increase

May 14, 2008

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Protection One Inc., a national electronic-security company based in Lawrence, recorded both higher revenues and increased losses during the first quarter, changes the company said were attributable largely to a merger.

In announcing financial results Wednesday, Protection One said that it had $91.6 million in total revenue for the three months ended March 31, up by 33.3 percent from revenue of $68.7 million during the same quarter a year ago.

Net losses also widened, the company said. The net loss was $23.1 million, or 91 cents per share, for the quarter, compared with $5.3 million, or 29 cents per share, during the same period a year ago.

Protection One merged with Integrated Alarm Services Group Inc. in April 2007, and therefore year-ago results reflected the performance of only Protection One.

Richard Ginsburg, Protection One's president and chief executive officer, said the company was beginning to see indications that attrition of Integrated Alarm customers had stabilized. Protection One also completed much of its program to address the cellular industry's movement to digital technology.

The pace of adding customers continues to increase, the company said, with commercial additions - a focus for the company, as it moves to ease its focus from the troubled residential sector of the economy - out-pacing the residential side.

Protection One is based at the I-70 Business Center, 1035 N. Third St. in North Lawrence.

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