ICx Technologies Records First Profitable Fiscal Year for 2009

ICx Technologies, announced its operating and financial results for the fourth quarter and full year ended Dec. 31, 2009.

For the year ended Dec. 31, 2009, the company reported revenues of US$183.4 million compared to $170.2 million for the year ended Dec. 31, 2008, representing an 8-percent increase year-over-year. With respect to adjusted EBITDA, the company achieved its first positive fiscal year, showing profits of $8.4 million, a $15.1 million improvement over the $6.7 million loss in the previous year.

For the quarter ended Dec. 31, 2009, the company achieved its sixth consecutive positive quarter, showing adjusted EBITDA (earnings before interests, taxes, depreciation and amortization) profits of $2.4 million, a slight decrease from the $2.5 million reported for the fourth quarter in 2008. The company reported revenues of $48.2 million, compared to $52.7 million for the quarter ended Dec. 31, 2008, representing an 8-percent decrease year-over-year.

"In what can only be described as a difficult economic climate in 2009, heightened by the delay in passage of the FY 2010 defense bill, we are proud to have achieved our first positive fiscal year based-on adjusted EBITDA profits. We believe that we have done the right things right, continuing to eliminate operational redundancies, improving our production efficiencies and focusing on what we do best, developing exceptional products and building our programs business," stated Colin Cumming, CEO of ICx Technologies.

"We head into 2010 with a positive outlook based-on strong contract opportunities in both the government and commercial sectors," Cumming said. "We continue to believe that we are well-positioned to benefit from homeland and military security initiatives. In addition, we have seen increased interest from our international customers and partners and believe those opportunities will begin to expand. However, as the economy as a whole moves through a slower than expected recovery timeline, we are taking a conservative, though optimistic, stance concerning 2010 revenues."

ICx announced guidance for 2010. The company expects to show solid results in 2010 with revenue in the range of $212 million to $226 million, reflecting growth rates of 16 to 23 percent over 2009. The company expects EPS in 2010 to range from $0.06 per share to $0.25 per share on a fully diluted basis. This compares to a loss per share of $0.31 in 2009.

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