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Surveillance had record bookings
Q2 2008 Earnings Call Transcript
Representing the company today are Hans Kobler,mens nike air max, President and Chief Executive Officer, and Debbie Mosier, Chief Financial Officer.
Before I turn the call over to Hans for his opening remarks, please allow me to read the following Safe Harbor statement. This conference call contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward looking statements may be identified by indicating the belief or expectations of management and include,hogan rebel online, but are not limited to, statements regarding the outlook for the company's future business and financial performance.
Forward looking statements are based on management's current expectations and assumptions which are subject to inherent uncertainties, risks and changes and circumstances that are difficult to predict. Actual outcomes and results may differ materially due to various factors that are described more fully from time to time in the company's filings with the SEC.
ICx disclaims any obligation to update or revise any of these forward looking statements, whether because of future events, new information, a change in its views,hogan borse, expectations or otherwise.
The company will comment on adjusted EBITA results which have been included, together with a reconciliation or explanation compared to US GAAP results in today's press release.
I'd also like to mention that the company will be present at the upcoming Morgan Keegan Investor Conference. Details can be found on our Web site.
At this time, it is my pleasure to turn the call over to Hans Kobler.
Thanks, Jessica. Welcome, everybody, and thank you for joining us on today's call. Q2 was a big quarter for us,air maxes, and it in our mind, is a strong confirmation that we're on the right track.
First, our revenues came in line with our expectations at $37.4 million, reflecting the slower start of the first half of the year that we anticipated. On those revenues, we reduced our adjusted EBITDA loss by 39% to $4.1 million from the first quarter, largely on better margins and reduced operating expenses.
The biggest news for the quarter is that our program investments are now starting to pay off. We landed our first larger wins here and our backlog jumped to $75 million. That's an increase of 63% over just three months ago,hogan prezzi.
Growth, this quarter was largely from Detection and Solutions. Surveillance actually was down year over year. We expected that, and we are not concerned about it. You all know the government business is lumpy. It rather confirms the attractiveness of our business model, where while Surveillance is down, Detection margins are ahead. In the same quarter, though, Surveillance had record bookings, so they will deliver in the second half of the year.
We offer a compelling index on high tech security that reduces much of the otherwise common volatility. That's what we do. And in addition, we also have a lot of optionality built in. Just take the recent (inaudible) transportation win which came really a bit as a surprise, so early into this young business.
With that highlight,hogan rebel online, let me flag a few operational points for you. Border Patrol. Cerberus, as you might remember,hogan 2014, is a fully integrated mobile surveillance tower that combines radars with thermal cameras on a common software platform, thus making it easier to identify and track potential intruders. Army and the Border Patrol, and this shipment marks the first successful deployment of the mobile surveillance towers along a portion of the southern border virtual fence. Army's multi billion dollar BETSS C Program. That's the Base Expeditionary Targeting and Surveillance Sensor Combined Program that some of you might be familiar with because (inaudible) is also part of that. That's run by the Asymmetric Warfare Office. That's a huge program, and we expect and are hopeful that there's more to come in the future. The transportation market is huge. And what we like about it is that we can leverage our sensor, software and management capabilities from security into this dual used market.
Our Radiation group has been awarded an order of $4.4 million of identiFINDERs for our OEM partner,nike tn outlet, Thermo Fisher Scientific. We are also helping secure the Olympics that are going on currently with our spectroscopic detectors which we delivered on a $2.5 million contract to them. military,hogan rebel donna, and received another order for $4.8 million from the Robotics System Joint Program Office for Fido XT.
Now, these handheld systems will be used in both Operations Iraqi Freedom and Enduring Freedom. And last, but not least, our Bio group won a $4.9 million Phase IIbc RAD contract under the DHS Detect to Protect program to develop rapid sensors for a biological attack. These are some tactical wins.
From a strategic perspective, it's worth pointing out a few things that we believe position us very well in the long run. First, we acquired S3I, the market leader in advanced bio aerosol detectors. We've been working with S3I for a while and already integrated their IBAC sensor into our solution.
Now, together,air max 90, we can offer a fully integrated biological detection product line for the military, the first responders, and commercial customers such as Subways, who want the fast, reliable and actionable information in the field or in facilities.
We also believe that with this capability and one of the world's most diversified and advanced chem bio platforms, we are very,nike air max cheap, very well positioned for some of the large programs that are coming up in the near future.
S3I is a good example of our suite spot in M As I said all along,nike air max light, at this stage, we view M as part of our build versus buy R decision making. And the ideal time for us to buy those technologies is when they're about to take off. That's when the price is still reasonable.
And we also have a pretty good track record for picking those trends at this stage. We are hopeful that S3I will fall in that category and will make us happy very soon.
The second, Q2 marked the first time that we landed and came through with a few bigger multi year programs. We expect these and similar programs to make a huge difference going forward. Not only do they provide steady revenues, but we also will be able to cover some of our existing overhead with those large programs.相关的主题文章:
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