RELM Holdings Inc. Announces Fiscal Year 2009 Financial Results
February 12 2010 - 11:59AM
Marketwired
RELM Holdings Inc. (PINKSHEETS: RELM) announced financial results
for fiscal year 2009 ended December 31, 2009. The company posted
revenue of $1.97 million or $0.003 per diluted share. These results
compare to revenue of $ 2.13 million or $0.003 per diluted share
for fiscal year 2008.
"We are pleased with our fiscal 2009 results. Although revenue
was down, we surpassed our EBITDA estimates with total EBITDA
reaching $ 225,346," said Marc Greenberg, RELM's EVP. "We weathered
a challenging business climate and a difficult government
contracting period. Access Versalign, a RELM subsidiary, derives a
majority of its revenue from the State of Delaware and Fortune 1000
corporate contracts and both groups were significantly impacted by
the economic downturn resulting in deferred or curtailed
Information Technology projects. We saw some revenue erosion, but
most projects were merely delayed due to the budgeting process. Our
outlook has stabilized, but macroeconomic risks still remain,"
continued Greenberg.
RELM remains committed to the Information Technology
acquisitions announce in 2009. RELM must raise the funds necessary
to close the transactions through the liquidation of Public Stock
in an affiliate or external financing. Due the limited liquidity in
the PCSO stock, RELM has been actively seeking external financing,
but the well publicized lending contraction has impacted our
ability to secure external funding. The acquisitions would be
additive to RELM's profitability, but failure to close the
acquisitions will not impact RELM's on-going financial
performance.
Access Versalign is expanding its Computer Recycling and
Information Security offerings. Demand for "Green" recycling
options is increasing and Access Versalign is seeing an increased
opportunity in its offerings for these services. "We are investing
in multiple technologies within the Secure Data Destruction space,"
said Greenberg. "We see the most growth within this segment and the
highest barriers of entry for our competition in order to meet our
clients' strictest criteria."
SAFE HARBOR
This press release contains forward-looking statements including
without limitation those about the Company's estimated revenue and
earnings per share. These statements involve risks and
uncertainties, and actual results may differ. Risks and
uncertainties include without limitation the effect of competitive
and economic factors, and the Company's reaction to those factors,
on consumer and business buying decisions with respect to the
Company's products and services; continued competitive pressures in
the marketplace; the ability of the Company to deliver to the
marketplace and stimulate customer demand for new products,
services, and technological innovations on a timely basis; the
continued availability on acceptable terms, or at all, of certain
components and services essential to the Company's business
currently obtained by the Company from sole or limited sources; the
effect that product and service quality problems could have on the
Company's sales and operating profits; the continued service and
availability of key executives and employees; war, terrorism,
public health issues, and other circumstances that could disrupt
supply, delivery, or demand of products and services; and
unfavorable results of other legal proceedings.
RELM Holdings Inc. Email Contact:
shareholdernews@relmholdingsinc.com
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