SubscribeRevenue for the quarter advanced to $10.5 million, an increase of 19% compared to the same quarter last year.
Gross profit increased to $6.5 million, up 31% for the three months ended March 31, 2008. Operating expenses were $5.9 million for the quarter ended March 31, 2008 compared to $5.0 million in the first quarter of 2007.
Income from Operations for the current quarter increased to $512 thousand compared to a loss from Operations of $51 thousand reported for the first quarter in 2007. After including interest expense and income taxes the Company reported net income of $148 thousand, or $0.04 per diluted share, for the first quarter of 2008. This compares to a net loss of $258 thousand, or ($0.07) per diluted share, for the first quarter of 2007.
Network-Enabled Surveillance Solutions
“We reported solid first quarter 2008 sales marking our third straight quarter of double digit growth,” said Edmund Ludwig, Optelecom-NKF’s President and CEO. “Our markets are currently witnessing a key technological transition toward network-enabled surveillance solutions. The jump in sales for what is our seasonally slowest quarter demonstrates the increased momentum of our business.”
IP Surveillance Products and Solutions
“Revenue for the first quarter increased 19% with growth in both our domestic and international markets,” added Steven Tamburo, Optelecom-NKF’s Chief Financial Officer. “We continue to experience strong acceptance of our global IP Surveillance products and solutions. Our recent addition of aSiqura® camera line demonstrates our product development capability in these rapidly growing markets.”
First Quarter Conference Call
Optelecom-NKF President and CEO Edmund Ludwig will lead a conference call to discuss first quarter results at 10:00 a.m. Eastern Time, Thursday, May 1, 2008.
Interested parties are welcome to call 800-638-4817 (International Dial In: 617-614-3943) and request the "Optelecom-NKF conference call" shortly before the designated start time or provide the participant passcode 25071317. The telephone conference call will feature a question and answer segment with management. For those parties unable to participate in the live conference call, a replay will be available from noon following the teleconference until May 8, 2008. Those wishing to listen to the replay should call 888-286-8010 (International Dial In: 617-801-6888) and enter passcode 25737680 when prompted.
The call is being web cast by CCBN and can be accessed at www.earnings.com or at Optelecom-NKF's website www.optelecom-nkf.com.