BALTIMORE, Nov. 23, 2010 (GLOBE NEWSWIRE) -- View Systems, Inc. (OTCBB:VSYM) posted its third quarter report last week, revealing increased revenues and decreased operating costs.
View Systems' 3rd quarter report recorded a 185% increase in revenue for the quarter with a total of $722,042; up from $246,436 in the 3rd quarter of 2009. The net loss went down from $1,035,129 in the 3rd quarter of 2009 to $294,065 in 2010. The company's net cash used by operating activities decreased from $230,093 to $61,762; a reduction of $168,631.
View has made significant strides in decreasing its net payables from $677,589 to $406,834. In addition, View's net loss per share has been reduced from $0.03 to $0.00. The company's gross profit for the nine months ended September 30, 2010 increased to $527,004 from $148,491 reported in 2009; an increase of $378,513.
The company delivered a significant reduction in total operating expenses and increased its revenue dramatically, compared with the third quarter of the previous year, creating a lean and focused organization equipped to fully capitalize on anticipated further growth in 2011.
View's operational staff has extensive experience in optical fiber data network installation and service and is looking forward to a doubling of that revenue in the coming year. The company has made substantial asset investments, and intends to broaden its presence in the wired and wireless market.
Gunther Than, CEO of View Systems, states, "Agency buyers continue to be responsive to our current pricing structure which generates attractive profit margins. We will continue to build on our past sales successes in our core target markets of schools, courthouses, correctional facilities, etc. with strategic marketing campaigns. After-sales care, particularly unit upgrades, warranty contract renewals, and additional product sales continue to fuel our growth.
"We are diligently moving forward to fulfill our strategic decision of pursuing mergers and acquisitions utilizing our substantial tax asset, worth in excess of $8 million."
About View Systems:
View Systems, Inc. manufactures and installs weapons detection identification systems, video management platforms and tele-data communication networks targeted towards correctional facilities, schools, courthouses, government agencies, event and sports venues, and commercial businesses. More information can be found on the website at
Forward-Looking Statements: This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
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CONTACT: View Systems, Inc. Investors Contact: Investor Relations 410-242-8439 [email protected]
