Valley Forge Composite Technologies Inc., manufacturer and marketer of cargo/baggage screening, full-body scanning technologies and aerospace products, today reported its results for the fourth quarter and full year ended December 31, 2009.
For the fourth quarter of 2009 the company posted revenues at $2.88 million, an impressive leap from the $315,000 reported in the third quarter of 2009. The company recorded deferred revenue of $858,400 in the fourth quarter of 2009. All product sales for 2009 and 2008, including deferred revenue, were generated from sales of the company’s specialized mechanical devices for aerospace projects.
Valley Forge reported a net loss of $319,572 for the fourth quarter. Net loss per share applicable to the common shareholders was (0.00) per share on a fully diluted basis.
Revenues for full year 2009 were $3.2 million compared to $132,000 for 2008. Gross profit was $249,750 in 2009 compared to $59,932 in 2008. Operating loss was $1.46 million in 2009 compared to an operating loss of $1.64 million in 2008.
Net loss for 2009 was $2.03 million compared to net loss of $1.84 million in 2008. Net loss per share on a fully diluted basis in 2009 was (0.04) compared to (0.04) in 2008.
Valley Forge CEO Louis Brothers said the quarterly results reflect an integral payoff in the company’s efforts.
“The fourth quarter marked an important milestone in the evolution of Valley Forge. After seven years of product development we are finally at the goal line. We anticipate that income from sales of aerospace related products will be sufficient to finance ongoing capital requirements in 2010. Given that development of our next-generation detection systems is complete, we do not anticipate having significant additional research and development expenses. Any potential additional outside debt or equity would be used for the purpose of expanding operations, such as the installation of manufacturing facilities and dealer network related to our detection systems,” Brothers stated in the press release.
THOR-LVX™, the company’s advanced screening system, primarily for cargo, provides advanced detection capability for illicit narcotics, explosives and bio-chemical weapons hidden in cargo containers. The company said it does not believe there is a comparable device in the market, and that according to multiple laboratory tests, the system effectively penetrates concealment media and performs to 99.6 percent accuracy.
In March 2010, the company announced the first pending sale of a THOR-LVX Cargo Scanner to the Federation of Malaysia.
ODIN™ is Valley Forge’s state-of-the art full-body scanning system that is able to detect weapons and contraband based on Ultra-Low Dose Imaging Technology.
The company said the device is undergoing evaluation and testing by several potential clients; in late January 2010 the company announced an initial system sale based on a 30-day acceptance test.
“Both the THOR-LVX Cargo Scanner and ODIN Full-Body Scanner represent game-changing technologies with broad applications. We intend to begin full-scale marketing and distribution of these products in 2010. We believe our products can make a major impact globally in the world of security screening,” Brothers stated.
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