SSC Security Services Corp. ("SSC" or the "Company) (TSXV: SECU) (OTCQX: SECUF), a national provider of cyber, physical and electronic security services to commercial, industrial and public sector clients across Canada, is pleased to release its results for the first quarter ended December 31, 2024. All figures are presented in Canadian dollars.
"Our first quarter results came in as expected. We are seeing improved profitability from stronger margins as a result of careful expense management. We continue to buy back our shares and take a disciplined approach to acquisitions. Our objective is always to protect our cash and be opportunistic in our efforts to grow the company. We continue to be well capitalised and debt free", said Chairman and CEO Doug Emsley.
Key Highlights for Q1 2025:
- Improved Margins- Gross profit for the quarter ended December 31, 2024 was $5.0 million (17.1%) up from $4.9 million (15.7% of revenue) during the same quarter last year.
- 34th Consecutive Quarterly Dividend- During the quarter we paid $0.03 per share in dividends to shareholders.
- Share Buy-backs- During the quarter we bought back 161,400 shares of the Company at an average of $2.61 per share (cancelled 157,400 shares with 4,000 shares held in Treasury to be cancelled early January 2025).
- Consistent Revenues- During the first quarter ended December 31, 2024, revenue was $29.2 million, consistent with revenues last quarter (fourth quarter of fiscal year 2024: $29.6 million). Revenues for the quarter ended December 31, 2023 were $30.9 million.
We finished the quarter ended December 31 with:
- Cash and cash equivalents of $11.4 million equal to $0.62 per share;
- Working capital of $26.3 million;
- Total shareholders' equity of $63.4 million; and
- No long-term debt.
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