Viscount Systems Reports Record First Quarter

Edited by the Buildingtalk editorial team May 10, 2004

Highlights included: -- Sales for the quarter ended March 31, 2004 increased by 32% as compared to the quarter ended March 31, 2003. -- Gross profit increased by 64.7%.

Viscount has generated positive cash flow from operations for the second consecutive quarter.

- Working capital for the quarter ended March 31, 2004 has increased by $380,050 to $1,146,622, as compared to the working capital for the quarter ended March 31, 2003.

This is reflected in the improved current ratio from 1.9 to 2.5 for the quarter ended March 31, 2003 and 2004, respectively.

- Viscount reported the first significant revenues from MESH, The Company's new Flagship Security product.

"The first quarter of 2004 was the most important in the history of Viscount," noted Stephen Pineau, President and CEO of Viscount.

"We greatly increased our marketing budget to introduce MESH at several major trade shows and ran ads in the most important security publications.

The response has been tremendous.

The benefits, savings and flexibility of MESH easily overcome the resistance normally seen with new technology and we are designing and specifying large numbers of systems both in North America and internationally.

The quality and benefits of MESH have also resulted in increasing repeat business with the dealers and developers who began testing MESH last year.

Many of these projects are new and the impact of MESH sales will increasingly improve our results over the coming quarters." About Viscount Systems.

Viscount Systems is a designer and manufacturer of telecommunications and electronic door control access systems for the security industry.

From 1969-1997 Viscount was an R and D affiliate of Telus, itself a controlled subsidiary of GTE, now Verizon Communications.

The company's diverse line of products are designed to improve safety and manage security for property owners and users.

Viscount's products have been installed in approximately 35,000 sites in over 30 countries and are sold through a 500-member, North America-wide dealer network comprised of security equipment vendors.