Record Quarter for Secured Digital; Revenue up 50%; Operating Profits Climb 312% SADDLE BROOK, N.J.--(BUSINESS WIRE)--May 23, 2006--Secured Digital Applications, Inc. (OTCBB:SDGL), a leading integrator of technology related enterprises in Asia, today announced sharply higher revenue and earnings for the first quarter of 2006, as its sales reached record levels.
Revenue increased by 50 percent over the first quarter of 2005, from $6.52 to $9.78 million. Net income to shareholders was $384,571 in the first quarter, as compared to a loss of $286,597 during the comparable year earlier period. The financial results were contained in the company's quarterly report filed yesterday with the Securities and Exchange Commission.
Patrick Lim, Chairman and Chief Executive Officer, said the company experienced increased revenues in both its applications division and retail computer and consulting division.
The applications division, which provides Internet content, information technology consulting, and security and wireless applications, experienced an increase of revenue of 55 percent over the year earlier, from $5.41 to $8.4 million. The Company's Gallant computer operations, which includes three retail stores selling Apple computers and accessories as well as related consulting services, grew by 33 percent from the first quarter of 2005, from $1.01 to $1.35 million.
"In terms of revenue, this is our best quarter ever," Lim said. "In addition to the growth in sales, however, we also improved our profitability substantially," Lim noted. Gross profit increased by 125 percent to $1.33 million from $590,535. Income from operations increased by 312 percent, from $146,171 to $601,575. The gross profit margin improved from 9 to 14 percent.
The restructuring of the Company's balance sheet in 2005 resulted in improved income available to shareholders. Charges for interest, dividends and accretion to the redemption value of outstanding preferred shares were approximately $450,000 during the first quarter of 2005, Lim noted. "Our program to retire outstanding debt and preferred issues in 2005 has eliminated those charges and our bottom line is much improved," Lim said.
Period Period Ended Ended March 31, March 31, 2006 2005 Difference
Revenue $9,774,716 $6,520,354 50% Cost of revenues $8,445,861 $5,929,819 42% Gross Profit $1,328,855 $590,535 125% Income From Operations $601,575 $146,171 312% Income before taxes, minority interest and foreign currency translations $558,359 $167,965 232% Net Income Available to Common Shareholders $384,571 ($286,597) NA Gross Profit Margin 14% 9% Net Profit Margin 4% (4%)
About Secured Digital Applications:
Secured Digital Applications, Inc. is an integrator of related business enterprises and business processes, with 14 majority or wholly owned subsidiary companies located in the United States and Malaysia, and operating in the information technology, communications, multimedia, retail, international trade and logistics industries. SDA's operating subsidiaries offer products that include Internet and multimedia content, digital security and biometric products, broadband telecommunications, secured shipping, value-added sales of hardware and software, retail sales of Apple computer products and accessories and international trade consulting.
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