ST. GEORGE, UT -- (MARKET WIRE) -- 07/28/06 -- CyberKey Solutions, Inc. (PINKSHEETS: CKYS) is pleased to announce that the Company has reported total Net Income of $12,152,060 for the first and second quarters of 2006. CyberKey Solutions has posted their 1st and 2nd Quarter 2006 unaudited financials on the Company's website, www.cyberkeysolutions.com, and also on www.pinksheets.com. The Company is currently in the process of auditing their financial statements and is expecting to file them in the near future.
According to the unaudited financial statements, CyberKey Solutions total income was $25,050,708.23 which includes the purchase order from the Department of Homeland Security for 150,000 CyberKey units. The Company has also been directly marketing and selling their products through their corporate website, www.cyberkeysolutions.com, and www.military.com.
CyberKey Solutions posted a Gross Profit of 12,806,298.97 with total expenses of only $654,238.78 for the first 6 months of 2006. As a result, CyberKey's Net profit of more than $12 Million yielded an earnings per share of more than $.027.
"These financial statements are an accurate reflection of the progress that we have made this year. We continue to exceed expectations and show the financial community that we are grossly undervalued at this point in our corporate growth," stated Jim Plant, CEO of CyberKey Solutions, Inc.
CyberKey Solutions, Inc. reported Total Assets of $19,554,590.98. The majority of the assets are a result of the $19 Million accounts receivable from the Department of Homeland Security. CyberKey's Total Liabilities are $6,617,706. CyberKey recently announced that the Board of Directors has authorized its officers and directors to buy up to five million shares of common stock directly from the open market. The Board's decision was based upon the various events that have already unfolded and what the Company believes will be happening in the near future as they continue the fulfillment of the Department of Homeland Security purchase order.
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