BALTIMORE, May 17, 2005 (PRIMEZONE) -- View Systems, Inc. (OTCBB:VYST), a cutting-edge homeland defense solutions provider, today announced first quarter results for the period ending March 31st, 2005.
As reported in View Systems recently filed 10-Q, revenues for the first quarter of 2005 were $285,643 with a net loss of ($26,565), compared to revenues of $34,353 and a net loss of ($214,355) during the first quarter of 2004. Gross profit margins rose during the period to 63%, while total liabilities were reduced 24% versus a year ago.
View Systems anticipates continuing sales will be fueled by the $3.6 billion the United States Government will spend on Homeland Security in the 2006 fiscal year budget that begins on July 1, 2005. Already View has announced sales to the U.S. Coast Guard National Guard, Army, Civil Support Teams, and various emergency responders who rely on this funding to equip their units and facilities. The company has established a strong sales network featuring prime vendor supply contractors such as Aramsco, Levitt Safety and Accutech whose relationships and marketing prowess are increasing awareness and revenue for the VFR and SecureScan products
"The first quarter revenues equaled almost 60% of the total 2004 year revenues last and we are tracking according to our business plan. Our increasing sales are attributed to growing awareness and interest from the U.S. Armed Forces, emergency responders and predominate industry suppliers," stated CEO of View Systems, Gunther Than. "We are establishing a strong market for our products which have proven themselves in the lab and are now proving themselves in the field. Our second quarter will continue our trend of growing sales which have us on track towards profitability. We are continuing our efforts to partner with strong businesses which are established in the homeland security and/or large venue people screening markets."
About View Systems, Inc.
View Systems, Inc. provides a broad range of products to law enforcement, military, government agencies, educational facilities, hotels, event and sport venues, and commercial businesses. View Systems has an extensive network of distributors, licensees and strategic alliance affiliates.
Forward-Looking Statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.