iSECUREtrac Corp., a technology and information services company providing advanced GPS tracking solutions of US has reported record revenues for the year ended December 31, 2004 of $4.7 million compared to $1.5 million for the prior year.
Recurring revenues from the leasing and hosting of electronic monitoring equipment increased from $1.2 million in 2003 to $3.6 million in 2004. Excluding the impact of $1.3 million write down of certain monitoring equipment during 2004, gross profit increased by $1.3 million from 2003.
Combined cash expenses from sales, general, and administrative costs were reduced by almost $1 million from 2003 to 2004 for iSECUREtrac and its subsidiary, Tracking Systems Corporation.
The Company reported a net loss for the year of $9.7 million, $4 million of which is attributable to non-cash transactions including the $302,000 write down of intangibles, $389,000 stock issuance expenses and $1.9 million of non-cash interest expense.