BALTIMORE, Nov. 16, 2004 (PRIMEZONE) -- View Systems, Inc. (OTCBB:VYST) a front line security and surveillance company, today announced third quarter results for fiscal year 2004 completed on September 30th.
As reported in View Systems recently filed 10-Q, revenues for third quarter 2004 were $188,029 with a net loss of $142,731 compared to revenues of $158,041 and a net loss of $430,822 during the second quarter of 2004. Gross Profit margins in the third quarter were 82%, while operating expenses were substantially reduced from $489,694 to $295,037, a reduction of nearly 40% quarter over quarter. Our liabilities are down, current assets are up and stock holders equity is up by 30%.
"This is the second consecutive quarter our revenues escalated while our net losses improved," commented CEO Gunther Than. "Sales of ViewMaxx surveillance system were double the sales realized during the second quarter, a solid indication of things to come. All the time and resources spent building awareness of our Secure Scan portal is coming to fruition as professional sports venues, school systems, and Tier 1 Security providers are in negotiations on future applications, including the use of our newest mobile version. The First View Responder is drawing immediate attention from First Responders around the world. We have multi-unit orders that will be realized in either this quarter or the next. We should continue these trends into the fourth quarter, which is poised for continued growth while controlling costs."
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.