- We protect over 150,000 people across North America
- Over 20 years experience in the industry
- One of the few alarm companies to manufacture our own technology
- You deal directly with AlarmForce at all times
- Lowest prices and best value in the business
Financial Information
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
| 2004 | 2003 | |
| $ | $ | |
| Retained Earnings, beginning of year as previously stated | 3,907,468 | 2,539,888 |
| Adjustments required in complying with EIC No. 142 | (655,307) | (589,236) |
| As restated | 3,252,161 | 1,950,652 |
| Net income for the year | 1,275,986 | 1,301,509 |
| Retained earnings, end of year | 4,528,147 | 3,252,161 |
See accompanying notes to financial statements.
CONSOLIDATED STATEMENT OF INCOME
| 2004 | 2003 | |
| $ | $ | |
| Revenue | 14,450,129 | 11,986,089 |
| Cost of Sales | 3,263,893 | 3,171,485 |
| Gross Margins | 11,186,236 | 8,814,604 |
| Expenses | ||
| Selling | 1,297,205 | 1,075,557 |
| General and administrative | 3,293,776 | 2,535,960 |
| 4,590,981 | 3,611,517 | |
| Income from operations | ||
| before other expenses: | 6,595,255 | 5,203,087 |
| Other expenses: | ||
| Amortization: | ||
| Revenue equipment | 1,475,277 | 1,270,116 |
| Deferred charges | 2,135,928 | 1,612,350 |
| Intangible assets | 319,556 | 168,785 |
| Interest on long-term debt | 146,740 | 211,465 |
| 4,077,501 | 3,262,716 | |
| Income before income taxes | 2,517,754 | 1,940,371 |
| Income taxes (Note 11) | 1,241,768 | 638,862 |
| Net income for the year | 1,275,986 | 1,301,509 |
| Basic net income per common share, ( Note 14) | $ 0.12 | $ 0.14 |
| Diluted net income per common share, ( Note 14) | $ 0.11 | $ 0.13 |
See accompanying notes to financial statements.