Investor Relations
AlarmForce Industries Inc. 2008 Annual Report
Founded in 1988, AlarmForce Industries Inc. is Canada’s largest manufacturer of two-way voice burglar alarms. The Company installs and monitors its affordable, innovative security systems throughout Canada and in selected markets in the United States and has built a highly recognizable brand through its distinctive marketing.
In 2008, AlarmForce introduced AlarmCare, a Personal Emergency Response System which incorporates the Company’s proprietary two-way voice technology.
AlarmForce INDUSTRIES INC. is traded on the Toronto Stock Exchange under the symbol AF.

Revenue increased by 19% to $29,942,000
Earnings per share increased to 22 cents per share, a 100% increase
EBITDA increased by 56% to $7.4 million
Net income increased by 104 % to $2.6 million
Subscribers increased by 15% to 91,000
Financial Highlights
| 2008 | 2007 | 2006 | |
| Subscriber base | |||
| 91,000 | 79,200 | 66,300 | |
| $ | $ | $ | |
| Operations: | |||
| Total revenue | 29,942,385 | 25,136,125 | 20,964,877 |
| Gross margins | 23,346,082 | 20,005,802 | 16,458,835 |
| EBITDA** | 7,407,647 | 4,747,901 | 5,217,159 |
| Income before income taxes | 3,885,740 | 2,105,091 | 2,509,697 |
| Net income | 2,610,585 | 1,280,172 | 1,492,336 |
| Cash flow from operations | 6,812,715 | 2,737,038 | 4,945,232 |
| Earnings per share | 0.22 | 0.11 | 0.12 |
| Diluted earnings per share | 0.22 | 0.11 | 0.12 |
| Diluted EBITDA per share | 0.61 | 0.39 | 0.43 |
| Financial position: | |||
| Total assets | 29,311,049 | 25,251,571 | 23,880,550 |
| Total long-term debt*** | 1,454,167 | 1,759,369 | 1,256,062 |
| Shareholders’ equity | 19,582,560 | 16,839,675 | 15,521,703 |
| Debt/equity ratio** | 0.07 | 0.10 | 0.08 |
| Debt*** per subscriber account | 16 | 22 | 19 |
** Earnings Before Interest Tax Depreciation and Amortization is a key performance indicator in the security industry but should not be interpreted as GAAP earnings. *** Includes building loan and revolving term loans (see Long-term Debt section)





