Investor Relations

AlarmForce Industries Inc. 2009 Annual Report

ALARMFORCE INDUSTRIES INC. is a manufacturer and supplier of monitored alarm and personal emergency response systems, providing service across Canada and in selected areas in the United States. Since its inception in 1988, the Company’s primary focus has been to sell and monitor affordable, state of the art security to the residential market. AlarmForce is listed on the Toronto Stock Exchange under the symbol AF.

Subscribers Increased By 12%
Revenue Increased By 14%
Net Income Increased By 45%

Financial Highlights

	2009	2008	2007
Subscriber base
	102,400	91,000	79,200
	$	$	$
Operations:
Total revenue	34,133,361	29,942,385	25,136,125
Gross margins	26,101,301	23,346,082	20,005,802
EBITDA**	9,057,490	7,218,372	4,962,351
Income before income taxes	5,673,140	3,885,740	2,105,091
Net income	3,780,061	2,610,585	1,280,172
Cash flow from operations	6,467,452	6,812,715	2,737,038
Earnings per share	0.31	0.22	0.11
Diluted earnings per share	0.31	0.22	0.11
Diluted EBITDA per share	0.74	0.61	0.39
Financial position:
Total assets	33,072,558	29,311,049	25,251,571
Total long-term debt***	1,179,168	1,454,167	1,759,369
Shareholders’ equity	23,743,081	19,582,560	16,839,675
Debt/equity ratio**	0.05	0.07	0.10
Debt*** per subscriber account	12	16	22

** Earnings Before Interest Tax Depreciation and Amortization is a key performance indicator but should not be interpreted as GAAP earnings.

** Includes building loan and revolving term loans (see Long-term Debt section)