Brekford International Corp. Announces 2008 Full Year Results

* Reuters is not responsible for the content in this press release.

Tue Mar 24, 2009 9:10am EDT

  HANOVER, MD, Mar 24 (MARKET WIRE) -- 
Brekford International Corp. (OTCBB: BFDI), a provider of rugged, mobile
technology systems and fleet vehicle upfitting services to public safety
and federal agencies, announces financial results for its fiscal fourth
quarter and twelve months ended December 31, 2008.

    CB Brechin, Chief Executive Officer of Brekford, stated: "Brekford's goals
for 2008 were to be profitable, focus on our core strengths, and drive
shareholder value. Our 2008 goals remain, while in 2009 we are focusing on
our mission of providing our clients with bumper-to-bumper, one-stop shop,
fleet upfitting and mobile technology services. This is our core business
and what we do best."

    2008 Company Highlights

    "The company is poised for positive growth now that we have reduced
expenses and eliminated unprofitable business lines. We are confident that
our state-of-the-art facility, our expertise in rugged mobile technology,
our relationships with top technology manufacturers and our commitment to
full service upfitting will allow us to reach a broader customer base in
the federal agency arena as well as offer additional fleet services to our
existing client base. Furthermore, our management firmly believes that new
product innovations geared towards first responders, such as our
proprietary Slick-Ticket system that can be sold nationwide, will allow
Brekford to expand its client base to public safety agencies across the
country," said CB Brechin, Chief Executive Officer.

    The Company's 2008 results of operations were $13.5 million and a net loss
of $1.5 million or $(0.02) per share.

    The Company's revenues increased for the third consecutive quarter;
unaudited revenues for the three months ended June 30, 2008 was $3.0
million, unaudited revenues for the three months ended September 30, 2008
was $3.2 million, and unaudited revenues for the three months ended
December 31, 2008 was $4.1 million. The company's revenues for the three
months ended December 31, 2008 increased due to a major upfitting and
mobile technology contract with a large Federal Government agency which
involved the installation of toughbooks into 188 of their vehicles.

    The Company's net income increases and operating losses decrease for the
fourth consecutive quarter; unaudited net loss for the three months ended
March 31, 2008 was $1.0 million; unaudited net loss for the three months
ended June 30, 2008 was $0.7 million; unaudited net loss for the three
months ended September 30, 2008 was $0.3 million; and unaudited net income
for the three months ended December 31, 2008 was $0.5 million.

    Business Developments


--  New business development efforts directed at regional and federal
    government were initiated, with efforts focused on total fleet upfitting
    services and raising Brekford brand awareness; and

--  The Company recently announced the introduction of its Slick-Ticket
    product in September 2008, which is a fully portable over the seat
    organizer for public safety vehicles, specially designed to house a printer
    and scanner to allow officers to quickly access driver's license and
    registration information as well as issue tickets, warnings and citations.
    As law enforcement agencies migrate to electronic ticketing, the Company is
    positioning Slick-Ticket as an essential, cutting-edge component for
    officers looking to streamline their ticketing process while at the same
    time freeing up the limited space available in their vehicles. As of the
    date of this press release, Brekford has sold approximately 900 Slick-
    Ticket units.
    

    
Financial Developments


--  The company continues to significantly reduce operating expenses;

--  In fourth quarter of 2008, the Company sold the Consumer Technology,
    Training and Armor divisions, enabling further focus on rugged mobile data
    and fleet vehicle upfitting; and

--  As of this press release, the Company has settled all pending
    litigation.
    

    
Financial Highlights

    Total Revenues -- Unaudited revenues for the fourth quarter of 2008 were
$4.1 million compared to $7.1 million in the fourth quarter of 2007, a
decrease of 42%. Audited revenues for the twelve months ended December 31,
2008 were $13.5 million compared to $19.8 million for 2007, a decrease of
32%.

    Gross Profit -- Unaudited gross profit for the fourth quarter of 2008
decreased 40% to $0.6 million, compared to $0.9 million in the fourth
quarter of 2007, or 14% of revenues for the fourth quarter of 2008 and
2007. Audited gross profit for the twelve months ended December 31, 2008
decreased 44% to $2.0 million, or 15% of revenues, compared to $3.6
million, or 18% of revenues, for 2007.

    GAAP Earnings -- On the basis of generally accepted accounting principles
(GAAP), unaudited net income was $0.5 million in the fourth quarter of
2008, or $0.01 per share, compared with GAAP unaudited net loss of $0.5
million in the fourth quarter of 2007, or $(0.01) per share. Net loss was
$1.5 million for 2008, or $(0.02) per share, compared with GAAP net loss
of $3.8 million for 2007, or $(0.06) per share.

    Balance Sheet -- As of December 31, 2008 the Company's assets totaled $4.3
million.

    About Brekford International Corp.

    Brekford International Corp. (OTCBB: BFDI) is a provider of fully
integrated, rugged technology solutions geared toward mission-critical
operations. For more than a decade, the Company has provided services to
branches of the U.S. military, various federal entities and numerous
security and public safety agencies throughout the Mid-Atlantic region.
Brekford provides these agencies with an end-to-end suite of what it
believes are superior products and services designed to streamline
procurement processes and offer maximum functionality in their day-to-day
operations. For more Company information, please visit www.brekford.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning
of that term in Section 21E of the Securities Exchange Act of 1934, as
amended. Actual results may differ materially from the results suggested
by these forward-looking statements, for a number of reasons, including,
but not limited to, market conditions, the cost and success of
development activities and ability to successfully manage growth. Readers
are referred to the documents filed by Brekford International Corp. with
the SEC, specifically the Company's most recent reports filed on Form
10-K and Forms 10-Q, which further identify the important risk factors
which could cause actual results to differ materially from the
forward-looking statements in this release. The Company expressly
disclaims any obligation to update any forward-looking statements.

    

CONTACT:
C.B. Brechin
443-557-0200
Email Contact

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