COPsync Inc. (COYN.OB) Reports 2009 Results, Expectations for 2010

By IBTimes Staff Reporter | April 13 2010 11:16 AM

COPsync Inc., a software technology provider for law enforcement, emergency service and public safety professionals, recently posted its financial results year ended December 31, 2009.

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The company reported revenues for the year at $278,018, including $181,695 in hardware installation and other revenues and $96,323 in license fee revenues, compared to $3,598 for the year ended December 31, 2008, all of which were license fee revenues.

Cost of revenues for the year ended December 31, 2009, was $695,757, compared to cost of revenues of $64,003 for the year ended December 31, 2008. The company attributes this increase to $539,195 in hardware and other costs, including $342,606 in incentives that it awarded to customers to supplement hardware purchases in the early part of 2009, compared to zero in 2008; and an increase of $92,559 in amortization of capitalized licensing costs, due to a full year of sales in 2009.

The result was a gross loss for the year ended December 31, 2009, of $417,739 compared to a gross loss of $60,405 for the year ended December 31, 2008.

COPsync CEO Russell Chaney noted that 2009 was the company’s first year to post revenues, fueled in part by modifications made its software solutions.

“I am extremely proud of our performance in 2009, especially considering that it was our first full year of generating revenues and keeping in mind the economic climate of 2009. We made many improvements to our software platform, successfully completed a capital raise, exponentially increased our user base and encouraged numerous law enforcement agencies to apply for grants in order to receive federal funding for the implementation of our information sharing software. I am extremely pleased in the direction the company is headed,” Chaney stated in the press release.

Chaney also said in the upcoming year the company will embark on new ventures, including the launch of its national rollout.

“The year 2010 presents both opportunities and challenges for us as we start our national rollout. I believe our geographic footprint will continue to expand as more law enforcement agencies find out about our company and begin to adopt our technology to facilitate true law enforcement information sharing,” Chaney concluded.