Second Quarter 2008 Adjusted Pro Forma Financial Highlights vs.
Second Quarter 2007 SAN ANTONIO, Aug. 14 /PRNewswire-FirstCall/ --
Argyle Security, Inc. (OTC:ARGL) (BULLETIN BOARD: ARGL) ,
("Argyle") a service and solutions provider in the physical
electronic security industry, today announced financial results for
the three and six months ended June 30, 2008. Adjusted Pro Forma
Results(1) For the three months ended June 30, 2008, Argyle's pro
forma revenues increased by 66%, to $36.5 million, compared to
$21.9 million for the same period last year. Pro forma revenues in
Argyle Corrections Group rose by 94% to $28.8 million, driven
largely by favorable industry trends, retention and expansion of
business with existing customers, as well as new customers. Pro
forma revenues in Argyle Commercial Security Group increased by 9%.
Argyle Commercial Security has continued to make investments in its
sales force, which are expected to drive both contract and service
revenues in the commercial market. Based on favorable conditions in
Argyle Commercial Security's target markets of petrochemical,
energy infrastructure and healthcare, Argyle Commercial Security
believes it is well-positioned for a strong second half of 2008.
Adjusted pro forma gross profit increased by 25% to $7.3 million,
or 20.1% of sales, compared to $5.9 million, or 26.7% of sales, in
the comparable period of 2007. Similar to the first quarter of
2008, the gross margin percentage in the second quarter of 2008 was
adversely impacted by the inclusion of Com-Tec's revenues and
expenses into Argyle Corrections, as Com-Tec is currently engaged
in a significant project that has margins well below Argyle
Security's corporate average. Second quarter margins in Argyle
Corrections were also impacted by certain operational
inefficiencies in its security electronics business. These issues
first became apparent in the first quarter of 2008, and have
largely been corrected. Argyle believes it should see margins
improve during the balance of the year, primarily due to the
operational improvements that have been made within its security
electronics business, as well as the expected benefit from
lower-cost technology integration. Adjusted pro forma operating
expenses were $6.3 million, up 41% from $4.5 million in the second
quarter of 2007. In the second quarter of 2008, Argyle incurred
higher than expected legal and accounting fees related to being a
public company. Adjusted operating income in the second quarter of
2008 was $1.0 million, or 2.8% of sales, compared to $1.4 million,
or 6.3% of sales, in the second quarter of 2007. Pro forma adjusted
EBITDA of $1.7 million, or 4.5% of adjusted pro forma revenues, was
essentially flat with second quarter 2007 pro forma adjusted EBITDA
of $1.7 million, or 7.8% of revenues. In the second quarter of
2008, adjusted pro forma net income was $36,000, or ($0.01) per
diluted share, compared to adjusted pro forma net income of
$122,000, or $0.02 per diluted share, in the prior-year period. For
the six months ended June 30, 2008, Argyle's pro forma revenues
increased by 68% to $75.8 million, compared to $45.1 million in the
same period of 2007. Gross profit increased by 41% to $15.3
million, or 20.2% of sales, compared to $10.9 million, or 24.1% of
sales, in the first six months of 2007. EBITDA rose 23% to $3.5
million, compared to $2.8 million for the same two quarters last
year. The comparable EBITDA margin was 4.6%, compared to 6.2%. Net
income for the six months ended June 30, 2008 was $359,000, or
$0.04 per diluted share, compared to net income of $186,000, or
$0.03 per diluted share in the prior-year period. Actual Results
Revenues and gross profit for the second quarter of 2008 were $36.5
million and $6.1 million, respectively. Argyle recognized no
revenues or gross profit in the second quarter of 2007. The
operating loss was $679,000 for the three months ended June 30,
2008, compared to an operating loss of $230,000 for the three
months ended June 30, 2007. Argyle's net loss for the three months
ended June 30, 2008 was $1.0 million, or ($0.19) per share (basic
and diluted), compared to net income of $50,000, or $0.00 per share
(basic and diluted), in the second quarter of 2007. Revenues and
gross profit for the six months ended June 30, 2008 were $74.1
million and $12.5 million, respectively; Argyle recognized no
revenues or gross profit for the six months ended June 30, 2007.
Argyle's operating loss was $1.1 million for the six months ended
June 30, 2008, compared to an operating loss of $520,000 for the
six months ended June 30, 2007. Argyle's net loss for the six
months ended June 30, 2008 was $1.8 million, or ($0.32) per share
(basic and diluted), compared to net income of $101,000, or $0.00
per share, for the six months ended June 30, 2007. Backlog As of
June 30, 2008, net backlog for Argyle Corrections Group was $70.5
million, compared to pro forma net backlog of $100.1 million as of
June 30, 2007. The pro forma net backlog number assumes that the
acquisitions of Com-Tec and PDI were completed on January 1, 2007.
Beginning in 2008, Argyle Security opted to disclose net backlog
only for Argyle Corrections Group (and after the elimination of
intercompany revenues). Management Overview Bob Marbut, Chairman
and Co-CEO of Argyle Security, stated, "We are very pleased with
our revenue growth in the quarter, with overall revenues up 66% and
revenues in the Corrections Group up 94%. This level of growth
largely reflects the robust market conditions in the corrections
sector, but also our ability to deliver superior products and
services to an expanding customer base. "However, we also had some
challenges in the quarter, resulting in an EBITDA margin that was
below our expectations. We started to strengthen the infrastructure
of our security electronics business in the first quarter, but it
took more time than we had expected to develop the people, systems
and structure necessary to support our significant growth. But, as
a result of the actions that have been taken, we believe that we
will be in a position to achieve the margin run rates that we had
targeted for the last half of 2008," he concluded. Sam Youngblood,
President of Argyle Security USA, continued, "We believe that with
the operational issues now rectified, we have the proper
infrastructure in place to support our current and future growth.
We have committed additional management resources to ensure that we
are running at optimal efficiency. Most notably, we have appointed
Mike Peterson as COO of Argyle Corrections Group, and we are also
providing more comprehensive training to all of our supervisory
personnel. With tighter management controls and better training, we
believe we can drive more profitable revenue growth. We also expect
to realize significant costsavings by integrating Com-Tec's
lower-cost technologies across Argyle USA, which was largely
completed in August of this year. We believe this will be reflected
in our margins starting in the fourth quarter of this year." Ron
Chaimovski, Vice-Chairman and Co-CEO of Argyle Security, added, "In
the face of challenging economic times, our primary focus for
driving new business in Argyle Commercial Security Group is on
those industries where security is not an option, but a necessity -
petrochemical, infrastructure, such as ports, utility companies,
and waste and water treatment plants, and healthcare. Our plan
remains to expand our national footprint in the commercial market,
through a combination of organic growth and acquisitions. As the
market is highly fragmented and ripe for consolidation, there is an
abundance of acquisition candidates which may become available to
Argyle. We continue to evaluate opportunities that make good
strategic sense for Argyle and could be acquired for the right
price." Argyle Updates Guidance for 2008 Based on its strong
first-half performance and robust market conditions in the
corrections industry, Argyle expects full-year 2008 revenues to be
at the top end of the previously forecasted range of $128 to $142
million. Argyle now expects EBITDA margins of approximately 7% for
the full-year 2008, which is below previous expectations for 9 to
10%, and due to 1) margin erosion in the security electronics
business, 2) higher than expected legal and accounting fees and 3)
non-cash compensation expense. However, as the previously listed
items were primarily concentrated in the first half of the year,
Argyle does expect to achieve an EBITDA margin run rate of
approximately 9% in the second half of 2008. Conference Call
Information Argyle Security will host an investor conference call
at 10:00 a.m. ET, today, August 14, 2008 to discuss its results.
Interested parties should call 888-713-4213 (domestic) or
617-213-4865 (international) at least five minutes before the
scheduled start time; the passcode is 89962604. This call may also
be accessed via the Internet at: http://www.argylesecurity.com/ For
those who are unavailable to listen to the live broadcast, a replay
will be available through August 28, 2008 and can be accessed by
dialing 888-286-8010 (domestic), and 617-801-6888 (international).
The pass code is 84546898. Disclosure Regarding Non-GAAP Financial
Measures 1 Adjusted Pro Forma Results Since Argyle Security
acquired ISI Security Group (which is now a part of Argyle Security
USA) in July 2007 and FireQuest, Peterson and Com-Tec in January
2008, the Company does not believe a comparison of the results of
operations and cash flows for the three months ended June 30, 2008
versus June 30, 2007 is beneficial to stockholders. In order to
assist investors in better understanding the changes in its
business between the three months ended June 30, 2007 and June 30,
2008, Argyle Security has provided adjusted pro forma results as if
the acquisitions occurred on January 1, 2008 and January 1, 2007,
respectively. Argyle Security derived the adjusted pro forma
results of operations from (i) the unaudited consolidated financial
statements of Com-Tec for the three months ended June 30, 2007,
(ii) the unaudited financial statements of Peterson for the three
months ended June 30, 2007, (iii) the unaudited financial
statements of FireQuest for the three months ended June 30, 2007
and (iv) the unaudited consolidated financial statements of the
Company for the three months ended June 30, 2008 and 2007. Adjusted
pro forma net income is an alternative view of performance used by
management, and we believe that investors' understanding of our
performance is enhanced by disclosing this performance measure. We
report adjusted pro forma net income in order to present the
results of our major operations -- the construction, installation,
marketing and sale of various electronic security systems for
commercial accounts and detention hardware (including security
doors and frames, jail furniture, security glazing, and other
security-based systems) and electronic control systems for
correctional facilities -- prior to considering certain income
statement elements, principally amortization of intangible assets.
We have defined adjusted pro forma net income as net income before
the impact of purchase accounting for acquisitions,
acquisition-related costs, discontinued operations and one-time
expenses associated with stock appreciation rights. The adjusted
pro forma net income measure is not, and should not be viewed as, a
substitute for U.S. GAAP net income. EBITDA (earnings before
interest, taxes, depreciation and amortization) is used by
management as a performance measure for benchmarking against the
Company's peers and competitors. The Company believes EBITDA is
useful to investors, because it is frequently used by securities
analysts, investors and other interested parties to evaluate
companies in the security industry. EBITDA is not a recognized term
under GAAP. Argyle and ISI compute EBITDA using the same consistent
method from quarter to quarter. Following the attached financial
statements is a reconciliation of EBITDA to net loss. The
presentation of Adjusted Pro Forma Results and EBITDA is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
GAAP. About Argyle Security, Inc. Formed in 2005 and headquartered
in San Antonio, TX, Argyle Security's goal is to become a leading
global provider of services and solutions in the physical
electronic security industry through an integrated buildup
strategy. Argyle's channel focus is Video Surveillance, Access
Control, Perimeter Protection, Intrusion Protection, Fire Detection
and Threat Analysis, serving selected commercial, governmental and
residential markets. In July 2007, Argyle acquired ISI Security
Group. In February 2008, Argyle formed Argyle Security USA, which
encompasses the former ISI Security Group's operations in both the
corrections and commercial sectors, plus the PDI, Com-Tec and
FireQuest acquisitions. Argyle Security, Inc. currently has two
reporting segments: Argyle Corrections Group and Argyle Commercial
Security Group. Argyle Corrections Group is the controlling entity
for ISI, PDI, Com-Tec and MCS. Argyle Corrections Group is one of
the nation's largest providers of detention equipment products and
service solutions, as well as turnkey, electronic security systems.
These systems include unique engineering competencies and
proprietary software products. Argyle Commercial Security Group
focuses on the commercial security sector and provides turnkey,
electronic security systems to the commercial market. Currently,
MCS-Commercial Fire & Security is the only member in Argyle
Commercial Security Group. Please visit
http://www.argylesecurity.com/ or http://www.argylesecurityusa.com/
for additional information on Argyle Security and Argyle Security
USA. Safe Harbor Certain statements in this press release
constitute "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995, as amended. When used in
this press release, words such as "will," "believe," "expect,"
"anticipate," "encouraged," "estimate," "intend," "plan,"
"project," "target," "can," "could," "may," "should," "would," and
similar expressions, as they relate to the company or its
management, as well as assumptions made by and information
currently available to the company's management identify
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements. Any forward-looking
statements are not guarantees of future performance and actual
results of operations, financial condition and liquidity, and
developments in the industry may differ materially from those made
in or suggested by the forward-looking statements contained herein.
These forward-looking statements are subject to numerous risks,
uncertainties and assumptions. The forward-looking statements
herein speak only as of the date stated herein and might not occur
in light of these risks, uncertainties, and assumptions. The
company undertakes no obligation and disclaims any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
Additional information concerning forward-looking statements is
contained under the heading of risk factors listed from time to
time in the company's filings with the U.S. Securities and Exchange
Commission. Argyle Security, Inc Reconciliation of GAAP Net Income
to Adjusted Net Income (in thousands) Three Months Six Months Ended
Ended June 30, June 30, June 30, June 30, 2008 2007 2008 2007 GAAP
net income (loss) $(1,020) $50 $(1,754) $101 Pro forma adjustments
- addbacks (reductions) Argyle salary expense (increase) for
management team in 2007 - (222) - (444) Non-cash compensation
expense (increase) for 2007 - (141) - (283) Depreciation expense
(increase) on revalued assets in 2007 - (80) - (158) Amortization
of intangible expense (increase) in cost of goods sold for 2008 and
2007 - (1,274) (37) (2,564) Amortization of intangible expense
(increase) in operating expenses for 2008 and 2007 - (426) (21)
(868) Reduction in rent expense - 53 6 70 Interest income increase
/ (reduction) for 2008 and 2007 - (330) - (654) Interest expense
(increase) / reduction for 2008 and 2007 - 1,151 (39) 1,398 Income
/ (loss) from predecessor - Argyle Security USA for 2007 - (619) -
(496) Income / (loss) from predecessor - FireQuest for 2007 - 80 -
160 Income / (loss) from predecessor - PDI for 2007 - 157 - 313
Income / (loss) from predecessor - Com-Tec for January 2008 and
2007 - 190 44 152 Provision (benefit) for income taxes on pro forma
adjustments for 2008 and 2007 - 480 32 1,331 Pro forma net income
(loss) $(1,020) $(931) $(1,769) $(1,942) Amortization of intangible
expense in cost of goods sold for 2008 and 2007 1,276 1,274 2,565
2,564 Amortization of intangible expense in operating expenses for
2008 and 2007 427 426 868 868 Provision (benefit) for income taxes
on pro forma adjustments for 2008 and 2007 (647) (647) (1,305)
(1,304) Adjusted pro forma net income (loss) $36 $122 $359 $186
Interest, net 802 865 1,620 1,646 Depreciation expense 626 334
1,116 680 Taxes, net 186 393 393 326 Pro forma EBITDA $1,650 $1,714
$3,488 $2,838 Argyle Security, Inc Pro Forma Consolidated
Statements of Operations (unaudited) (in thousands except share
data) Three Months Ended June 30, June 30, $ % 2008 2007 Change
Change Revenues: Contract revenues $24,711 $10,730 $13,981 130%
Contract revenues - related party 5,282 7,365 (2,083) -28% Service
and other revenues 6,513 3,836 2,677 70% Total revenues 36,506
21,931 14,575 66% Cost of revenues: Contract costs 24,424 13,465
10,959 81% Service and other costs, including amortization of
intangibles ($1,276 for 2008 and $1,274 for 2007) 6,018 3,885 2,133
55% Total cost of revenues 30,442 17,350 13,092 75% Gross profit
6,064 4,581 1,483 32% Operating expenses: Salaries and related
expense, including stock-based compensation of $191 in 2008 and
$142 in 2007 3,410 2,294 1,116 49% Consulting fees and outside
services 637 311 326 105% Depreciation 598 289 309 107% Other
general and administrative expenses 1,671 1,581 90 6% Amortization
of intangible assets 427 426 1 0% Total operating expenses 6,743
4,901 1,842 38% Operating loss (679) (320) (359) 112% Other income
(expense): Interest income 52 51 1 2% Interest expense (854) (916)
62 -7% Total other income (expense) (802) (865) 63 -7% Income
(loss) before provision for income taxes (1,481) (1,185) (296) 25%
Provision (benefit) for income taxes (461) (254) (207) 81% Net
income (loss) $(1,020) $(931) $(89) 10% Deferred interest, net of
taxes, subject to possible redemption - - - 0% Dividends on
convertible preferred stockholders 86 - - 0% Net income (loss)
allocable to holders of non-redeemable common stock $(1,106) $(931)
$(89) 10% Weighted-average number of shares of common stock
outstanding exclusive of shares subject to possible redemption:
Basic 5,799,342 5,799,342 0 0% Diluted 5,799,342 5,799,342 0 0% Net
income (loss) per share allocable to holders of non-redeemable
common stock: Basic $(0.19) $(0.16) $(0.03) 19% Diluted $(0.19)
$(0.16) $(0.03) 19% Argyle Security, Inc. Pro Forma Consolidated
Statements of Operations (unaudited) (in thousands except share
data) Six Months Ended June 30, June 30, $ % 2008 2007 Change
Change Revenues: Contract revenues $51,617 $22,536 $29,081 129%
Contract revenues - related party 12,225 13,166 (941) -7% Service
and other revenues 11,979 9,402 2,577 27% Total revenues 75,821
45,104 30,717 68% Cost of revenues: Contract costs 51,464 27,278
24,186 89% Service and other costs, including amortization of
intangibles ($2,565 for 2008 and $2,564 for 2007) 11,577 9,506
2,071 22% Total cost of revenues 63,041 36,784 26,257 71% Gross
profit 12,780 8,320 4,460 54% Operating expenses: Salaries and
related expense, including stock-based compensation of $749 in 2008
and $283 in 2007 6,987 4,783 2,204 46% Consulting fees and outside
services 1,586 606 980 162% Depreciation 1,060 591 469 79% Other
general and administrative expenses 3,340 2,746 594 22%
Amortization of intangible assets 868 868 - 0% Total operating
expenses 13,841 9,594 4,247 44% Operating loss (1,061) (1,274) 213
-17% Other income (expense): Interest income 78 111 (33) -30%
Interest expense (1,698) (1,757) 59 -3% Total other income
(expense) (1,620) (1,646) 26 -2% Income (loss) before provision for
income taxes (2,681) (2,920) 239 -8% Provision (benefit) for income
taxes (912) (978) 66 -7% Net income (loss) $(1,769) $(1,942) $173
-9% Deferred interest, net of taxes, subject to possible redemption
- - - 0% Dividends on convertible preferred stockholders 86 - - 0%
Net income (loss) allocable to holders of non-redeemable common
stock $(1,855) $(1,942) $173 -9% Weighted-average number of shares
of common stock outstanding exclusive of shares subject to possible
redemption: Basic 5,795,221 5,799,342 (4,121) 0% Diluted 5,795,221
5,799,342 (4,121) 0% Net income (loss) per share allocable to
holders of non-redeemable common stock: Basic $(0.32) $(0.33) $
0.01 -4% Diluted $(0.32) $(0.33) $ 0.01 -4% Argyle Security, Inc
Adjusted Pro Forma Consolidated Statements of Operations
(unaudited) (in thousands except share data) Three Months Ended
June 30, % of June 30, % of $ % 2008 Revenue 2007 Revenue Change
Change Revenues: Contract revenues $24,711 68% $10,730 49% $13,981
130% Contract revenues - related party 5,282 14% 7,365 34% (2,083)
-28% Service and other revenues 6,513 18% 3,836 17% 2,677 70% Total
revenues 36,506 100% 21,931 100% 14,575 66% Cost of revenues:
Contract costs 24,424 67% 13,465 61% 10,959 81% Service and other
costs, excluding amortization of intangibles 4,742 13% 2,611 12%
2,131 82% Total cost of revenues 29,166 80% 16,076 73% 13,090 81%
Gross profit 7,340 20% 5,855 27% 1,485 25% Operating expenses:
Salaries and related expense, including stock-based compensation of
$191 in 2008 and $142 in 2007 3,410 9% 2,294 10% 1,116 49%
Consulting fees and outside services 637 2% 311 1% 326 105%
Depreciation 598 2% 289 1% 309 107% Other general and
administrative expenses 1,671 5% 1,581 7% 90 6% Amortization of
intangible assets - 0% - 0% - 0% Total operating expenses 6,316 17%
4,475 20% 1,841 41% Operating income 1,024 3% 1,380 6% (356) -26%
Other income (expense): Interest income 52 0% 51 0% 1 2% Interest
expense (854) -2% (916) -4% 62 -7% Total other income (expense)
(802) -2% (865) -4% 63 -7% Income (loss) before provision for
income taxes 222 1% 515 2% (293) -57% Provision (benefit) for
income taxes 186 1% 393 2% (207) -53% Net income (loss) $36 0% $122
1% $(86) -70% Deferred interest, net of taxes, subject to possible
redemption - 0% - 0% - 0% Dividends on convertible preferred
stockholders 86 0% - 0% - 0% Net income (loss) allocable to holders
of non-redeemable common stock $(50) 0% $122 1% $(86) -70% EBITDA
Calculation: Interest, net $802 $865 (63) -7% Depreciation 626 334
292 87% Taxes, net 186 393 (207) -53% EBITDA $1,650 $1,714 $(64)
-4% Weighted-average number of shares of common stock outstanding
exclusive of shares subject to possible redemption: Basic 5,799,342
5,799,342 0 0% Diluted 5,799,342 7,061,764 (1,262,422) -18% Net
income (loss) per share allocable to holders of non-redeemable
common stock: Basic $(0.01) $0.02 $(0.03) -141% Diluted $(0.01)
$0.02 $(0.03) -150% Argyle Security, Inc Adjusted Pro Forma
Consolidated Statements of Operations (unaudited) (in thousands
except share data) Six Months Ended June 30, % of June 30, % of $ %
2008 Revenue 2007 Revenue Change Change Revenues: Contract revenues
$51,617 68% $22,536 50% $29,081 129% Contract revenues - related
party 12,225 16% 13,166 29% (941) -7% Service and other revenues
11,979 16% 9,402 21% 2,577 27% Total revenues 75,821 100% 45,104
100% 30,717 68% Cost of revenues: Contract costs 51,464 68% 27,278
60% 24,186 89% Service and other costs, excluding amortization of
intangibles 9,012 12% 6,942 15% 2,070 30% Total cost of revenues
60,476 80% 34,220 76% 26,256 77% Gross profit 15,345 20% 10,884 24%
4,461 41% Operating expenses: Salaries and related expense,
including stock-based compensation of $749 in 2008 and $283 in 2007
6,987 9% 4,783 11% 2,204 46% Consulting fees and outside services
1,586 2% 606 1% 980 162% Depreciation 1,060 1% 591 1% 469 79% Other
general and administrative expenses 3,340 4% 2,746 6% 594 22%
Amortization of intangible assets - 0% - 0% - 0% Total operating
expenses 12,973 17% 8,726 19% 4,247 49% Operating income 2,372 3%
2,158 5% 214 10% Other income (expense): Interest income 78 0% 111
0% (33) -30% Interest expense (1,698) -2% (1,757) -4% 59 -3% Total
other income (expense) (1,620) -2% (1,646) -4% 26 -2% Income (loss)
before provision for income taxes 752 1% 512 1% 240 47% Provision
(benefit) for income taxes 393 1% 326 1% 67 21% Net income (loss)
$359 0% $186 0% $173 93% Deferred interest, net of taxes, subject
to possible redemption - 0% - 0% - 0% Dividends on convertible
preferred stockholders 86 0% - 0% - 0% Net income (loss) allocable
to holders of non-redeemable common stock $273 0% $186 0% $- 0%
EBITDA Calculation: Interest, net $1,620 $1,646 (26) -2%
Depreciation 1,116 680 436 64% Taxes, net 393 326 67 21% EBITDA
$3,488 $2,838 $650 23% Weighted-average number of shares of common
stock outstanding exclusive of shares subject to possible
redemption: Basic 5,795,221 5,799,342 (4,121) 0% Diluted 6,641,411
7,021,839 (380,428) -5% Net income (loss) per share allocable to
holders of non-redeemable common stock: Basic $0.04 $0.03 $0.01 33%
Diluted $0.04 $0.03 $0.01 55% Company Contacts: Investor Relations:
Bob Marbut, Chairman & Co-CEO Amy Glynn, CFA Roni Chaimovski,
Vice-Chairman & Co-CEO Cameron Associates Don Neville, CFO
Phone: (212) 554-5464 Argyle Security, Inc. Phone: (212) 245-2700
(NY) Phone: (210) 828-1700 (TX) Phone: 001-972-545-212-911 (Tel
Aviv) Media Relations: Deanne Eagle Cameron Associates Phone: (212)
554-5463 DATASOURCE: Argyle Security, Inc. CONTACT: Company, Bob
Marbut, Chairman & Co-CEO, Roni Chaimovski, Vice- Chairman
& Co-CEO, or Don Neville, CFO, all of Argyle Security, Inc.,
+1-212-245-2700 (NY), +1-210-828-1700 (TX), or +001-972-545-212-911
(Tel Aviv); or Investor Relations, Amy Glynn, CFA, +1-212-554-5464,
, or Media, Deanne Eagle, +1-212-554-5463, , both of Cameron
Associates Web site: http://www.argylesecurity.com/
http://www.argylesecurityusa.com/
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