The soft armour maker reported net income of $300,000 in the fourth quarter. Last year at the same time, it posted a $3.1 million net loss.
For the fiscal 2012 year, Pacific Safety recorded a net loss of $1 million, an improvement over last year’s net loss of $4.4 million.
“PSP is beginning to take advantage of cost-savings initiatives while continuing to invest in its products,” stated CEO Terry Vaudry.
“The company has successfully realized a number (of) achievements, including setting a clear strategic direction of right-sizing the company, building out our ... body armour product portfolio, and re-engaging our clients.”
Operating expenses fell by $1.5 million or almost 23 per cent since last year, and working capital improved by $200,000 to $3.1 million.
In an October interview with OBJ, the newly minted head of Pacific Safety said the company has been terminating other business lines, but not necessarily employees, as it works to focus the business. One example was selling APS Distributors in 2011.
As of early this month, Pacific Safety had 140 employees across all offices, but the number fluctuates according to contract wins. Many of those wins are not disclosed due to the nature of the security business, Mr. Vaudry said.
Mr. Vaudry has been a board member for two years. He asked to take on the job of CEO, he said, following the resignation of previous CEO Doug Lucky and the later resignation of CEO-in-waiting Brad Field from the board.
Pacific Safety posted a $100,000 profit in the third quarter. The profitable quarter came after years of red ink that included multiple attempts to restructure the business. Most recently on that front, Pacific Safety abandoned a planned takeover with ArmorWorks LLC for undisclosed reasons.
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