Garda World Security's income up, leverage down in third quarter

By Lisa Kerner

Charlotte, N.C., Dec. 10 - Garda World Security Corp. reported increased net income and lower leverage during its third-quarter earnings call on Friday.

Net income rose 354% to C$6.3 million, or C$0.20 per share, from the prior-year period.

Garda's leverage is at 4.5, the lowest level in more than three years.

The company used C$3.43 million for financing activities in the quarter ended Oct. 31, compared with cash used of C$3.41 million for the corresponding period last year, according to a Garda news release.

Financing activities used cash of $9.13 million for the nine-month period ended Oct. 31, compared with cash used of $58.85 million for the same period last year.

Garda attributed the decrease in large part to the debt repayment following the disposal of its U.S. and Mexican guarding operations.

Cash used in investing activities rose to C$6.74 million during the quarter from C$3.69 million for the prior-year period, the release said.

For the nine-month period ended Oct. 31, Garda's investing activities used cash of C$21.5 million, compared with cash generated of C$30.12 million. Once again the difference was attributed to the sale of the U.S. and Mexican guarding operations.

Garda had cash of C$14.64 million at Oct. 31, up C$2.78 million from Jan. 31, 2010.

Cash flow from operations for the quarter was down from the prior-year period, falling 0.6% to C$18.47 million.

Garda is a Montreal-based cash logistics and physical security company.

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