Bullzi Security Releases 3rd Quarter 2010 Financials
Marketwire “Press Releases “
ALTAMONTE SPRINGS, FL — (MARKET WIRE) — 11/11/10 — Bullzi Security Inc. (PINKSHEETS: BLLZ), a leading security consulting and education provider releases its 3Q10 financials.
Bullzi Security closed the first nine months of 2010 with $669,067 in revenue, which represents a 45% increase over the same period last year. More importantly, Net Income for this period was $30,306 , as compared to a loss of $130,240 for the same period in 2009. While the economy has hampered some of the company’s sales efforts, sound cost controls have allowed Bullzi to increase overall earnings.
According to Thomas Welch , co-founder and CEO of Bullzi Security , “A large portion of our 3rd quarter revenue was from NERC-based security consulting projects and computer forensics engagements. Our education product, WISE, attributed to 42% of the 2010 revenue thus far. This number is expected to increase in the 4th quarter of 2010, as we have a number of proposals and quotes on the street, in which we have an excellent chance of winning. Based on current sales efforts, we’re hoping to hit the $1M revenue mark for the year. Earnings should also increase significantly, as our core education products are completely developed and fully expensed.”
Mr. Welch went on to say, “Regulatory programs are still the primary driver for overall sales in 2010 and beyond, especially the NERC CIP regulation. This includes past regulatory standards, such as Sarbanes-Oxley (SOX), Gramm-Leech-Bliley Act (GLBA), Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS) and the Red Flag Rule and Chemical Facility Anti-Terrorism Standards (CFATS). Bullzi currently offers consulting services and education programs that address all of these standards.”
Mr. Welch closed by saying, “We continue to enhance our education product line by adding new content on a monthly basis and our products are not limited to US-based clients. Bullzi has a product line that is needed throughout the world and as reported in a recent press release, we already support a number of foreign languages and worldwide roll-outs. We have also entered into two new partnerships that will give us greater market penetration on a worldwide basis. Finally, we will be releasing our first consumer-based security training product within the next 6 weeks. We expect this to have a tremendous impact on our revenue stream in 2011.”