Sierra Monitor Corporation (SRMC) designs and develops hazardous gas monitoring devices for the protection of personnel and facilities in industrial work places. Through its subsidiary FieldServer Technologies, the firm has branched into protocol translation technology, which enables machine to machine (M2M) communication in energy and building automation applications.
This high growth business should complement the gas detection business, while not sacrificing market or margins. FieldServer should see a tailwind as a result of the push toward zero net energy building designs.
On October 27th 2010, SRMC announced results for the third quarter of fiscal year 2010 ending September 2010. Revenue for the period was $3.8 million, rising 8.6% sequentially from $3.5 million and up 12.9% year over year.
Third quarter net income increased 79% to $234,746 or $0.02 per share (basic and diluted), compared to net income of $131,477 or $0.01 per share (basic and diluted) in the same prior-year period.
Sierra Monitor had $2,168,533 in cash at September 30, 2010 with no bank borrowings. Net trade receivables at September 30, 2010 were $2,209,120. At September 30, 2010, the company’s Days Sales Outstanding was 53 days.
Significant business highlights include:
- Joined Cisco Systems Developer Network to allow customers to purchase FieldServer products through the Cisco reseller channel.
- Received new order for FieldServer Gateways to link toxic gas monitoring safety systems in semiconductor clean room operations.
- Entered window and shade controls market with contracts to develop FieldServer interfaces to electronic shade controls for commercial buildings.
- Shipped FieldServer Gateways for use in the smoke and flame detection system on advanced-technology U.S. Navy ships.
- Signed agreement with a major water heater and boiler systems manufacturer to develop protocol drivers allowing FieldServer data connections between their products and building automation systems.
