TORONTO – AlarmForce (TSX:AF) has seen a sharp rise in its third-quarter net income as revenue increased.
The home security company reported net income of $2.8 million or 23 cents per share for the quarter, compared with $455,000 or four cents a year ago.
Revenue was $36.5 million, up from $33.4 million in the same year-earlier period, the company reported after markets closed on Wednesday.
Cash flows from operations grew to $7.2 million, compared with $1.9 million a year earlier.
The company also announced it was appointing Tobias Behrenwaldt to its board of directors until the next annual meeting in 2014.
A spot has been vacant since Joel Matlin resigned from the board after being ousted from his role as chief executive of the company he founded in 1988.
Matlin has said he’s planning a legal challenge.
AlarmForce has named chief financial officer Anthony Pizzonia as interim president and chief executive until a replacement is found.
“For the remaining balance of the fiscal year, we will focus on growing our subscribers, increasing operating efficiencies, pursuing accretive investments that drive organic growth and returning excess cash to shareholders in the form of both dividends and share buybacks,” Pizzonia said in the company’s earnings release.