MONTREAL, QUEBEC, CANADA--(Marketwire -06/15/12)- Garda World Security Corporation ("Garda") (GW.TO), one of the leading Security Solutions and Cash Logistics firms in the world, held today its annual shareholders' meeting where Garda President and CEO Stephan Cretier and his management team discussed the company's strong performance, sustained growth prospects, and substantial new multi-year contracts valued in excess of $45 million annually.
In addition, the shareholders of the Corporation approved the appointment of PricewaterhouseCoopers LLP as auditors of the Corporation, their remuneration to be set by the Directors of the Corporation, as well as the re-election of the following Directors: Stephan Cretier, Helene Desmarais, Richard Drutman, Jean-Luc Landry, Philip Murray, Francois Plamondon and Pierre-Hubert Seguin.
During the meeting, Garda's Chief Operating Officers presented updates on the progress of each of their business units.
-- Security Solutions Canada: In the past 12 months, sales and EBITDA increased by 14.3% and 3.9% accordingly. In the first quarter ended April 30, 2012, sales and EBITDA increased by 5.4% and 15.3% respectively driven by strong demand for services in Alberta Oil & Gas sectors and in Quebec special events management sector. Marc-Andre Aube, COO Security Solutions Canada re-iterated his optimism for this year with continued profitable growth and even stronger margins. -- Security Solutions-Emerging markets: The business, focused on the Middle East and North Africa doubled in size in the last 12 months. Oil & Gas and diplomatic security continue to drive growth in the first quarter with organic growth of 85%. Oliver Westmacott, President and COO of the business unit explained that the shift and focus on long term recurring revenues is expected to continue its exponential expansion over the next two years. -- Cash Logistics Solutions: With a strong growth of 8.1% including a solid 16% margin, Cash Logistics expects that with the solid pipeline, it will continue delivering strong profitable growth. Chris Jamroz, President and COO, was proud to report that Garda won substantial new business in the first quarter including a sizeable contract with a financial institution.
"Following our strong first quarter performance, we experienced a tremendous boom in business that led to these significant wins," noted Mr. Cretier. The new business includes contracts from a leading financial institution in the United States, an oil and gas provider in Southern Iraq and a natural resources company in Alberta, Canada. This new business will be immediately accretive in Q2 of this year and reaffirms the company's confidence in achieving $145 million in operating profit (EBITDA) in fiscal 2013 (calendar 2012) driven by the solid performance for all business units.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Garda's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding the company's future revenues and benefits and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which Garda believes are reasonable according to the current circumstances. While management considers these assumptions to be reasonable based on information currently available to the company, they may prove to be incorrect. The company cautions the reader that the current economic conditions make forward-looking information and the underlying assumptions used by Garda subject to uncertainty and that, consequently, they may not materialize, or the results may differ from the company's expectations. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Garda currently expects. These factors include growth management, market competition, cost of financing, government regulations, collective bargaining, currency fluctuations, credit risk, reputational risk and financial covenants risk, many of which are beyond the company's control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date.
Garda is a global provider of security and cash logistics solutions. With headquarters in Montreal, Canada, the firm's 45,000 dedicated professionals, among the most highly qualified and best-trained in the industry, serve clients in countries throughout North America, Europe, Latin America, Africa, Asia and the Middle East. Garda works with clients in a broad range of sectors and industries including financial institutions, retailers, governments, humanitarian relief organizations and the natural resources, construction and telecommunications industries. Garda's global experts take the time to fully understand their clients' business goals and objectives in order to customize solutions with strong local engagement that meet their needs. As a result, clients can improve operational performance, meet their business obligations, and achieve their corporate objectives. With proven experience and a commitment to ensuring the highest ethical standards in everything the company does, Garda has earned a reputation for integrity, leadership and uncompromising safety standards. Most importantly, businesses, governments and individual clients place their trust in Garda. For more information, visit: www.garda.com.