Last week, Lorex Technologies (TSXV:LOC) reported its 2012 Q1 results. The Markham company posted a record quarter, with revenue climbing to $20.5-million, a 26% bump over the same period a year prior.
Lorex CEO Ruben Klein said “Growth for the current quarter came from
all business units across the board, as increasing demand and
awareness for both the Lorex and Digimerge brands continues to contribute to our growth rate that presently exceeds industry averages in the North American ‘do-it-yourself’ video surveillance market.”
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Founded in 1996, Lorex got its start manufacturing and selling a range of video surveillance products it manufactured in Asia and sold in North America. Recently, the company has expanded into sub-sectors of the surveillance market. Earlier in March, the company debuted Live View, which it calls a “next-generation baby monitoring system, and features high end LCD screens and high night vision clarity. Another product, Live Connect, lets users connect to their home security system using Skype.
Recent data suggests video surveillance is proving to be a relatively recession proof industry. According to a report released last July from UK based research firm IMS Research, the worldwide market for video surveillance equipment grew more than 10% in 2010 compared with the year before. The report, entitled “The World Market for CCTV and Video Surveillance Equipment,” says the growth was mainly driven by sales of IP-based network video surveillance equipment. IMS believes the global network security camera market will exceed $4 billion in 2015.
Shares of Lorex closed Friday down 2.2% to $.88 cents.