NEW YORK--(BUSINESS WIRE)--GlobalOptions Group, Inc. (NASDAQ: GLOI - News), a leading provider of domestic and international risk mitigation and management services, today announced results for the third quarter and nine months ended September 30, 2008.Revenue for the third quarter was $29.5 million compared to $21.6 million for the same period in 2007. EBITDA (earnings before interest, taxes, depreciation and amortization) was $0.8 million compared to a loss of $3.4 million for the third quarter of 2007. Operating loss for the quarter was $0.3 million compared to an operating loss of $4.4 million for the third quarter of last year. Net loss for the third quarter was $0.4 million, or $0.04 per share on 9.7 million weighted average shares outstanding, versus $4.9 million or $1.45 per share on 3.4 million weighted average shares for the third quarter of 2007. The change in weighted average shares outstanding reflects principally the company’s 2007 equity restructuring for 2.2 million shares and the company’s October 2007 secondary public offering of 4.5 million shares.
For the first nine months of 2008, GlobalOptions reported revenue of $77.2 million versus $65.4 million in the same period last year. The operating loss was $6.6 million compared to $18.0 million for the first nine months of 2007. GlobalOptions’ net loss for the period was $6.8 million, or $0.70 per share compared to $18.4 million or $6.21 per share for the same period last year.
“Consistent with our 2008 plan, GlobalOptions achieved positive EBITDA this quarter, demonstrating the earnings potential of our business model and keeping us on track to deliver positive EPS in the fourth quarter,” said Dr. Harvey W. Schiller, Chairman and CEO of GlobalOptions Group. “Our year over year quarterly revenue increase of 37% was driven primarily by organic growth and reflected increases in each of our business units – Preparedness Services, Fraud and SIU Services and Security Consulting and Investigations, as we continue to benefit from intensified sales and marketing activities directed toward the insurance, education and public sectors.”
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