TVI announces earnings, discusses internal ethical isssues
Revenue is up but profits are down for this supplier of first responder equipmemt; two executives are fired after an internal audit identifies questionable transactions
Glenn Dale, Maryland-based TVI Corporation, best known as a supplier of first responder equipment — this week announced quarterly earnings and offered commentary on recent ethical issues swirling around its management. The money issues first: TVI reported revenue of $14.3 million for the first quarter of 2007 — compared with $9.3 million for the first quarter of 2006 — and a net loss of $2.6 million, or $0.08 per diluted share, compared with net income of $1.2 million, or $0.04 per diluted share, for the first quarter of 2006. According to CEO Harley Hughes, the losses were sparked by “lower
