Steve Walin, chairman and CEO of Samsung/GVI Security, Carrollton, Texas, praised his company’s financial performance in 2007 at a press conference at ISC West Thursday in Las Vegas.
He announced the company achieved $2.6 million in net income in 2007. Walin said the company experienced a $19 million swing in net income between 2007 and 2006, when the company lost $16.5 million.
“We’re very proud of that improvement,” he told journalists. “We declare victory in the turnaround of the company, and now we are concentrating on growth.”
Walin announced the company had refinanced and now has a $15 million credit line from Wells Fargo. Samsung Electronics also has invested $1.5 million in the company, with $1 million being contributed in 2008 and $0.5 million in January 2009, he said.
The company’s growth strategy is to capitalize on its value proposition and customer relationships to grow market share, aggressively partner with Samsung to double market share in three years, develop a dedicated product range for the middle market, provide exceptional customer service and pursue a strategic acquisition strategy. To help achieve these goals, Walin said he plans to double the size of the regional sales manager force.