Halifax Corp. / HX

About Halifax Corp.

5250 Cherokee Ave., Alexandria, Va. 22312
www.hxcorp.com | 703-750-2202 | Founded: 1967

Industry: Information Technology | Category: Public Companies

Halifax turned unprofitable in fiscal 2005, losing $1.4 million even though revenue rose 25 percent to $62 million in the year ended March 31, 2005. Halifax blamed the loss largely on high initial costs for one of its large computer maintenance contracts.
Over the summer, the company bolstered its balance sheet by selling a unit that had been installing wiring in secure buildings, mostly for the Defense Department. Halifax sold its Secure Network Services to Indus Corp. of Vienna for $12.5 million in cash, a sale that helped Halifax turn a profit for the first nine months of its fiscal 2006. The secure network unit had generated about 25 percent of Halifax's revenue.
In the fall, the company won a new contract to maintain computers for a large pharmaceutical company, worth as much as $20 million if extended for five years. It also announced renewal of a $20 million, three-year contract to maintain more than 7,700 desktop computers for the Virginia Department of Transportation.

President and CEO: Charles L. McNew

2005 Financial Data

Revenues: $62,006,000 | Net Income: $-1,411,000
Asssets: $33,750,000 | Earnings Per Share: $-0.46
Total employees: 432 | Local employees: 21