Business

Track Group enters post-COVID phase

Posted May 10, 2023 11:00 pm

NAPERVILLE - Track Group Inc., a global provider of offender tracking and monitoring services, announced financial results for its fiscal year second quarter ended March 31.

The company posted total revenue of $8.3 million, a decrease of about 12% over total revenue of $9.5 million for the second quarter last fiscal year.

While the company gained a number of new contracts in the quarter, the economics was challenging, said Derek Cassell, Track Group's CEO. Some of the company's larger programs, which increased in use during the pandemic, have returned to pre-COVID utilization rates, he said.

"In addition to being re-awarded two key long-term incumbent accounts, we were awarded eight new contracts in (the quarter), among them a new statewide program estimated at $1.6 million in annual revenue," Cassell said in a news release.

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