Garda Reports Record Earnings and Operations Expansion in 2007

Market Wire, April, 2007

Garda World Security Corporation (TSX: GW), one of the most trusted consulting, investigation and security firms in the world, is pleased to announce today its financial results for the fiscal year ended January 31, 2007.

Highlights:

- Record net income of $21.0 million

- Sales increased by 164% to $683.0 million

- EBITDA increased by 113% to $57.4 million

- Cash flows from operations grew to $37.1 million, an increase of $16.1 million

- Shareholders' equity increased by 457% to reach $156.0 million

- Non recurrent charges amounted to $1,157,411 before income taxes or $0.026 basic per share

Selected Financial Information (1):
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                  Fourth      Fourth            Fiscal      Fiscal
                 quarter     quarter              year        year
                   ended       ended             ended       ended
                 January     January           January     January
                31, 2007    31, 2006   Var.   31, 2007    31, 2006     Var.
                       $           $     %           $           $       %
Sales        200,415,745  85,991,678   133 682,992,531 258,952,236     164
Gross profit  35,566,248  18,505,194    92 131,294,696  52,275,428     151
Net income     5,124,185   3,739,036    37  21,046,476  13,419,176      57
Basic net
 Income
 per share          0.17        0.15    13        0.73        0.52      40
EBITDA        15,121,958   8,134,682    86  57,438,949  27,024,824     113
Basic EBITDA
 per share          0.49        0.31    58        1.98        1.05      89
Total assets                               446,355,367 249,163,498      79
Shareholders'
 equity                                    155,985,919  28,005,902     457
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(1) Cash flows from operations and EBITDA (earnings before interest, income
    taxes, depreciation and amortization) are not accepted performance
    measures as per Canadian GAAP.

"We are pleased that, during fiscal 2007, we delivered on our key priorities to maintain sustainable growth, including revenue, profitability, strategic acquisitions, and integration between businesses, delivering solid performance in each of these areas. We exceeded many of our key financial and operational targets and completed 11 acquisitions in 2007. Garda has established a proven track record for integrating and paying down acquisitions and I am confident we will continue leveraging synergies between our businesses with success. Thanks to our strategy and solid performance, Garda continues to successfully build on past success and achieve its goals," noted Alain Dumont, Senior Vice President and Chief Financial Officer.

"Garda achieved a significant milestone in its leadership of the worldwide security industry during fiscal 2007. We are now the fifth largest security services firm in the world on a revenue basis with solid growth and expansion across all areas of our business. We have achieved this tremendous expansion and created unparalleled opportunities for our future while remaining faithful to our core values and founding vision. Around the world, our employees continue to drive our success, seizing new business opportunities and demonstrating outstanding entrepreneurial creativity. In 2008, we will continue to strengthen our leadership as we forge ahead with one unified organization and the vision and commitment to deliver superior value for its shareholders, customers and employees," said Stephan Cretier, President and CEO.

Sales

Sales for the year ended January 31, 2007 rose to $682,992,531 from $258,952,236 in the previous year, an increase of $424,040,295 or 164%. Sales in the physical security segment rose to $540,397,093 in fiscal 2007 from $190,867,986 in 2006, an increase of $349,529,107 or 183%, while sales in the cash logistics segment rose to $142,595,438 from $68,084,250 in 2006, an increase of $74,511,188 or 109%. Sales in Canada rose to $419,101,424 from $237,402,262 in 2006, while sales in United States and other rose to $263,891,107 from $21,549,974 in 2006.

The sales increase in the amount of $349,529,107 in the physical security segment is directly attributable to the business acquisitions completed during the last twenty-two (22) months and new contracts obtained. The sales increase in the amount of $74,511,188 in the cash logistics segment for the year ended January 31, 2007 is attributable to the internal growth in Canada and to the acquisitions of United Armored Services in November 2005, Security Armored Express in April 2006, Security Armored Car Service in June 2006, PSI Armored in September 2006 and the cash logistics assets of American Security in October 2006.

Gross Profit

Gross profit rose $79,019,268 or 151% from $52,275,428 for the year ended January 31, 2006 to $131,294,696 in fiscal 2007. The gross margin as a percentage of sales decreased from 20.2% to 19.2% . This increase (in dollars) in gross profit is attributable to the business acquisitions completed during the last twenty-two (22) months, to the increase in sales generated by the cash logistics segment in Canada, as well as to the pre-board screening services, that all provide higher gross margins.