Item 2.02 Results of Operations and Financial Condition.

On October 21, 2008, Argyle Security, Inc., a Delaware corporation (the "Company") issued a press release providing revised guidance for its financial results for the full year 2008. The Company announced that although pro forma revenues are expected to be within the previously forecasted guidance range of $128 to $142 million, EBITDA is now expected to be below the previously expected amount of approximately 7% for the full-year 2008, and the EBITDA margin run rate is expected to be significantly lower than the previous estimate of 9 to 10% in the second half of 2008, due to increased costs for raw materials as well as significant cost increases on a number of projects in the Argyle Corrections Group. A copy of the press release is filed as Exhibit 99.1 hereto.