TORONTO, May 13, 2015 /CNW/ - BSM Technologies Inc. ("BSM"
or the "Company") (TSX-V: GPS), a leading provider of remote
monitoring, fleet management, fleet diagnostics and
automated vehicle security systems, today announced its financial
and operating results for the three and six months ended March
31, 2015 (the "Quarter"). All amounts are in Canadian dollars
unless otherwise stated.
Second Quarter of Fiscal 2015 Financial Highlights
- Recurring revenue(i) of $5.1
million, up 25% compared to $4.1
million in the second quarter of fiscal 2014 ("Q2
F2014").
- Hardware and other revenue of $2.5
million, up 6% compared to $2.3
million in Q2 F2014.
- Total revenue of $7.6 million, up
18% compared to $6.5 million in Q2
F2014.
- Adjusted EBITDA(i) of $0.9
million compared to $1.1
million in Q2 F2014.
"We delivered year-over-year improvements in recurring and
hardware revenue, in the quarter," said Aly
Rahemtulla, BSM's President and Chief Executive Officer.
"Our, top-line growth resulted from increased penetration in our
key verticals both organically and through the acquisitions we made
in 2014. We continue to expand our relationships with our existing
customers, further strengthening our relationships. In addition,
our second quarter results reflected the impact of our continued
efforts to drive higher gross margins from our business with a
particular emphasis on increasing our hardware gross margins. As we
look to the remainder of the fiscal year, we are optimistic about
our continued growth prospects. We will focus on capitalizing on
the opportunities in our robust pipeline while improving our cost
structure to fuel increased EBITDA(i)."
Financial Highlights for the Second Quarter of Fiscal
2015:
($ thousands
except gross margin % and per share
data)
|
Three months
ended
|
Six months
ended
|
|
March
31
|
March
31
|
|
2015
|
2014
|
2015
|
2014
|
Total
revenue
|
$7,645
|
$6,467
|
15,502
|
14,403
|
Recurring
revenue(i)
|
5,128
|
4,102
|
10,153
|
8,118
|
Hardware and other
revenue
|
2,517
|
2,365
|
5,439
|
6,285
|
Gross
profit
|
5,000
|
3,767
|
9,380
|
8,133
|
Gross margin
%
|
65%
|
58%
|
61%
|
56%
|
Net income
(loss)
|
843
|
304
|
59
|
947
|
Basic income (loss)
per share
|
0.019
|
0.007
|
0.001
|
0.025
|
Diluted income (loss)
per share
|
0.019
|
0.007
|
0.001
|
0.024
|
EBITDA(i)
|
666
|
1,097
|
1,010
|
2,647
|
Adjusted
EBITDA(i)
|
930
|
1,097
|
1,719
|
2,647
|
|
|
|
|
|
|
Balance as
at
|
($
thousands)
|
|
|
|
|
|
|
|
March 31,
2015
|
September 30,
2014
|
Cash and cash
equivalents
|
$13,979
|
$23,621
|
Restricted cash and
cash equivalents
|
8,800
|
nil
|
Working
capital
|
4,624
|
5,718
|
(i) Recurring
revenue, EBITDA and Adjusted EBITDA are non-GAAP financial
measures. Refer to the management's discussion and analysis for the
three and six months ended March 31, 2015, for further details with
respect to the Company's non-GAAP financial performance
measures.
|
The Company's condensed interim consolidated financial
statements for the three and six months ended March 31, 2015, together with its corresponding
management's discussion and analysis, can be found under the
Company's profile on SEDAR at www.sedar.com and on the Company's
website at bsmwireless.com.
Conference call details:
DATE:
|
Thursday, May 14,
2015
|
TIME:
|
8:30 a.m.
EDT
|
DIAL-IN
NUMBER:
|
647-427-7450 or
1-888-231-8191
|
CONFERENCE
ID:
|
36774356
|
TAPED
REPLAY:
|
416-849-0833 or
1-855-859-2056
Reference number
36774356
Available until
Thursday, May 21, 2015 at midnight
|
LIVE
WEBCAST:
|
http://www.newswire.ca/en/webcast/detail/1477495/1644799
Webcast will be
archived for one year
|
About BSM Technologies Inc. (bsmwireless.com)
BSM Technologies Inc., through its subsidiaries, is a leading
provider of remote monitoring, fleet tracking, fleet
maintenance and a business intelligence engine providing real
time webbased tracking of mobile and fixed assets. BSM
provides solutions for commercial, government, and law enforcement
organizations who manage and operate diverse assets and large
fleets, and who seek to enhance customer service, improve the
safety of their drivers and vehicles, and lower business
costs.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein.
For more information, please
visit http://www.bsmwireless.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward looking information. Such
forward-looking information is often, but not always, identified by
the use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect" and "intend" and statements that an event or
result "may", "will", "should", "could", or "might" occur or be
achieved and any other similar expressions. These forward-looking
statements, and any assumptions upon which they are based, are made
in good faith and reflect our current judgment regarding the
direction of our business. Management believes that these
assumptions are reasonable. Forward-looking information is subject
to known and unknown risks, uncertainties and other factors that
could cause actual results to differ materially from those
contained in the forward-looking information. Some of these risks,
uncertainties and other factors are described under the heading
"Risk Factors" in the Company's annual information form available
at www.sedar.com. Forward-looking information is based on
estimates and opinions of management at the date the statements are
made. Except as required by law, BSM does not undertake any
obligation to update forward-looking information even if
circumstances or management's estimates or opinions should change.
Readers should not place undue reliance on forward-looking
information.
SOURCE BSM Technologies Inc.