TORONTO, May 22, 2012 /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 financial and operating results for the three
and six month periods ended March 31, 2012.
Q2 fiscal 2012 Highlights (all amounts in thousands of Canadian dollars,
except for per share or unit data):
-
Eighth consecutive quarter of positive EBITDA: $401 represents a 140%
increase over Q2 2011 EBITDA of $167.
-
Net income of $338 represents a 213% improvement over Q2 2011 net income
of $108.
-
Improved gross margin to 64% from 54% in prior year.
-
Cash from Operations of $840 improved $777 over the prior year.
-
Core Sentinel line recurring revenues of $1,363 for the quarter
increased 29% over the prior year.
-
Cash and cash equivalent of $2,611 increased $2,118 from Q2 2011.
"Our core Sentinel product line had a subscription base increase of 53
percent this past quarter over prior year," said Aly Rahemtulla,
President and CEO. "This demonstrates that our continued focus on
building a solid recurring revenue base is driving strong bottom line
growth. Going forward we will aggressively increase sales to add to
this base."
In the quarter, the Company also purchased four million of its
outstanding shares under a Normal Course Issuer Bid for $204. All
repurchased shares were returned to treasury.
Financial Highlights
|
All currency in thousands except per share data.
|
Three months ended
|
|
Six months ended
|
|
March 31
|
|
March 31
|
|
2012
|
2011
|
|
2012
|
2011
|
|
Recurring service revenue
|
$ 2,384
|
$ 2,312
|
|
$ 4,758
|
$ 4,516
|
|
Hardware and software revenue
|
1,361
|
1,590
|
|
2,328
|
2,654
|
|
Total revenue
|
3,745
|
3,902
|
|
7,086
|
7,170
|
|
Gross profit
|
2,387
|
2,113
|
|
4,512
|
3,968
|
|
Gross margin %
|
64%
|
54%
|
|
64%
|
55%
|
|
Net income (loss)
|
338
|
108
|
|
428
|
20
|
|
Basic and diluted income (loss) per share
|
0.0012
|
0.0005
|
|
0.0015
|
0.0001
|
|
EBITDA
|
401
|
167
|
|
546
|
234
|
|
Adjusted EBITDA
|
401
|
167
|
|
789
|
234
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$ 2,611
|
$ 493
|
|
Working capital
|
|
|
|
1,799
|
1,328
|
The Company' financial statements for the three and six months ended
March 31, 2012, together with management's discussion and analysis,
have been filed at www.sedar.com.
About BSM Technologies
BSM Technologies, through its subsidiary BSM Wireless Inc., is a leading
provider of remote monitoring, fleet tracking, fleet maintenance, and
automated vehicle security systems providing real time, web‐based
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
Mr. Aly Rahemtulla
President & CEO
BSM Technologies Inc.
1.416.675.1200
aly@bsmwireless.com