TORONTO, Feb. 5, 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 months ended
December 31, 2014 (the "Quarter").
All amounts are in Canadian dollars unless otherwise stated.
First Quarter Fiscal 2015 Financial Highlights
- Recurring revenue (i) of $5.0 million as
compared to $4.0 million in the first
quarter of fiscal 2014 ("Q1 2014").
- Hardware and other revenue of $2.8 million as compared to
$3.9 million in Q1 2014.
- Total revenue of $7.8 million as compared to
$7.9 million in Q1 2014.
- Adjusted EBITDA (i) of $0.8 million as
compared to $1.5 million in Q1
2014.
First Quarter Fiscal 2015 Operational
Highlights
- The Company began shipping its products to a second global
North American construction, mining and engineering firm.
- The Company successfully grew its revenue per client in
the United States by 118% as
compared to Q1 2014. This is due to Sentinel sales growth in the US
market and as a result of the US-based Lat-Lon and JMM
acquisitions.
- The Company's subscriber base had total net additions of 1,850,
ending the quarter with 79,350 total subscribers.
- Received approval from the TSX Venture Exchange (the "TSXV")
for a normal course issuer bid (the "Bid"). Under the terms of the
Bid, the Company may acquire approximately 10% of the total public
float, as defined by the TSXV, of the Company's common shares.
"Once again, we saw solid growth in our recurring revenue and
subscriber base during the quarter," said Aly Rahemtulla, BSM's President and CEO.
"Lat-Lon and JMM continued to perform ahead of our expectations. We
shipped products to another major global construction customer with
the potential to become one of BSM's largest customers, and we
further progressed our rail yard pilot installation. Looking to the
remainder of fiscal 2015, we will continue to strategically invest
to drive growth and profitability over the long-term."
Financial Highlights for the First Quarter of Fiscal
2015:
($ thousands
except gross margin % and per share data)
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Three months
ended
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December
31
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2014
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2013
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Total
revenue
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$7,857
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$7,936
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Recurring
revenue(i)
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5,025
|
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4,015
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Hardware and other
revenue
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2,832
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3,921
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Gross
profit
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4,380
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4,367
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Gross margin
%
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56%
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55%
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Net income
(loss)
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(785)
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643
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Basic income (loss)
per share
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(0.017)
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0.018
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Diluted income (loss)
per share
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(0.017)
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0.017
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EBITDA(i)
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343
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1,550
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Adjusted
EBITDA(i)
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788
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1,550
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($
thousands)
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Balance as
at
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December 31,
2014
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September 30,
2014
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Cash and cash
equivalents
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$14,766
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$23,621
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Restricted cash and
cash equivalents
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8,800
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nil
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Working
capital
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3,374
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5,718
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(i) Recurring
revenue, EBITDA and Adjusted EBITDA are non-GAAP financial
measures. Refer to the management's discussion and analysis
for the three months ended December 31, 2014, for further details
with respect to the Company's non-GAAP financial performance
measures.
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The Company's condensed interim consolidated financial
statements for the three months ended December 31, 2014,
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:
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Friday, February 6,
2015
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TIME:
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8:30 a.m.
EST
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DIAL-IN
NUMBER:
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647-427-7450 or
1-888-231-8191
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CONFERENCE
ID:
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75755603
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TAPED
REPLAY:
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416-849-0833 or
1-855-859-2056
Reference number
75755603
Available until
Friday, February 13, 2015 at midnight
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LIVE
WEBCAST:
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http://www.newswire.ca/en/webcast/detail/1477495/1644799
Webcast will be
archived for one year
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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.