Jan. 27, 2011 (Canada NewsWire Group) --
TORONTO, Jan. 27 /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 twelve months ended September 30, 2010.
2010 Highlights
- EBITDA of $305,503 in the fourth quarter of 2010, the second consecutive quarter of positive EBITDA
- Revenue of $13.5 million, an increase of $4.4 million or 48 percent over fiscal 2009
- Monthly recurring service revenues of $8.2 million, an increase of $3.1 million or 62% from $5.1 million last year
- Gross profit of $8.2 million, an increase of $3.5 million or 73 percent
- Gross profit margin of 61 percent, up from 52 percent in 2009
- Completion of the LoadTrak fleet tracking business and iTrax fixed asset monitoring business agreements.
"Fiscal 2010 was a very important and successful year for us as we continue to transform our business," said Aly Rahemtulla, President and CEO. "By shifting our focus increasingly to recurring revenue businesses, we significantly improved our gross margins and generated positive EBITDA in each of the final two quarters of the year for the first time in the Company's history."
Mr. Rahemtulla continued: "Our ongoing objective has been to build critical mass in the telematics space where our technology offers us a unique competitive advantage. The acquisition of the iTrax and LoadTrak businesses, together with our ongoing success in winning new customers organically, position us very well for continued growth in 2011."
Financial Highlights
| All currency in thousands except per share data. | Three months ended | Year ended | |||
| September 30 | September 30 | ||||
| 2010 | 2009 | 2010 | 2009 | ||
| Recurring service revenue | $ 2,157 | $ 1,275 | $ 8,181 | $ 5,065 | |
| Hardware and software revenue | 1,125 | 530 | 5,326 | 4,063 | |
| Total revenue | 3,282 | 1,805 | 13,507 | 9,128 | |
| Gross profit | 1,915 | 1,034 | 8,223 | 4,740 | |
| Gross margin % | 58% | 57% | 61% | 52% | |
| Net income (loss) before other expenses | 306 | (242) | (557) | 139 | |
| Net income (loss) | (1,859) | (2,412) | (3,143) | (3,205) | |
| Basic and diluted income (loss) per share | $ (0.01) | $ (0.03) | $ (0.01) | $ (0.04) | |
| Cash balance | $ 917 | $ 2,497 | |||
| Working Capital | 1,209 | 2,119 | |||
The Company's financial statements for the fiscal year 2010, together with management's discussion and analysis, can be found 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.
1-905‐265-1200
[email protected]
Craig MacPhail
TMX | Equicom
416-815-0700, ext. 290
[email protected]