BSM Technologies reports record revenue in Q1 2014

TORONTO, Feb. 10, 2014 /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 month period ended December 31, 2013. All results are in Canadian dollars unless otherwise stated.

Q1 2014 Financial and Operating Highlights ($ thousands except per share data; comparisons are made between fiscal Q1 2014 and fiscal Q1 2013 results, unless otherwise noted)

  • Record revenue: Total revenue of $7,936 represents an increase of 63%.
  • Adjusted EBITDA(i) of $1,550 represents an increase of 68%.
  • Recurring revenue(i) of $4,015 represents an increase of $1,715 or 75%.
  • Hardware and other revenue of $3,921 represents an increase of $1,363 or 53%.

"Strong hardware sales and contributions from our recent acquisition produced record financial results this quarter," said Aly Rahemtulla, President and CEO. "As the significant number of units sold during the quarter are deployed, we should see our high-margin recurring revenue subscriber base grow. Our focus is to maintain sales momentum and continue our profitable growth."

Financial Highlights  
All currency in thousands except per share data. Three months ended
December 31
2013 2012
Total revenue     $ 7,936 $ 4,858
          Recurring revenue(i) 4,015 2,300
          Hardware and other revenue 3,921 2,558
Gross profit 4,367 2,863
Gross margin %    55%    59%
Net income 643 823
Basic income per share 0.018 0.03
Diluted income per share 0.017 0.03
EBITDA(i) 1,550 923
Adjusted EBITDA(i) 1,550 923
     
Cash and cash equivalents $ 9,008 $ 2,468
Working capital 10,335 3,619

(i) Recurring revenue, EBITDA and Adjusted EBITDA are non-GAAP and non-IFRS financial measures.

The Company's financial statements for fiscal Q1 2014, together with management's discussion and analysis, can be found at www.sedar.com.

About BSM Technologies (bsmwireless.com)
BSM Technologies, through its subsidiary BSM Wireless Inc., is a leading provider of remote monitoring, fleet tracking, fleet maintenance, and a business intelligence engine 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 

SOURCE BSM Technologies Inc.

For further information:

Aly Rahemtulla
President & CEO
BSM Technologies Inc.
(416) 675-1201
arahemtulla@bsmwireless.com

Fil Marinkovic
TMX Equicom
(416) 815-0700 ext. 289
fmarinkovic@tmxequicom.com

Craig Armitage
TMX Equicom
(416) 815-0700 ext. 278
carmitage@tmxequicom.com