BSM Technologies reports record quarterly revenues of $3.9 million and net profit of $107,991 for Q2 2011 and YTD net profit of $20,136

WOODBRIDGE, ON, May 26, 2011 /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, 2011.

Q2 fiscal 2011 Highlights

  • Revenue was $3.9 million in Q2 2011, the highest quarterly revenue in BSM's history, up $0.6 million or 18% from $3.3 million in Q2 2010.
  • EBITDA was $166,233 in Q2 2011, an improvement of $1.1 million compared to the second quarter of 2010, marking the fourth consecutive quarter of positive EBITDA results.
  • Net income was $107,991 in Q2 2011, compared to a net loss of $1.1 million a year earlier.
  • Generated $41,600 of net cash in the quarter, compared to net cash usage of $584,367 in Q2 2010.
  • Significant sales wins included contracts with the Ontario Federation of Snowmobile Clubs, the Fédération des clubs de motoneigistes du Québec, and a major U.S.-based service fleet.

"We continue to see positive momentum across every segment of our business - services, hardware, and software are all performing well.  This led to record revenue, positive EBITDA and net earnings in the second quarter," said Aly Rahemtulla, President and CEO. "With the scalability of our model, we expect to see further improvements in our profitability as we grow the business."

Financial Highlights

               
All currency in thousands except per share data.     Three months ended   Six months ended
March 31   March 31
2011 2010   2011 2010
Recurring service revenue     $ 2,312 $ 1,989   $ 4,516 $ 3,994
Hardware and software revenue     1,590 1,309   2,654 2,810
Total revenue     3,902 3,299   7,170 6,804
Gross profit     2,299 2,087   4,331 4,160
Gross margin %     59% 63%   60% 61%
Net income (loss) before other expenses     166 (903)   234 (997)
Net income (loss)     108 (1,071)   20 (1,307)
               
Cash and cash equivalents           $ 493 $ 1,024
Working capital           1,328 795

The Company's financial statements for the three months ended March 31, 2011, 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

SOURCE BSM Technologies Inc.

For further information:

Mr. Aly Rahemtulla
President & CEO
BSM Technologies Inc.
1-905‐265-1200
aly@bsmwireless.com

Craig MacPhail
TMX | Equicom
416-815-0700, ext. 290
cmacphail@equicomgroup.com


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