TSX - Trading symbol - XX.V
TORONTO, Aug. 28, 2012 /CNW/ - Avante Logixx Inc., through its primary operating division Avante Security Inc., provides best in class residential and commercial security services including system design and installation, rapid alarm response, alarm monitoring and secure transport through the use of advanced technology and a focus on client service. The Company is pleased announce its results for the quarter ended June 30, 2012:
|June 30, 2012||June 30, 2011||Variance (%)|
|Revenues - Recurring Monitoring and Response1||676,227||651,452||3.8%|
|Revenues from other security services and transport||814,691||671,309||21.3%|
|Total gross profit||445,670||357,545||24.7%|
|Net income (loss) before discontinued operations||(25,140)||(235,047)|
|Net income (loss) for the period||(25,140)||(232,895)|
|Basic and diluted income (loss) per share||(0.000)||(0.004)|
Co-CEOs Emmanuel Mounouchos and George Rossolatos announced that the client base of Avante Logixx Inc. continued to grow. Revenue for the quarter ended June 30, 2012 amounted to $1.49 million as compared to $1.32 million for the same quarter in the previous fiscal year, a net growth of 12.71%.
George Rossolatos said that "results for the quarter indicate that Avante has almost completed its turnaround, which has been focused on a return to profitability through its renewed focus on the security market while simultaneously concentrating on comprehensive cost and process efficiencies." The company continues to be focused on increasing its market share in alarm response and security systems installations, while trying to grow the security travel advisory service business. Gross profit grew by 24.7% and Adjusted EBITDA improved by 96.1%. Net loss decreased from $232,895 for the quarter ended June 30, 2011 to $9,082 for the quarter ended June 30, 2012."
The company has no debt and effective working capital management has ensured that the Company has not had to utilize its operating line of credit for over 21 months. The Management believes that this along with continued growth in revenues and profitability should put the Company in a better financial position in the near term, to help the Company expand further and consider other strategic growth opportunities.
Forward looking information: The information set forth in the Company's MD&A and this press release to readers may contain statements concerning Avante's future results, future performance, intentions, objectives, plans and expectations that are, or may be deemed to be, forward-looking statements or information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking statements are not guarantees of future performance.
These forward-looking statements are based on current expectations that involve numerous risks and uncertainties, including, but not limited to, those identified in the Risks Factors section of the Filing Statement the Company filed with regulatory authorities on February 28, 2008. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Avante's control. Although Avante believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate. These factors should be considered carefully, and readers should not place undue reliance on forward-looking statements. Avante has no intention and undertakes no obligation to update or revise any forward-looking statements, whether written or oral that may be made by or on the Company's behalf.
Avante Logixx Inc. (TSXV: XX) is a Toronto based security and technology company. Its primary operating division, Avante Security Inc. (www.avantesecurity.com), provides best in class security response and other security services for residential and commercial applications as well as being an industry leader in designing and installing complex security systems, access control, and video analytics. The company continuously develops innovative products and applications within its core competencies. Please visit www.avantelogixx.com.
1 Revenues - Recurring Monitoring and Response includes Alarm Response along with Digital, Analog and Video Monitoring services
2 Adjusted EBITDA = Net income (loss) + Income tax + (Depreciation / amortization + Shared based payments expense.
SOURCE: Avante Logixx Inc.
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