TORONTO, Aug. 20, 2012 /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 and nine month periods ended June30, 2012.
Q3 fiscal 2012 Highlights (all amounts in thousands of Canadian dollars, except for per share or unit data):
- Recurring revenues from our core product line, Sentinel, of $1,406 for the quarter represents a 12% increase over the prior year.
- Net income: $477 represents a 100% improvement over prior year.
- EBITDA: $540 represents a 77% increase over prior year.
- Improved gross margin to 68% from 59% in prior year.
- Recurring revenue gross profit exceeds our expenses net of amortization, commission and bonus expense by $289.
- Cash from Operations of $326 are a $33 or 11% improvement over the prior year.
- Investment of $149 in share buyback of 2,984,000 of the Company's common shares.
- Significant orders:
- Subsequent to the quarter, we were awarded a contract to provide the Sentinel FM asset tracking solution to a major U.S.-based railroad. This contract has a potential of approximately 10,000 units. The initial contract is for five years with an option to renew for a further five-year period. This is the third North American railroad customer that we provide services to and will position BSM well in the rail vertical.
- We were awarded a contract to provide our Sentinel FM asset tracking solution to a major U.S.-based oil and gas service fleet. An initial order for this customer was for 300 units of a 4,000 unit fleet.
- Subsequent to the quarter we were awarded a contract from one of Canada's leading national communications solutions providers, which will generate revenue of $820 over a three-year period.
"We are very pleased with our continued growth in earnings which reflects our success in building a sustainable infrastructure that will support growth in our core product line and improve our earnings," said Aly Rahemtulla, President and CEO. "Growing sales is a priority for us and post-quarter we announced significant contract wins which will contribute to future earnings and sales growth."
|All currency in thousands except per||Three months ended June 30||Nine months ended June 30|
|Hardware and software revenue||1,011||1,476||3,339||4,130|
|Gross margin %||68%||59%||65%||57%|
|Basic and diluted income per share||$||0.002||$||0.001||$||0.003||$||0.001|
|Cash and cash equivalents||$||2,781||$||761|
The Company' financial statements for the three and ninemonths ended June 30, 2012, together with management's discussion and analysis, have been filed 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 business intelligent 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:
President & CEO
BSM Technologies Inc.
TMX | Equicom
1-416-815-0700, ext. 290