TORONTO, Aug. 15, 2016 /CNW/ - Posera Ltd. (TSX : PAY) ("Posera" or the "Company"), a leading provider of software solutions for the hospitality industry, today announced its financial results for the three and six-months ended June 30th, 2016.
During the three-months ended June 30, 2016, Posera recognized $4,337,915 in total revenues(1), an increase of $48,374 or 1.1% when compared to the three-months ended June 30th, 2015 of $4,289,541 and a decrease of $81,219 (1.8%) from $4,419,134 for the three-months ended March 31, 2016.
During the three-months ended June 30th, 2016 Posera incurred restructuring expenditures of $184,443, compared to $nil and $687,773 for the three-months ended June 30, 2015 and March 31, 2016 respectively. The restructuring costs are investments being made by Posera which are expected to reduce expenditures, increase overall efficiency, operational discipline and financial performance of the Company in the long-term. Restructuring expenditures year-to-date, relate to operational consultants and severance costs.
Recurring revenues for the three-months ended June 30th, 2016 were $1,744,150, an increase of $185,156 (11.9%) from recurring revenues of $1,558,984 for the three-months ended June 30th, 2015 and a decrease of $2,459 (0.1%) from recurring revenues of $1,746,609 for the three-months ended March 31, 2016.
Posera experienced a normalized EBITDA loss(2) for the three-months ended June 30th, 2016 of $37,601, a decrease in the loss of $87,442 (69.9%), from a loss of $125,043 for the three-months ended June 30th, 2015. The change in the normalized EBITDA loss was primarily due to the headcount reductions as a result of the terminations that were undertaken during the three-months ended March 31, 2016.
Disposition of Zomaron and Discontinued Operations: On April 29, 2016 the Company completed the sale of all of the issued and outstanding shares in the capital of its wholly owned subsidiary Zomaron Inc. ("Zomaron"), to a company established by Zomaron's current operating management team. To understand the current and comparative financial results included in this press release, please refer to the Company's Financial Statements and Management Discussion and Analysis for the three and six-months ended March 31, 2016 and June 30, 2016, for a detailed explanation regarding the presentation and disclosure impact for the Zomaron discontinued operation and ultimate disposal to the Company's consolidated results.
(1) Amount presented applies the retrospective presentation for discontinued operations for the Zomaron transaction as discussed in the Company's MD&A for the three and six-months ended June 30, 2016 on Page #3-4.
(2) Presentation of these amounts include the results from discontinued operations as discussed in the Company's MD&A for the three and six-months ended June 30, 2016 on Page #3-4.
The Company will hold a conference call on Wednesday, August 17th, 2016 to discuss the financial results for the three and six-months ended June 30th, 2016, at 1:30 PM Eastern Standard Time hosted by Loudon Owen, Chief Executive Officer and Kevin Mills, Chief Financial Officer. A question and answer session will follow the corporate update.
CONFERENCE CALL DETAILS
Date: Wednesday, August 17th, 2016
Time: 1:30 PM Eastern Standard Time
Participant Dial-in Numbers:
Local – Toronto (+1) 647-427-7450
Toll Free - North America (+1) 888-231-8191
Conference ID: 65550379
An archive of the conference call will be available by visiting the Company's website at www.posera.com/investor-relations. Please connect at least 10 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.
Posera has been a leading provider of mission critical hospitality technology for more than 30 years. It manages merchant transactions with consumers and facilitates all aspects of the payment transaction.
Posera's full service solutions include SecureTablePay, which is an EMV compliant Pay-At-The-Table ("PATT") application. Posera's MaitreD'TM and FingerPrintsTM restaurant management systems offer a robust and comprehensive solution including hardware integration services, merchant staff training, system installation services, post-sale software and hardware customer support. Posera's solutions are deployed globally including across the full spectrum of restaurants, from large chains and independent table service restaurants to international quick service chains and its products have been translated into eight languages.
Posera Ltd.'s shares are traded on the Toronto Stock Exchange under the symbol "PAY".
This discussion includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect Posera's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Annual Information Form to be filed on March 30th 2016 with the regulatory authorities. Posera assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless required by law.
SOURCE Posera Ltd.
For further information: Kevin Mills, Chief Financial Officer, 1.416.703.6462 ext. 2203, [email protected], www.posera.com; Investor Relations Contact: Caleb Jefferies, 1.604.684.6730