BSM Technologies Record $305,000 of EBITDA

BSM Technologies reports fifth consecutive quarter of positive EBITDA, with a record $305,000

 Toronto, ON, 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 nine-month periods ended June 30, 2011.

 Q3 fiscal 2011 Highlights

  • EBITDA of $305,000 was an improvement of 65% compared to Q3 2010, marking the fifth consecutive quarter of positive EBITDA results
  • $3.9 million Revenue was 14% over same quarter 2010
  • Net income was $239,000, an increase of $217,000 or 986% over Q3 2010
  • Cash from operating activities increased by $509,000 over Q3 2010

“We are very pleased to report these strong results which reflect continued strong sales of our core Sentinel products and growth in recurring revenues,” said Aly Rahemtulla, President and CEO. “Since the close of the past quarter we have continued to win new customers, added key members to our management team and ramped-up our strategies to further penetrate the U.S. market – these will further contribute to our positive earnings growth.”

Financial Highlights

All currency in thousands except per share data.

Three months ended

 

Nine months ended

June 30

 

June 30

2011

2010

 

2011

2010

Recurring service revenue

 $   2,439

 $   2,030

 

 $   6,955

 $   6,024

Hardware and software revenue

      1,476

      1,390

 

4,130

4,200

Total revenue

3,915

3,420

 

11,085

10,224

Gross profit

2,442

2,148

 

6,773

6,308

Gross margin %

   62%

   63%

 

   61%

   62%

Net income (loss) before other expenses

         292

161

 

         502

       (863)

Net income (loss)

         239

22

 

            259

     (1,285)

EBITDA

305

185


539

(813)

Cash and cash equivalents

 

 


 $      761

 774

Working capital

 

 


1,743

      964


The Company’s financial statements for the three months ended June 30, 2011, together with management’s discussion and analysis, have been filed at www.sedar.com.

BSM Technologies’ Interim Consolidated Financial Statements (Unaudited)

BSM Technologies Management’s Discussion and Analysis

About BSM Technologies

BSM Technologies, through its subsidiaries, BSM Wireless Inc., Datacom Wireless Corporation and SecTrack NV, 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

 

For more information please contact:

Mr. Aly Rahemtulla

President & CEO

BSM Technologies Inc.

1–416-675-1201

aly@bsmwireless.com

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