BSM Technologies reports Seventh consecutive quarter of positive earnings, a 112% increase in fiscal Q1 2012


BSM Technologies reports Seventh consecutive quarter of positive earnings, a 112% increase in fiscal Q1 2012

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-month period ended December 31, 2011.


Q1 fiscal 2012 Highlights (all amounts in thousands of Canadian dollars, except for per share or unit data):

  • Seventh consecutive quarter of positive EBITDA:  $145 represents a 112% increase over Q1 2011 EBITDA of $68.
  • Adjusted EBITDA of $388 represents a 470% increase over Q1 2011 Adjusted EBITDA of $68.
  • Fourth consecutive quarter of positive Net income: $90 represents a 203% improvement over Q1 2011 of net loss of $88.
  • Improved gross margin to 64% from 57% in prior year.
  • Cash from Operations of $274 are a $492 or 226% improvement over the prior year.
  • Core Sentinel line recurring revenues of $1,291 for the quarter are a 30% increase over the prior year.

“We are happy with our continuing growth and profitability,” said Aly Rahemtulla, President and CEO. “This past quarter’s results reflect an increase in subscribers driving higher recurring revenues along with increasing sales from the United States, which are up 16 percent from the first quarter of 2011.”

Financial Highlights

All currency in thousands of Canadian dollars except per share data.

Three months ended

December 31

2011

2010

Recurring service revenue

 

 

$   2,375

$   2,204

Hardware and software revenue

 

 

966

1,064

Total revenue

 

 

3,341

3,268

Gross profit

 

 

2,124

1,855

Gross margin %

64%

57%

Income (loss) from operations

 

 

72

(106)

Net income (loss) and comprehensive income (loss) for the period

 

 

90

(88)

EBITDA

 


145

68

Adjusted EBITDA

 


388

68


 


December 31, 2011

September 30, 2011

Cash and cash equivalents

 


$      2,202

1,958

Working capital

 


1,927

1,938



The Company’s financial statements for the three months ended December 31, 2011, together with management’s discussion and analysis, have been filed at www.sedar.com.



About BSM Technologies

BSM Technologies 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.


BSM Technologies, through its subsidiary BSM Wireless Inc., provide proprietary software focussed solutions to our customers in Canada, the USA and around the world, helping them better manage their assets – both stationary and moving. Our customers operate in a broad range of markets, including rail, construction, transportation, services, oil and gas and government.  Our software and hardware solutions provide a key link between our customers’ operations and the systems they use to run their business – facilitating cost reduction, improved customer service, greater efficiency, and enhanced security.  Our solutions promote safety and facilitate compliance with safety, workplace and environmental regulations.


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