PRESS RELEASES 12/17/2013 12:00:00 PM | Canada News Wire

BSM Technologies reports record Adjusted EBITDA and 39% revenue growth in Fiscal 2013


TORONTO, Dec. 17, 2013 /CNW/ - BSM Technologies Inc. ("BSM" or the "Company") (TSXV: 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 twelve month periods ended September 30, 2013. All results are in Canadian dollars unless otherwise stated.

Financial and Operating Highlights ($ thousands except per share data; comparisons of performance are made between fiscal 2013 results and fiscal 2012 results, unless otherwise noted)

  • Significant revenue growth: Total revenue of $5,163 for the fourth quarter and $19,207 for the year represent a 54% and 39% increase, respectively.

  • Record Adjusted EBITDA(i): $986 for the fourth quarter and $3,708 for the year represent a 46% and 85% increase, respectively.

  • Recurring revenue(i) of $3,970 for the fourth quarter and $11,736 for the year represent a 70%, and 24% increase, respectively.

  • Hardware and other revenue of $1,193 for the fourth quarter and $7,471 for the year represent increases of $175 or 17% and $3,114 or 71%, respectively.

  • Cash and cash equivalents increased to $10,251 million at September 30, 2013 representing a $7.2 million or 239% increase over the prior fiscal year's balance.

"2013 was a transformational year for BSM Wireless," said Aly Rahemtulla, President and CEO, BSM Technologies Inc. "We complemented significant organic growth with a strategic acquisition that strengthened our presence in Western Canada and in the energy services sector, which drove a 54% increase in our fourth quarter revenues. In 2014 we will be focused on completing the integration of the two businesses and continuing our sales momentum."

Financial Highlights      
All currency in thousands except per share data.Three months ended   Twelve months ended
September 30   September 30
20132012   20132012
Recurring revenue(i)$   3,970 $   2,338   $   11,736 $   9,455
Hardware and other revenue 1,193       1,018   7,471 4,357
Total revenue       5,163       3,356   19,207 13,812
Gross profit 3,484 2,412   12,012 9,212
Gross margin %    67%   72%      63%    67%
Net income(ii)9,841         635   9,524 1,541
Basic income per share(ii)0.279 0.022   0.294 0.053
Diluted income per share(ii)0.274 0.022   0.290 0.053
EBITDA(i)       1,184      674   1,908 1,839
Adjusted EBITDA(i)986 674   3,708 2,082
           
Cash and cash equivalents       $   10,251 $   3,025
Working capital       9,352 2,807

(i) Recurring revenue, EBITDA and Adjusted EBITDA are non-GAAP and non-IFRS financial measures.
(ii) Net income for the three and twelve months ended September 30, 2013 includes $9,670 attributable to deferred income tax recovery.

The Company's financial statements for Q4 and fiscal 2013, together with management's discussion and analysis, can be found 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 please contact:

Aly Rahemtulla
President & CEO
BSM Technologies Inc.
(416) 675-1201
arahemtulla@bsmwireless.com

Fil Marinkovic
TMX Equicom
(416) 815-0700 ext. 289
fmarinkovic@tmxequicom.com

Craig Armitage
TMX Equicom
(416) 815-0700 ext. 278
carmitage@tmxequicom.com