Business
Gatekeeper Reports $13.7M Revenue and 75% Annual Growth for Record-Breaking F2019
Abbotsford, British Columbia--(Newsfile Corp. - December 30, 2019) - Gatekeeper Systems Inc.&...
About this update from Gatekeeper Systems, Inc.
[{"type":"text","content":"Gatekeeper Reports $13.7M Revenue and 75% Annual Growth for Record-Breaking F2019Abbotsford, British Columbia--(Newsfile Corp. - December 30, 2019) - Gatekeeper Systems Inc. (TSXV: GSI) (OTC Pink: GKPRF) (FSE: 1GK) ('Gatekeeper' or the 'Company'), a leading provider of video surveillance systems developed to protect people while in transit, reports its financial results for the three months and fiscal year ended August 31, 2019.Fourth Quarter and Year End HighlightsRevenue for the year ended August 31, 2019 was $13,726,313, the highest fiscal year revenue in the Company's history and an increase of 75% when compared to $7,850,933 for the year ended August 31, 2018;Revenue for the fourth quarter was $4,879,510, the highest fourth quarter revenue in the Company's history and an increase of 84% when compared to $2,656,406 in the same period in the previous year;Gross profit during the fourth quarter and year end was $2,076,830 and $6,104,128 respectively, which compares to $1,421,827 and $4,189,070 respectively in the prior year comparable periods and represents the highest fiscal year gross profit in the Company's history;Net Income for the fourth quarter was $167,601, which compares to Net Loss of $357,229 in the same period in the previous year, representing an increase in profitability of 147%; Net loss for the year ended August 31, 2019 was $285,827 or $ (0.00) per share, which compares to a net loss of $1,323,277 or $ (0.02) per share for the year ended August 21, 2018. Non-cash expenses included in the net loss for the year were $523,347 which includes depreciation, stock-based compensation and an accrued common share bonus;As at August 31, 2019 the Company had working capital of $6,150,804, no long-term debt, and approximately 87.6 million shares outstanding;Subsequent to the fiscal year ended August 31, 2019, the Company announced two significant contracts: a digital video recorder contract for $6.3 million with delivery scheduled for spring 2020, and an annually recurring service contract for $2.36 million per year commencing November 2019.Management CommentaryDoug Dyment, President and CEO commented, \"Fiscal 2019 was a pivotal year of growth for Gatekeeper and we are extremely pleased to report these record-breaking financial results which affirm our strategic decision in 2018 to expand into the US transi...