Business
Gatekeeper Reports $3.3M Revenue, 82% Growth in Record-Breaking Fiscal Q1 2020
Abbotsford, British Columbia--(Newsfile Corp. - January 22, 2020) - Gatekeeper Systems Inc. ...
About this update from Gatekeeper Systems, Inc.
[{"type":"text","content":"Gatekeeper Reports $3.3M Revenue, 82% Growth in Record-Breaking Fiscal Q1 2020Abbotsford, British Columbia--(Newsfile Corp. - January 22, 2020) - 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 ended November 30, 2019. First Quarter HighlightsRevenue for the first quarter ended November 30, 2019 (\"Q1 2019\") was $ 3,356,397, the highest first quarter revenue in the Company's history and an increase of 82% when compared to $1,839,478 for the first quarter ended November 30, 2018 (\"Q1 2018\");Gross profit for Q1 2019 was $1,468,012, the highest first quarter gross profit in the Company's history and an increase of 61% when compared to $911,286 for Q1 2018;Net loss and comprehensive loss for Q1 2019 was $332, which compares to Net Loss and comprehensive loss of $687,379 for Q1 2018, representing an increase in profitability of 100%; As at November 30, 2019 the Company had working capital of $6,218,444, and approximately 87.9 million shares outstanding;The Company announced two significant contracts: a digital video recorder contract for $6.3 million with delivery scheduled to begin spring 2020, and an annually recurring service contract for $2.36 million per year for up to five years commencing November 2019.Management CommentaryDoug Dyment, President and CEO, commented, \"2020 is already shaping up to be another pivotal year of growth for Gatekeeper and we are extremely happy with these record-breaking first quarter results. The Company performed well in all strategic initiatives during the quarter. We also announced the largest contracts in the Company's history which total over $18 Million CDN. These two contracts not only represent significant growth for us in 2020 but also represent recurring revenue for up to five years from one of the largest transit agencies in North America. It is very exciting for Gatekeeper to experience this growth and our employees are motivated to develop and launch new solutions for our customers across our various markets.\"Transit InitiativeIn April 2018, the Company executed a strategic plan to focus on the U.S. transit industry as a key growth initiative by establishing Gatekeeper Systems USA Inc. (\"Ga...