Business
BSM Announces Second Quarter Results, Revenue Increase of 58%
BSM Announces Second Quarter Results, Revenue Increase of 58%.
About this update from Great Plains Metals Corp.
[{"type":"text","content":"\n\n\n\n\nMISSISSAUGA, ON, May 25 /CNW/ - BSM Technologies Inc, (GPS: tsx-v)\n(http://www.bsmtechnologies.com) a leading provider of high security vehicle\ntracking and surveillance solutions today reported that revenues for the three\nmonths ended March 31, 2006 increased by 58% to $ 613,957 compared to \n$ 388,690 for the same period in 2005.\n\nRevenue\n-------\n\nRevenue for the three months ended March 31, 2006 increased by 58% to $\n613,957 from $ 388,690 for the three months ended March 31, 2005. Revenue for\nthe period was 30% higher than the previous three months ended December 31,\n2005. For the first six months of 2006, revenue of $1,086,284 was a 59%\nincrease from the same period in 2005.\n\nGross Profit\n------------\n\nGross profit for the three months ended March 31, 2006 was $317,222, an\nincrease of 54% compared to gross profit of $205,789 in the same period in\n2005. As a percentage of revenues, gross profit was 52% from 53% for the three\nmonths ended March 31, 2005.\n\nOperating expenses\n------------------\n\nOverall, operating expenses before SR & ED credit, stock compensation\nexpenses, interest expenses and amortization of capital assets increased by\n$342,776 to $706,001 for the three months ended March 31, 2006, from $ 363,225\nfor the three months ended March 31, 2005.\n\nLoss from operations\n--------------------\n\nNet loss for the three months ended March 31, 2006 was 414,943 or $0.01\nper share on a diluted basis, compared with $ 95,090 or $0.01 per share on a\ndiluted basis, for the three months ended March 31, 2005. The net loss per\nshare for the year was also impacted by an increase in weighted average number\nof common shares from 10,327,528 to 37,705,631 for the three months ended\nMarch 31, 2005 and 2006.\n\nLiquidity and Capital Resources\n-------------------------------\n\nAt March 31, 2006, the Company's working capital was $334,179 as compared\nto a working capital deficiency of $ 75,334 at the same time last year.\nThe Company's consolidated financial statements, accompanying notes and\nManagement's Discussion and Analysis will be available on the System for\nElectronic Document Analysis and Retrieval (\"SEDAR\") website (www.sedar.com)\non or before May 26, 2006.\nThe company also effected shares for services settlement to settle\n$34,583.29 of services for 182,019 common shares p...