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BSM Technologies Inc. Reports Record Revenue, Strong Recurring Revenue Growth in Fiscal 2014 and Announces Intention to Commence Normal Course Issuer Bid
TORONTO , Dec. 15, 2014 /CNW/ - BSM Technologies Inc. ("BSM" or the "Company") (TSX-...
About this update from Great Plains Metals Corp.
[{"type":"text","content":"\n\nTORONTO, Dec. 15, 2014 /CNW/ - 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 its financial and operating results for the three and twelve months ended September 30, 2014. All amounts are in Canadian dollars unless otherwise stated.\n\nFinancial and Operating Highlights ($ thousands except per share data; comparison of performance are made between fiscal 2014 results and fiscal 2013 results unless otherwise noted):\n\n\nTotal revenue of $9,020 for the fourth quarter and $29,873 for the year represent an increase of 75% and 56%, respectively.\nRecurring revenue(i) of $4,906 for the fourth quarter and $17,441 for the year represent an increase of 24% and 49%, respectively. \nHardware and other revenue of $4,114 for the fourth quarter and $12,432 for the year represent an increase of 245% and 66%, respectively. \nAdjusted EBITDA(i) of $948 for the fourth quarter and $4,109 for the year represent a decrease of 4% and an increase of 11%, respectively. \nCash and cash equivalents increased to $23,621 at September 30, 2014 from $10,251 in the same period last year. This increase is mainly attributable to the bought-deal offering of common shares of the Company for gross proceeds of approximately $22,000 completed in February 2014.\nReceived an initial order from one of North America's largest construction, mining and engineering firms which was filled in the fourth quarter. \nSuccessfully closed the acquisitions of (i) Lat-Lon, L.L.C.; (ii) JMM Management Group, LLC; and (iii) Praxis Transportation Solutions Inc., which improve the Company's strategic position in both the rail and fixed asset segments of the telematics market and strengthen our driver compliance product. \n\"We exited this year in a much stronger position than we started in, and are well equipped to capitalize on the growing opportunities ahead of us,\" said Aly Rahemtulla, BSM's President and CEO. \"Over the past four quarters we materially expanded our product portfolio and client base through three acquisitions, signed a marquee client in the construction vertical, strengthened the management team all while growing our recurring revenue by 49% compared to last fiscal year. By all meas...