Business
BSM Technologies Reports 2008 Revenues of $7.83 Million
BSM Technologies Reports 2008 Revenues of $7.83 Million
About this update from Great Plains Metals Corp.
[{"type":"text","content":"BSM Technologies Reports 2008 Revenues of $7.83 Million\n\n\n\nBSM Technologies Reports 2008 Revenues of $7.83 Million\n\nWoodbridge, Ontario CANADA, January 28, 2009 /FSC/ - BSM Technologies Inc. (GPS - TSX Venture), a leading provider of high security vehicle tracking and surveillance solutions today announced that revenues for the year ended September 30, 2008 were $ 7,827,823. \n\nResults of operations\n\nRevenue \n\nRevenue for the year ended September 30, 2008 decreased by 465,354 or 5.6% to $ 7,827,823 from $ 8,293,177 for year ended September 30, 2007. The decrease of $465,354 from September 30, 2007 yearly revenue of $8,293,177 can be attributed to lower hardware revenue. \n\nGross Profit \n\nThe gross profit for the year ended September 30, 2008 increased by $ 32,045 to $3,753,033 or 48% of the revenue from $3,720,988 or 45% of the revenue for the year ended September 30, 2007. The increase in yearly total gross profit was primarily due to increase in higher gross profit margin services revenue, a result of the growth of the services subscriber base and introduction of additional billable service features such as our new data bus integration offering. As a percentage of revenues, gross profit for the year ended September 30, 2008 were 48% compared to 45% for the year ended September 30, 2007. The increase in total gross profit margins was due primarily to reduction in cost of the hardware devices, and increased sales mix of higher gross profit margin services revenue.\n\nIncome/loss from operations \n\nNet loss for the year ended September 30, 2008 was $3,870,991 or $0.05 per share per share (basic and diluted) compared with a net loss of $2,683,738 or $0.04 per share (basic and diluted) for the for the year ended September 30, 2007. \n\nOperating expenses\n \nOverall, operating expenses before interest expense and amortization of intangible assets increased by $ 655,760 to $6,583,242 for the Year ended September 30, 2008 from $ 5,927,482 for the Year ended September 30, 2007. \n\nLiquidity and capital resources \n\nThe Company used $1,920,760 to finance operating activities during the year ended September 30, 2008, including $3,033,164 in operating losses offset by a decrease of $1,112,404 in non cash operating working capital. This compares with cash...