Business
BSM Technologies reports 39% growth in revenue in Q3 2013
TORONTO , Aug. 22, 2013 /CNW/ - BSM Technologies Inc. ("BSM" or the "Company") (TSX-V: GPS...
About this update from Great Plains Metals Corp.
[{"type":"text","content":"\n\n\nTORONTO, Aug. 22, 2013 /CNW/ - BSM Technologies Inc. (\"BSM\" or the\n \"Company\") (TSX-V: GPS), a leading provider of remote monitoring, fleet management, fleet diagnostics and automated vehicle security systems, today announced financial and\n operating results for the three- and nine-month periods ended June 30,\n 2013. All results are in Canadian dollars unless otherwise stated.\n\n\nQ3 2013 Financial and Operating Highlights ($ thousands except per share data)\n\n\n\nSignificant revenue growth: total revenue of $4,684 represents a 39%\n increase over the same period in fiscal 2012.\n\n\nAdjusted EBITDA(i): a record $964 for the quarter represents 21% of total revenue and a\n 79% increase over the same period in fiscal 2012.\n\n\nWithout the restructuring and acquisition-related costs and non-cash\n share-based compensation expense, net income would have been $771, or\n 62% higher over the same period in fiscal 2012.\n\n\nRecurring revenue(i): $3,029 for the quarter represents a $671 or 28% increase over the same\n period in fiscal 2012.\n\n\nHardware and other revenue of $1,655 increased $644 or 64% over the same\n period in fiscal 2012.\n\n\nOn May 31, 2013, the Company acquired AutoVision Wireless Inc.\n (\"AutoVision\" or \"AWI\"), a private company in the telematics industry,\n as described in the Company's June 3, 2013 press release. Consideration\n paid for AutoVision on closing included $7,389 in cash and 714,286\n common shares in the Company issued at $1.40 per share. A further\n $8,000 of consideration, comprised of up to $5,000 in cash and up to\n 2,142,858 common shares issued at $1.40 per share, is subject to the\n attainment of $5,000 of recurring revenue(i) in year 1 and $5,500 in recurring revenue(i) in each of years 2 and 3.\n\n\nOn June 30, 2013, the Company secured a three-year, $10,000 credit\n facility with the Toronto-Dominion Bank. The facility includes a $7,000\n term facility to finance the full up-front cash consideration for the\n Company's acquisition of AutoVision, and a $3,000 operating\n line-of-credit. The term facility and operating line-of-credit will\n initially carry interest at the prime rate plus 0.75%. The interest\n rate will vary based on the prime rate and a ratio of total debt to\n adjusted EBITDA(i).\n\n\n\n\n\n\n\"Continued organic growth, along with an initial contributio...