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BSM Technologies Reports First Quarter 2009 Revenues of $2.47 Million and first positive EBITDA of $ 106,086
BSM Technologies Reports First Quarter 2009 Revenues of $2.47 Million and first positive EBITDA o...
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[{"type":"text","content":"BSM Technologies Reports First Quarter 2009 Revenues of $2.47 Million and first positive EBITDA of $ 106,086\n\n\n\nBSM Technologies Reports First Quarter 2009 Revenues of $2.47 Million and first positive EBITDA of $ 106,086 \n\nWoodbridge, Ontario CANADA, February 11, 2009 /FSC/ - BSM Technologies Inc. (GPS - TSX Venture), (BSM) (http://www.bsmtechnologies.com) a leading provider of high security vehicle tracking and surveillance solutions today announced that revenues for the three months ended December 31, 2008 were $ 2,467,714. \n\nNoteworthy Highlights for the three months ended December 31, 2008\n\n* EBITDA (Income before interest, taxes, depreciation and amortization of intangible assets) of $ 106,086, as compared to net loss before interest, taxes, depreciation and amortization of intangible assets of $ 843,510 for the three months ended December 31, 2007.\n* Revenue increased by $ 390,306 or 19% to $ 2,467,714 from $ 2,077,408 for three months ended December 31, 2007. \n* Gross profits increased by $ 243,132 to $1,236,118 or 50% of the revenue from $992,986 or 48% of the revenue for the three months ended December 31, 2007. \n* The expenditure to revenue ratio decreased to 47% for the three months ended December 31, 2008 from 90% for the three months ended December 31, 2007.\n\n\"BSM's is pleased to announce its first positive EBITDA in its history. Excluding one-time legal and restructuring costs, the cash generated by the Company's consolidated operations, before interest, was aproximately $162,000. This significant progress is a function of our Management team addressing both our cost base and sales and marketing infrastructure. Key risk factors have been addressed and I believe BSM is well positioned for growth going forward,\" commented Mr. Aly Rahemtulla, President and CEO of BSM.\n\n\nResults of operations\n\nRevenue\n \nRevenue for the three months ended December 31, 2008 increased by $ 390,306 or 19% to $ 2,467,714 from $ 2,077,408 for the three months ended December 31, 2007. Increase in revenue is attributed to increased hardware and services revenue. Recurring service revenue for the three months ended December 31, 2008 increased by $ 286,721 or 32% to $ 1,191,484 from $ 904,763 for the three months ended December 31, 2007. The increase in services revenue is attri...