Business
BSM Technologies Reports Second Quarter 2008 Revenues of $1.64 Million
BSM Technologies Reports Second Quarter 2008 Revenues of $1.64 Million
About this update from Great Plains Metals Corp.
[{"type":"text","content":"BSM Technologies Reports Second Quarter 2008 Revenues of $1.64 Million\n\n\n\nBSM Technologies Reports Second Quarter 2008 Revenues of $1.64 Million \n\nWoodbridge, Ontario CANADA, June 02, 2008 /FSC/ - BSM Technologies Inc. (GPS - TSX Venture), (http://www.bsmtechnologies.com) a leading provider of high security vehicle tracking and surveillance solutions today announced that revenues for the quarter ended March 31, 2008 were $1,643,674. The decrease of $478,199 from March 31, 2007 quarterly revenues of $2,121,873 can be attributed to a hardware order backlog. As at March 31, 2008 backlog in hardware orders, caused by supply delays from the hardware supplier, was $1,375,500.\n \nResults of operations\n\nRevenue \n\nRevenue for the quarter ended March 31, 2008 decreased by $478,199 to $1,643,674, compared to $2,121,873 for the quarter ended March 31, 2007.\n \nGross Profit\n \nThe gross profit for the quarter ended March 31, 2008 decreased by $ 148,609 to $813,144 or 49.47% of the revenue from $961,753 or 45.33% of the revenue for the three months ended March 31, 2007. The decrease in quarterly total gross profit was due primarily to lower hardware sales caused by the hardware product backlog. As a percentage of revenues, gross profit for the quarter ended March 31, 2008 was 49.47% compared to 45.33% for the quarter ended March 31, 2007. The increase in gross profit margins was due primarily to (i) reduction in cost of the hardware devices, (ii) increase in services subscriber base, and (iii) additional billable service features such as data bus integration offering\n\nOperating expenses \n\nExcluding certain one-time expenses amounting to approximately $174,430 related to legal fees incurred to maintain the injunction against the supplier of Sectrack which was obtained in June 2007, overall operating expenses before interest expenses decreased by $177,183 to $1,287,365, for the three months ended March 31, 2008, from $ 1,464,548 for the three months ended March 31, 2007 despite additions that were made to the sales, research and development, and operations functions caused by integration of Netistix staff. \n\nIncome/loss from operations \n\nNet loss for the three months ended March 31, 2008 was $880,860 or $0.01 per share on a diluted basis compared with a net loss of $629...