Business
BSM Technologies Reports Second Quarter 2009 Revenues of $2.7 Million and Positive EBITDA of $ 159,233
BSM Technologies Reports Second Quarter 2009 Revenues of $2.7 Million and Positive EBITDA of $ 15...
About this update from Great Plains Metals Corp.
[{"type":"text","content":"\nBSM Technologies Reports Second Quarter 2009 Revenues of $2.7 Million and Positive EBITDA of $ 159,233\n\n\n May 19, 2009 (Filing Services Canada) -- BSM Technologies Inc. (GPS - TSX Venture), a leading provider of high security vehicle tracking and surveillance solutions today announced that revenues for the three months ended March 31, 2009 were $ 2,734,399. Noteworthy Highlights for the three months ended March 31, 2009* EBITDA (Income before interest, taxes, depreciation and amortization of intangible assets) of $ 159,233, as compared to net loss of $ 648,651 for the three months ended March 31, 2008 before interest, taxes, depreciation and amortization of intangible assets.* Revenue increased by $ 1,090,725 or 66% to $ 2,734,399 from $ 1,643,674 for the three months ended March 31, 2008. * Gross profits increased by $ 537,864 to $1,351,008 from $813,144 for the three months ended March 31, 2008. * The expenditure to revenue ratio decreased to 45% for the three months ended March 31, 2009 from 92% for the three months ended March 31, 2008.* The Company was successful in arbitration proceedings in Belgium against the former owner of Sectrack and Euro 300,000 which was held in escrow by the Belgium based escrow agents at the time of closing of the Sectrack acquisition, was released to the CompanyResults of operationsRevenue Revenue for the three months ended March 31, 2009 increased by $ 1,090,725 or 66% to $ 2,734,399 from $ 1,643,674 for three months ended March 31, 2008. Increase in revenue is attributed to increased hardware and services revenue. Recurring service revenue for the three months ended March 31, 2009 increased by $ 392,217 or 40% to $ 1,376,372 from $ 984,155 for the three months ended March 31, 2008. The increase in services revenue is attributable to (i) the growth in the installed base of subscribers to the company's Sentinel services, (ii) additional billable service features such as data bus integration and (iii) increased one time consumption of services by one of Company's customers. Non recurring hardware and software revenue for the three months ended March 31, 2009 increased by $698,507 to $1,358,027 from $ 659,520 for the three months ended March 31, 2008. Increase in non recurring hardware and software is attributed to higher hardware sales in outside of North America.Gross Profit The gross profi...