Business
BSM Technologies Reports Third Quarter 2008 Revenues of $2.29 Million
BSM Technologies Reports Third Quarter 2008 Revenues of $2.29 Million
About this update from Great Plains Metals Corp.
[{"type":"text","content":"BSM Technologies Reports Third Quarter 2008 Revenues of $2.29 Million\n\n\n\nBSM Technologies Reports Third Quarter 2008 Revenues of $2.29 Million \n\nWoodbridge, Ontario CANADA, August 29, 2008 /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 quarter ended June 30, 2008 were $ 2,287,695. \n\nResults of operations\n\nRevenue \n\nRevenue for the quarter ended June 30, 2008 decreased by $71,476 or 3.03% to $2,287,695, compared to $2,359,171 for the quarter ended June 30, 2007. The decrease of $71,476 from June 30, 2007 quarterly revenues of $2,359,171 can be attributed to lower sales to South American customers.\n \nGross Profit\n \nThe gross profit for the quarter ended June 30, 2008 increased by $ 153,585 to $1,086,562 or 47.5% of the revenue from $932,977 or 39.55% of the revenue for the three months ended June 30, 2007. The increase in quarterly 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 quarter ended June 30, 2008 was 47.5% compared to 39.55% for the quarter ended June 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 three months ended June 30, 2008 was $603,234 or $0.01 per share (basic and diluted) compared with a net loss of $780,348 or $0.01 per share (basic and diluted) for the for the three months ended June 30, 2007. \n\nOperating expenses\nOperating expenses before interest expenses decreased by $ 29,015 to $1,559,793 for the three months ended June 30, 2008 from $ 1,588,808 for the three months ended June 30, 2007. The quarter over quarter decrease in operating expenses was the result of overall costs reduction initiative despite additions that were made to the research and development, and operations functions caused by integration of Netistix staff. &nbs...