Business
BSM Technologies Reports Third Quarter 2009 Revenues of $1.96 Million and Positive EBITDA of $ 27,269
BSM Technologies Reports Third Quarter 2009 Revenues of $1.96 Million and Positive EBITDA of $ 27...
About this update from Great Plains Metals Corp.
[{"type":"text","content":"\nBSM Technologies Reports Third Quarter 2009 Revenues of $1.96 Million and Positive EBITDA of $ 27,269\n\n\n Aug. 31, 2009 (Filing Services Canada) -- 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 three months ended June 30, 2009 were $ 1,960,178. Noteworthy Highlights for the three months ended June 30, 2009* The Company's operating activities generated positive EBITDA for the third consecutive quarter.* Due to an ongoing commitment to cost controls, operating expenses before interest expense and amortization of intangible assets decreased by $ 517,188 to $1,042,605 or 53% of the revenue for the three months ended June 30, 2009 from $ 1,559,793 or 68% of the revenue for the three months ended June 30, 2008. Results of operationsRevenue Revenue for the three months ended June 30, 2009 decreased by $ 327,517 or 14% to $ 1,960,178 from $ 2,287,695 for three months ended June 30, 2008. Decrease in revenue for the three months ended June 30, 2009 is attributed to decreased hardware and services revenue. Recurring service revenue for the three months ended June 30, 2009 increased by $ 248,554 or 25% to $ 1,255,650 from $ 1,007,096 for the three months ended June 30, 2008. The increase in services revenue is attributable to the growth in the installed base of subscribers to the Company's services. The global economic uncertainty had an impact on the Company's non-recurring hardware and software sales, Non recurring hardware and software revenue for the three months ended June 30, 2009 decreased by $576,071 to $704,528 from $1,280,599 for the three months ended June 30, 2008. Gross Profit The gross profit for the three months ended June 30, 2009 decreased by $56,117 to $1,030,445 from $1,086,562 for the three months ended June 30, 2008. The decrease in quarterly total gross profit was primarily due to decrease in non recurring hardware and software sales.Gross profit margin for the three months ended June 30, 2009 was 52.6 %, compared to 47.5% for the three months ended June 30, 2008. The increase in gross margin is due to the increase in the subscriber base and the resulting services revenue increase. Operating expenses Overall, operating expenses before interest expense and amortization ...