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Fleet Management Technology Provider BSM Reports 19% Rise in Quarterly Revenue, Increase in Gross Profit to 63.3% of Revenues
Fleet Management Technology Provider BSM Reports 19% Rise in Quarterly Revenue, Increase in Gross...
About this update from Great Plains Metals Corp.
[{"type":"text","content":"\nFleet Management Technology Provider BSM Reports 19% Rise in Quarterly Revenue, Increase in Gross Profit to 63.3% of Revenues\n\n\n May 28, 2010 (Filing Services Canada) -- BSM Technologies Inc. (GPS - TSX Venture), (\"BSM\") is pleased to announce its financial results for the financial quarter ended March 31, 2010.Highlights for the three months ended March 31, 2010:* Revenue:o 19% increase in revenue to $3.3 million over the same period in 2009o Recurring services revenue accounts for 60% of total revenues, up 10 percentage points over the same period in 2009* Gross Profit:o 52% increase in gross profit to $2.1 million over the same period in 2009o Gross profit of 63.3% of revenueo 13% decrease in cost of revenue over the same period in 2009Revenue:  BSM's quarterly revenue increased 19.1%.  Revenue for the quarter ended March 31, 2010 increased by $529,635 to $3,298,645.                               Service revenue for the quarter ended March 31, 2010 increased by $618,203 or 45.1% to $1,989,412. Monthly recurring service revenues for the three months ended March 31, 2010, accounted for 60.3% of total quarterly revenue (2009 - 49.5%).Gross Profit: Gross profit increased from 49.4% of revenue to 63.3% of revenue for the quarter ended March 31, 2010.  The gross profit for the quarter ended March 31, 2010 increased by $718,645 to $2,087,495.Integration Update: On September 25, 2009 BSM Technologies acquired all the outstanding shares of Datacom Wireless Corporation.  Significant progress on the integration of the two businesses has been made in the six months ended March 31, 2010.  Expenses:  Overall operating expenses before interest expense, notional charges on preferred shares, and amortization of intangible assets (\"Expenses\"), increased by $ 1,830,735 to $3,054,369. The increase in expenses was primarily due to: (i) $990,266 related to the operations of Datacom, which was acquired in September 2009; (ii) approximately $40,543 in increased expenditures of existing operations; (iii) $493,426 of non-recurring restructuring expenses related to the integration of operations, in line with the company's plan to realize...