MISSISSAUGA, ON, May 25 /CNW/ - BSM Technologies Inc, (GPS: tsx-v)
(http://www.bsmtechnologies.com) a leading provider of high security vehicle
tracking and surveillance solutions today reported that revenues for the three
months ended March 31, 2006 increased by 58% to $ 613,957 compared to
$ 388,690 for the same period in 2005.
Revenue
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Revenue for the three months ended March 31, 2006 increased by 58% to $
613,957 from $ 388,690 for the three months ended March 31, 2005. Revenue for
the period was 30% higher than the previous three months ended December 31,
2005. For the first six months of 2006, revenue of $1,086,284 was a 59%
increase from the same period in 2005.
Gross Profit
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Gross profit for the three months ended March 31, 2006 was $317,222, an
increase of 54% compared to gross profit of $205,789 in the same period in
2005. As a percentage of revenues, gross profit was 52% from 53% for the three
months ended March 31, 2005.
Operating expenses
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Overall, operating expenses before SR & ED credit, stock compensation
expenses, interest expenses and amortization of capital assets increased by
$342,776 to $706,001 for the three months ended March 31, 2006, from $ 363,225
for the three months ended March 31, 2005.
Loss from operations
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Net loss for the three months ended March 31, 2006 was 414,943 or $0.01
per share on a diluted basis, compared with $ 95,090 or $0.01 per share on a
diluted basis, for the three months ended March 31, 2005. The net loss per
share for the year was also impacted by an increase in weighted average number
of common shares from 10,327,528 to 37,705,631 for the three months ended
March 31, 2005 and 2006.
Liquidity and Capital Resources
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At March 31, 2006, the Company's working capital was $334,179 as compared
to a working capital deficiency of $ 75,334 at the same time last year.
The Company's consolidated financial statements, accompanying notes and
Management's Discussion and Analysis will be available on the System for
Electronic Document Analysis and Retrieval ("SEDAR") website (www.sedar.com)
on or before May 26, 2006.
The company also effected shares for services settlement to settle
$34,583.29 of services for 182,019 common shares priced at $0.19 per share.
Shares issued are legended and restricted from trading until September 19,
2006.
About BSM Technologies (GPS:tsxv) (http://www.bsmtechnologies.com)
BSM Technologies and its subsidiaries HGI Wireless and BSM Wireless
design, manufacture and market a comprehensive line of high security vehicle
tracking and surveillance solutions for: Law Enforcement Bait and Covert, High
Security and Executive Protection, Fleet Management and Consumer Safety. BSM
products are designed with the enhanced reliability, functionality, and
security today's GPS technology allows. By also incorporating advanced,
mapping and wireless technologies, the BSM line of products provides
sophisticated real-time monitoring and control of vehicle assets.
The BSM line of products range from our Fleet and Trailer management
Edition, to our full featured "Stinger" featured in news media worldwide as
the key technology behind the "Bait & Covert" application used by Law
Enforcement to deter auto, Trailer and heavy equipment theft. That same
quality and attention to detail is dedicated to the manufacture of all our
products. Recognized as an industry leader in Covert Telematics, BSM provides
solutions for any asset-tracking requirement. Our product line can be adapted
to your requirements, and our support infrastructure assures you receive the
premium GPS solution in the industry.
This press release is available on the company's official on-line
investor relations site for investor commentary, feedback and questions.
Investors are asked to visit http://www.agoracom.com/IR/BSM and view the "BSM
Technologies" IR HUB. Alternatively, investors are asked to e-mail all
questions and correspondence to GPS(at)agoracom.com where they can also
request addition to the BSM Technologies investor e-mail list to receive all
future press releases and updates directly.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. No stock
exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein. This News Release may include
certain "forward-looking statements" that involve risks and uncertainties.
Actual results may differ materially from results indicated in any forward-
looking statements. The company cautions that, among other things, in view of
the rapid changes in communications markets and technologies, and other risks
including the cost and market acceptance of the company's new products, the
level of individual customer procurements and competitive product offerings
and pricing, and general economic circumstances, the company's business
prospects may be materially different from forward-looking statements made by
the company.
