Abbotsford, BC – January 31, 2022 - Gatekeeper Systems Inc. (‘Gatekeeper’ or the ‘Company’) (TSX-V: GSI) (OTC: GKPRF) (FSE: 1GK) a video and data solutions provider for public transportation and smart cities, reports its financial results for the three months ended November 30, 2021.
Financial Highlights for Fiscal First Quarter Ended November 30, 2021:
- Revenue was $2,699,589 which compares to $4,964,805 for the same period in the previous year;
- Gross profit was $1,719,439 which compares to $1,770,445 for the same period in the previous year;
- Gross margin as a percentage of revenue was 64% which compares to 36% in the same period in the previous year;
- Operating profit was $16,300 which compares to $253,431 for the same period in the previous year;
- At November 30, 2021, the Company had cash of $3,709,918, working capital of $9,276,103, and approximately 90.4 million shares outstanding.
Management Commentary
“In our first fiscal quarter, we continued to maintain operating profitability even though it was a quarter where some of our anticipated customer sales contracts were delayed while our school and transit customers were addressing driver shortage and operational challenges with high priority,” commented Doug Dyment, President and CEO. “These driver shortages and operational challenges increase our conviction in our recently-launched CLARITY and Automatic Lane Enforcement offerings which have been carefully designed to help address these challenges.
During the quarter we took the necessary steps to prepare Gatekeeper for the incredible opportunities that lie ahead in the school and transit industries, which are the primary business segments we serve. In 2021, federal funding commitments for over US $100 billion in each of these industries were announced, which is the largest federal funding assistance these industries have ever received.
We continued to invest in our customer sales and marketing activities during the quarter. Recently, we launched a new website, created five new product solution videos, and initiated seven new customer marketing campaigns. We also made significant effort to ensure we have access to sufficient product inventory, given the current challenges with the supply chain and chip shortages. A prevalent customer concern surrounds a supplier’s ability to deliver on their video and data offerings and we are proud that we can offer this advantage to new and existing customers. We also continued to invest in research and development for new products and solutions that our customers are requesting and we look forward to launching those solutions in the coming months.” | |