TORONTO, ONTARIO--(Marketwired - Oct. 21, 2013) - Avante Logixx Inc., ("the Company") (TSX VENTURE:XX) through its wholly owned subsidiary, Avante Security Inc., provides best in class residential and commercial security services including system design and installation, rapid alarm response, alarm monitoring and secure transport through the use of advanced technology and a focus on client service. The Company is pleased to announce its results for the quarter ended September 30, 2013:
| |
Quarter ended |
Six month period ended |
| |
Sep 30, 2013 |
Sep 30, 2012 |
|
Variance |
|
Sep 30, 2013 |
Sep 30, 2012 |
|
Variance |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total revenues |
$2,145,597 |
$1,465,324 |
|
46.4 |
% |
$4,478,854 |
$2,956,242 |
|
51.5 |
% |
| Revenues - Recurring Monitoring and Response(1) |
775,868 |
601,468 |
|
12.3 |
% |
1,537,948 |
1,190,716 |
|
12.5 |
% |
| Revenues from other security services and transport |
1,369,730 |
863,857 |
|
76.9 |
% |
2,940,906 |
1,765,526 |
|
85.1 |
% |
| Total gross profit |
817,370 |
487,911 |
|
67.5 |
% |
1,748,228 |
933,582 |
|
87.3 |
% |
| Adjusted EBITDA(2) |
318,692 |
33,236 |
|
|
|
758,590 |
24,154 |
|
|
|
| Net income (loss) for the period |
308,511 |
15,280 |
|
|
|
738,702 |
(9,860 |
) |
|
|
| Basic income (loss) per share |
0.006 |
0.000 |
|
|
|
0.013 |
0.000 |
|
|
|
| Diluted income (loss) per share |
0.005 |
0.000 |
|
|
|
0.012 |
0.000 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Total common shares outstanding |
55,983,843 |
55,908,843 |
|
|
|
55,983,843 |
55,908,843 |
|
|
|
| Total assets |
$3,222,883 |
$1,714,221 |
|
|
|
$3,222,883 |
$1,714,221 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Total liabilities (excluding deferred revenue) |
819,345 |
596,238 |
|
|
|
819,345 |
596,238 |
|
|
|
| Deferred revenue |
1,475,085 |
1,339,986 |
|
|
|
1,475,085 |
1,339,986 |
|
|
|
| Total liabilities |
2,294,429 |
1,936,224 |
|
|
|
2,294,429 |
1,936,224 |
|
|
|
| Bank and other debt |
-nil- |
-nil- |
|
|
|
-nil- |
-nil- |
|
|
|
| Shareholders' equity |
928,454 |
(222,003 |
) |
|
|
928,454 |
(222,003 |
) |
|
|
(1) Revenues - Recurring Monitoring and Response includes Alarm Response along with Digital, Wireless and Video Monitoring services
(2) Adjusted EBITDA = Net income (loss) + Income tax + Depreciation / amortization + Shared based payments expense
Co-CEOs George Rossolatos and Emmanuel Mounouchos announced Avante Logixx Inc.'s results for the quarter ended September 30, 2013. The Company reported strong results driven by growth across all lines of business.
Net income for the quarter was $308,511 as compared to $15,280 for the same quarter in the prior fiscal year. Adjusted EBITDA for the quarter was $318,692 (September 30, 2012: $33,236). The Company continues to focus on organic growth in the Rapid Alarm Response, Security Monitoring and Installations segments, while developing new security solutions for residential and corporate customers. This was evidenced by a 10% growth in the number of customers who subscribed to Alarm Response and Monitoring respectively. Overall growth in recurring security revenue remains strong and steady.
The Avante Intelligent Perimeter Protection ("AIPP"), a recent offering, comprises both Intrusion Detection and Intelligent Video Analytics, using sophisticated software algorithms to study the environment the camera is focused on. When the camera detects an intrusion by an individual, the Avante Control Centre is instantly notified. Avante's response team acts on these alerts immediately, typically arriving at the scene within six minutes or less on average. The AIPP creates a perimeter 'bubble' around homes and businesses, detecting intruders before a break-in attempt occurs. The number of customers using this solution has tripled as compared to September 30, 2012.
International Security Travel Advisory Services ("ISTAS") is another recent offering by Avante. The Company is working with several multinational companies in ensuring that their travelling employees have appropriate protection, transportation services and logistics while travelling to higher risk environments. ISTAS has shown significant growth in the past year. Revenues from this offering were almost twice as much as the quarter ended September 30, 2012. ISTAS revenue depends on the international activities of our clients during the period and is not recurring in nature.
Avante's prospects for the remainder of fiscal 2014 continue to be positive. The company's cash balance rose to over $1.4 million at September 30, 2013 with no debt. Management believes that there are significant opportunities for organic growth or for the Company to consolidate and further improve its market share, which would result in increased profitability.
Avante Logixx Inc. (TSX VENTURE:XX) is a Toronto based security and technology company. Its primary operating division, Avante Security Inc. (www.avantesecurity.com), provides best in class security response and other security services for residential and commercial applications as well as being an industry leader in designing and installing complex security systems, access control, intelligent video analytics and smart home automation. The company continuously develops innovative products and applications within its core competencies. Please visit www.avantelogixx.com.
Forward-looking information: The information set forth in the Company's MD&A and this press release to readers may contain statements concerning Avante's future results, future performance, intentions, objectives, plans and expectations that are, or may be deemed to be, forward-looking statements or information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking statements are not guarantees of future performance.
These forward-looking statements are based on current expectations that involve numerous risks and uncertainties, including, but not limited to, those identified in the Risks Factors section of the Filing Statement the Company filed with regulatory authorities on February 28, 2008. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Avante's control. Although Avante believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate. These factors should be considered carefully, and readers should not place undue reliance on forward-looking statements. Avante has no intention and undertakes no obligation to update or revise any forward-looking statements, whether written or oral that may be made by or on the Company's behalf.