CALGARY, ALBERTA--(Marketwired - March 26, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Blackline GPS Corp. (TSX VENTURE:BLN), a manufacturer of employee safety and asset tracking systems, today announced results for the quarter ended January 31, 2014.
Q1 2014 highlights
- Initial production run completed for Bridge / Loner 900 solution
- Deferred revenue topped $1.36M, a 49% increase over Q1 FY20123
- Q1 Gross margin was 48%, a 12% increase over Q1 FY2013
- Revenue increased to $672k, a 16% increase over Q1 FY2013
"This quarter saw the Company continue strong growth in its customer base, witnessed by our 49% growth in deferred revenue. We also saw a significant increase in our Gross Margin due to the commercial/industrial focus of the Company. While these are positive elements, our core focus in the Quarter was on product development where we achieved significant progress on several fronts. Key milestones were achieved towards the successful launch of our Loner 900 system, the industry's most capable safety solution for those working beyond cellular," said Cody Slater, Blackline CEO & Chairman. "The Loner 900 System will enable organizations to monitor the safety of employees working alone in remote locations while providing the flexibility for personnel to operate up to 10 km away from the portable satellite base station." He added, "We also progressed our Loner Mobile safety monitoring app for leading smartphones, continued development of our new Alert Management Module for more efficient emergency response management, and deployed a beta version of our new Shipment Delivery Module that will help customers to reduce inventory loss and the impact of product diversion."
| Financial Highlights (in thousands, except per share data) |
| |
| |
Quarter ended January 31, |
| |
2014 |
2013 |
Change |
| Revenue |
$671.6 |
$579.8 |
16% |
| Adjusted Gross margin |
$347.1 |
$249.1 |
39% |
| Gross margin percentage |
48% |
43% |
12% |
| Adjusted EBITDA |
($391.4) |
($359.4) |
(9%) |
| Loss before stock compensation |
($854.0) |
($784.0) |
(9%) |
| Net loss |
($881.1) |
($838.8) |
(5%) |
| Loss per share |
($0.05) |
($0.05) |
0% |
| |
|
|
|
Financial Information
The Company's revenue increased 16% over revenue from the same period of the prior year. The Company's increased industrial safety product portfolio was the key driver of the revenue growth.
Deferred revenue, long and short term combined, improved to $1.36M as of January 31, 2014. Blackline tracks its deferred revenue amounts closely since it represents the commitment of customers to the Company's products. Blackline's deferred revenue has continued to experience year on year growth as the more long-term minded safety monitoring and tracking customers replace the temporary needs of the declining legacy retail customers.
Blackline's quarterly net loss was relatively flat compared to Q1 FY2013 as the increased gross margin and foreign exchange benefit was offset by the increased investment into sales, marketing, and development of key products, all of which are vital for the growth of the Company.
The Company's unaudited condensed interim financial statements and Management's Discussion and Analysis for the three month period ended January 31, 2014 are available at the Company's profile on SEDAR at www.sedar.com. All results are reported in Canadian dollars. To learn more about Blackline GPS, visit www.blacklinegps.com and follow Blackline on Twitter @blacklinegps.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cody Slater, CEO