TORONTO, Aug. 14, 2018 /CNW/ - Posera Ltd. (TSX :
PAY) ("Posera" or the "Company"), a leading provider of hospitality software and payment solutions, today announced its financial
results for the three and six months ended and June 30th, 2018.
During the three months ended June 30, 2018, Posera reported total revenues of $2.4 million compared to total revenues of $2.7 million in the prior
quarter. Year-to-date, for the six months ended June 30, 2018, total revenues increased 0.1%
to $5.1 million when compared to the six months ended June 30,
2017.
The Company is pleased to report growth of 6.9% in its recurring revenues for the first six months of fiscal 2018, to over
$1.4 million, compared to the first six months of fiscal 2017. The Company's gross profit
percentage, was relatively flat at 41%, compared to 42% in the same period in 2018, notwithstanding the growth in the Kitchen
Display Systems (KDS) business, which typically has lower margins as it is more hardware intensive. Management continues to be
encouraged in the growth of the KDS product line, particularly in growth of KDS sales to non-Maitre'D customers, with sales of
248 KDS units in Q2 2018, a growth of 28% over the same period last year.
Normalized EBITDA improved by 6% between the consecutive quarters, to a loss of $0.5 million, as
result of lower costs of inventory and lower operating expenses. Posera recognized a net loss from continuing
operations(2) for the three months ended June 30, 2018 of $0.9
million, an improvement of 2% from the three months ended March 31, 2018.
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(1)
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Total Revenue excludes the discontinued operations for the FingerPrints
transaction as previously discussed on Page #4 of the Company's Management Discussion and Analysis (MD&A) for the
three and six-months ended June 30, 2018.
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(2)
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Normalized EBITDA adjusted to exclude discontinued
operations: Posera's management defines Normalized EBITDA adjusted for discontinued operations as EBITDA
adjusted for discontinued operations above less certain one-time non-recurring expenditures, and non-cash stock-based
compensation expense.
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Quarterly Highlights
- Total revenues(1) for the three-months ended June 30, 2018 was $2,352,937 compared to $2,954,903 for the three months ended June 30, 2017 and compared to $2,742,337 for the three months ended
March 31, 2018;
- Total revenues(1) for the six months ended June 30, 2018 was $5,095,274 compared $5,088,415 for the six months ended June 30, 2017;
- Recurring revenues(1) for the three months ended June 30, 2018 were $735,423, an increase of 8% compared to $680,852 for the three months ended
June 30, 2017, and an increase of 9% compared to $675,559 for the
three months ended March 31, 2018;
- Net loss(2) for the three months ended June 30, 2018 was a loss of $902,438, a 2.4% improvement compared to $924,709 for the three months ended
June 30, 2017, and a 1.6% improvement compared to $917,082 for the
three months ended March 31, 2018;
- Normalized EBITDA(2) loss for the three months ended June 30, 2018 was a loss of
$512,181, compared to a positive normalized EBITDA of $102,832 for
the three months ended June 30, 2017, and compared to a normalized EBITDA loss of $547,177 for the three months ended March 31, 2018; and
- Normalized EBITDA(2) loss for the six months ended June 30, 2018 was a loss of
$1,059,358, compared to a normalized EBITDA loss of $754,888 for
the six months ended June 30, 2017.
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(1)
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Amount presented applies the retrospective presentation for discontinued
operations for the FingerPrints transaction as discussed in the Company's MD&A on Page #4 for the three and
six-months ended June 30, 2018.
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(2)
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Presentation of these amounts include the results from discontinued
operations as discussed on Page #4 of the Company's MD&A for the three and six-months ended June 30, 2018.
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About Posera
Posera has been a leading provider of hospitality technology for more than 30 years. It manages merchant transactions with
consumers and facilitates all aspects of the payment transaction.
Posera's full service solutions include: Maitre'D®, a point of sale system which offers a robust and comprehensive
solution including hardware integration services, merchant staff training, system installation services, post-sale software and
hardware customer support; KDS, a Kitchen Display System that is now available as a standalone product; and
SecureTablePay®, an EMV compliant pay-at-the-table application. Posera's solutions are deployed globally across the
full spectrum of restaurants, from large chains and independent table service restaurants to international quick service chains
and its products have been translated into eight languages.
Posera Ltd.'s shares are traded on the Toronto Stock Exchange under the symbol "PAY".
More information about Posera can be found on the Company's website at www.posera.com or under the Company's profile on SEDAR at www.sedar.com.
Forward-Looking Statements
This discussion includes certain forward-looking statements that are based upon current expectations, which involve risks and
uncertainties associated with our business and the environment in which the business operates. Any statements contained
herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the
expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to
the Company or its management. The forward-looking statements are not historical facts, but reflect Posera's current
expectations regarding future results or events. These forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ materially from current expectations, including the matters
discussed under "Risks and Uncertainties" in the Annual Information Form to be filed on March
28th, 2018 with the regulatory authorities. Posera assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements,
unless required by law.
SOURCE Posera Ltd.
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