(TheNewswire)
Abbotsford, BC - TheNewswire - 29, 2022 - Gatekeeper Systems Inc. (‘Gatekeeper’ or the ‘Company’) (TSXV:GSI) (OTC:GKPRF) (FSE:1GK)a video and data solutions provider for public transportation and smart cities, reports its financial results for the three and six months ended February 28, 2022.
Financial Highlights:
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Revenue for the three and six months ended February 28, 2022 was $3,104,308 and $5,803,897 respectively, which compares to $3,291,961 and $8,256,766 for the same prior year comparable periods;
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Gross profit for the three months and six months ended February 28, 2022 was $981,111 and $2,700,550 respectively, which compares to $1,600,861 and $3,371,306 for the same prior year comparable periods;
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Operating loss for the three months and six months ended February 28, 2022 was $972,394 and $956,094 respectively, which compares to operating profit of $91,980 and $345,411 for the same prior year comparable periods;
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At February 28, 2022, the Company had working capital of $8,775,845, and approximately 90.8 million shares outstanding;
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Ended the quarter with a strong sales backlog.
Sales Backlog
Subsequent to February 28, 2022, the Company announced aggregate orders of approximately $1.9 million. The Company is also aware that its bid submission on an approximate $5 million contract with a major customer was successful. The Company expects this will additionally contribute to the sales backlog but cannot be assured since the Company has not yet entered a purchase contract with the customer.
Management Commentary
“Our FQ2 2022 revenue remained strong even though it was a quarter where some of our anticipated customer contracts were delayed while our school and transit customers were addressing operational challenges,” commented Doug Dyment, President and CEO. “During the quarter we also took action to address the supply chain challenges that have hampered the technology industry at large, and we are already witnessing the positive effects of these actions in our sales backlog. In this environment, customers want assurance that their suppliers can actually deliver on their technology proposals, and we are proud that we have taken steps to offer this advantage to our new and existing customers.”
Financial Summary
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For the three months ended
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For the six months ended
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February 28,
2022
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February 28,
2021
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February 28,
2022
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February 28,
2021
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Revenue
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$ 3,104,308
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$ 3,291,961
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$ 5,803,897
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$ 8,256,766
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Cost of Sales
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2,123,197
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1,691,100
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3,103,347
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4,885,460
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Gross Profit
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981,111
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1,600,861
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2,700,550
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3,371,306
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Gross Margin
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32%
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49%
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47%
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41%
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Expenses
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1,953,505
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1,508,881
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3,656,644
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3,025,895
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Operating Income (Loss)
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(972,394)
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91,980
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(956,094)
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345,411
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Net Income (Loss) for the period
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$ (666,208)
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$ (341,909)
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$ (483,115)
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$ (99,508)
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Earning (Loss) per share –
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Basic
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$ (0.00)
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$ (0.00)
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$ (0.00)
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$ (0.00)
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Diluted
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$ (0.00)
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$ (0.00)
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$ (0.00)
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$ (0.00)
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February 28,
2022
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August 31,
2021
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Total Assets
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$ 15,823,229
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$ 14,404,634
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Total Liabilities
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4,846,086
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3,301,803
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Total Shareholders’ Equity
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$ 10,977,143
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$ 11,099,831
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Full details of the financial reports and operating results for the second quarter ended February 28, 2022, are described in the Company’s consolidated financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR at www.sedar.com.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent video and data solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics, thermal cameras, and mobile data collectors to inter-connect public transit assets as part of intelligent transportation systems in a Smart City ecosystem. The Company’s Platform-as-a-Service (PaaS) business model is an enabling transformation to a video and data solutions provider for intelligent transit and Smart Cities. www.gatekeeper-systems.com
Contact Information:
Douglas Dyment
President & CEO
ddyment@gatekeeper-systems.com
(604) 864-6187
Cautionary Note Regarding Forward-Looking Statements: Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements. For more exhaustive information on these risks and uncertainties, the reader should refer to the risk factors described in the management's discussion and analysis for the period ended February 28, 2022. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
Neither the 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.
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