CALGARY, ALBERTA--(Marketwire - Jan. 24, 2013) -
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Blackline GPS Corp. (TSX VENTURE:BLN) today released results for the quarter and year ended October 31, 2012.
Q4 2012 highlights:
- Revenue of $845k - the highest quarterly revenue in the Company's history
- Revenue increased 43% for the quarter over the same period the prior year
- Launch of Loner® IS Intrinsically Safe employee safety monitoring device
- Launch of Dart™ covert tracking device
2012 year highlights:
- Record annual revenue of $2.6M, an increase of 37% over the prior year
- Annual gross margin more than doubled compared to the prior year
- Closed a non-brokered $4.0 million private placement
- Successfully launched four new products including Loner IS and Dart
- Won multiple international product awards
- Successfully completed a transition to business-to-business focus, resulting in higher product and service margins
"Adoption of Blackline's employee safety monitoring products by leading organizations across a variety of industries underscores that the company is fulfilling customer needs within the marketplace," says Cody Slater, CEO of Blackline. "The increasingly legislated work-alone market for safety monitoring devices coupled with corporate adoption of best safety practices continues to drive industry growth. As we move through 2013, we look forward to the launch of upcoming products and technologies, reaching global markets, and addressing new, under-served applications."
|Financial Highlights:|| || || || || || || || || || || || |
| ||Quarter ended October 31,|| ||Year ended October 31,|| || || |
|In thousands, except per share data||2012|| ||2011|| ||Change|| ||2012|| ||2011|| ||Change|| |
|Revenue||$||845.1|| ||$||593.1|| ||43||%||$||2,635.1|| ||$||1,922.1|| ||37||%|
|Gross margin||$||379.2|| ||$||271.9|| ||39||%||$||1,140.0|| ||$||553.6|| ||106||%|
|Gross margin percentage|| ||45||%|| ||46||%||(2||%)|| ||43||%|| ||29||%||48||%|
|Loss before stock compensation||$||(492.8||)||$||(634.7||)||22||%||$||(2,762.2||)||$||(3,002.9||)||8||%|
|Loss per share||$||(0.03||)||$||(0.05||)||40||%||$||(0.20||)||$||(0.25||)||20||%|
Driven by sales of the new products released in the last 12 months the Company achieved record revenue in Q4, surpassing the same quarter in the prior year by 43%. Blackline also continued the trend of solid gross margins by achieving 45%, consistent with the 46% posted in Q4 FY2011.
Adjusted EBITDA improved by approximately $40k from Q4 FY2011 and $247k year-on-year due to the impact of increased revenue and greater margins, partially offset by the impact of growth in the sales and marketing expenses necessary for the Company's expansion.
Adjusted EBITDA is defined as earnings before interest expense, depreciation and amortization, stock-based compensation, income taxes, research and development costs for the development of new products, and one- time non-cash impact transactions.
Excluding the impact of stock compensation expense the net loss improved by $142k for the three month period and $241k for the year ended October 31, 2012 over the same respective periods of the prior year. This improvement is due to the increased sales and margins partially offset by the increase in development, sales and marketing expenses. Net loss improved by $154k for the three month period and $71k for the year over the same periods of the prior year.
The Company's audited consolidated financial statements and Management's Discussion and Analysis for the year ended October 31, 2012 are available at the Company's profile on SEDAR at www.sedar.com. All results are reported in Canadian dollars.
About Blackline: Blackline GPS is a wireless location leader that develops, manufactures, and markets products and services for worker safety monitoring, covert tracking, and consumer applications. Blackline solutions deliver safety, security, and location awareness through innovative wireless hardware and custom user interfaces, including web, mobile, messaging, and web services. Blackline's vision is to become the leading supplier of wirelessly connected worker safety monitoring and covert tracking products in the world. Blackline products allow customers to protect their personnel and valued assets, share the conditions of their environment, and connect with emergency services when necessary. Blackline solutions Protect. Share. Connect.® Visit www.blacklinegps.com for further information.