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Blackline GPS Corp. (TSX VENTURE:BLN) ("Blackline" or "the Company") is pleased to report its financial results for the fiscal year ended October 31, 2010.
Revenue increased by 32.2% for the year at $2.119 million compared to $1.602 million for 2009.The increase in revenue is attributed to growth in the retail product lines and the Company's entrance into the Lone Worker Safety market. Industrial Safety Sales increased by 426% from the prior year going from 4% of revenue in fiscal year 2009 to 16% of revenue in fiscal year 2010.
"With our Loner and Loner Mobile lone worker safety products we have shown that we have a clear solution for the Industrial Safety market," said Clark Swanson, Company President. "With the introduction of additional lone worker solutions planned for this year we will demonstrate true leadership in this market", he continued.
The net loss for the year reduced from ($3,169) million to ($3.052) million, a decrease of 3.7%.The Company continues to invest in new products focused on commercial and industrial markets which anticipate higher margin and wider adoption than the Company's retail products.
Cody Slater, Chief Executive Officer, said "Fiscal 2010 saw the initial stages of the company's transition towards becoming a leader in the industrial safety markets. We look forward to the further expansion of these efforts in 2011, leading to improved financial performance and increased penetration in the safety markets."
The Company's audited consolidated financial statements and Management's Discussion and Analysis for the year ended October 31, 2010 are available at the Company's profile on SEDAR at www.sedar.com.
About Blackline: Headquartered in Calgary, Canada, Blackline is an industrial safety and commercial product manufacturer. The Company's solutions address work environments focused on employee safety, while also offering connected hardware to improve security and communicate logistical information of assets. The industrial business also aims to supply growing legislated and regulated markets, which exist largely around the globe, service plans which provide functionality based on product hardware. The Company also maintains a suite of products and services which service the consumer and retail environment. Blackline's technology, dedication and vision combine to create an ever-growing suite of tools designed to Protect. Share. Connect™.
A copy of this news release will be available at www.sedar.com. Certain statements included in this presentation may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be taken as guarantees of future performance or results. Forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including: the impact of general economic conditions, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates and stock market volatility. Risks facing the Company are more fully described in the Company's Management Discussion and Analysis dated February 24, 2010. The forward-looking statements contained in this news release are made as at the date of this news release and Blackline does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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.