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Blackline GPS Corp. (TSX VENTURE:BLN), a manufacturer of employee safety and asset tracking systems, today announced results for the fourth quarter and year ended October 31, 2014.
Achieved record quarterly revenue of $2.0 million, 2.1 times Q4 of the prior year
Achieved record Gross Margin of $0.7 million, 2.4 times Q4 of the prior year
Reduced quarterly cash consumption to under $0.5 million
Began delivery of the Loner Bridge System for remote employee safety monitoring
Completed the expansion of the headquarters office and manufacturing facility, doubling available space
Recorded record annual revenue of $4.2 million and $5.6 million of Gross Sales
Established European subsidiary in the United Kingdom
Ranked No. 209 in the annual PROFIT 500 list
Selected for four federal and provincial government funding programs
Secured an operating line of credit with HSBC in order to support continued growth
"The ability to protect workers in remote hazardous environments with the Loner Bridge system has opened up significant new markets for us." says Cody Slater, CEO and Chairman of Blackline GPS. "These new capabilities are allowing our customers to take the lead in safeguarding their employees wherever and whenever they work. We look forward to seeing further strong growth in 2015 as we continue to deploy the Loner Bridge System to new customers and expand the capabilities of our family of industry leading safety solutions."
Financial Highlights (in thousands, except per share data)
Quarter ended October 31
Year ended October 31
Gross Margin percentage
Loss per share
Revenue grew by 117% quarterly and 45% annually to reach record revenues of $2.0 million and $4.2 million respectively. The significant growth was driven by the launch of the Loner Bridge Safety system.
Gross Margin almost doubled quarterly with a 45% year-over-year increase due to the Loner Bridge Solution shipments that began in Q4.
Gross Sales, defined as the annual revenue combined with the year-on-year change in deferred revenue, increased 67% from 2013 on the significant product and services billings in Q4 FY2014. The customers' commitment to Blackline safety solutions was evident as all significant sales in the quarter included a minimum of one year of service payable in advance.
Net loss for the year increased compare to the prior year due to an increase in sales, operations, and development required to accommodate the Company's growth.
The Company's audited consolidated financial statements and management's discussion and analysis for the year ended October 31, 2014 are available at the Company's profile on SEDAR at www.sedar.com. All results are reported in Canadian dollars.
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