Blackline GPS Corp.
TSX VENTURE : BLN

Blackline GPS Corp.

January 30, 2014 22:11 ET

Blackline GPS Reports Record Q4 and Fiscal 2013 Results

CALGARY, ALBERTA--(Marketwired - Jan. 30, 2014) -

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Blackline GPS Corp. (TSX VENTURE:BLN), a manufacturer of employee safety and asset tracking systems, today announced results for the quarter and year ended October 31, 2013.

Q4 Highlights

  • Recorded record quarterly revenue of $942k
  • Continued development of the Loner 900 System with satellite communication
  • Loner IS (Intrinsically Safe) was named OH&S Magazine's product of the year

2013 Highlights

  • Recorded record annual revenue of $2.9M
  • Began marketing products in Europe
  • Ranked No. 73 on the 25th annual PROFIT 500 report
  • Launched a new indoor location product known as ANThill location beacon
  • Deferred revenue reached $1.3M on increasing customer commitment

"Blackline's fourth quarter revenue was the highest in the company's history, derived not only from new customer sales but the expansion of existing industrial customers. We are seeing greater adoption of employee safety monitoring solutions within multiple industries and in unregulated regions," said Cody Slater, CEO and Chairman of Blackline GPS. "Our pending Loner 900 System will greatly enhance our current product offering by bringing real-time monitoring to employees working in remote areas, beyond the reach of cellular networks." Mr. Slater added, "Complementing our dedicated devices will be the upcoming launch of the new generation of Loner Mobile employee safety monitoring application for smartphones including iPhone®, Android™, and BlackBerry® 10."

Financial Highlights (in thousands, except per share data)

Quarter ended October 31, Year ended October 31
2013 2012 Change 2013 2012 Change
Revenue $941.9 $845.1 11 % $2,883.1 $2,635.1 9 %
Gross margin $336.2 $379.2 (11 %) $1,247.8 $1,140.0 9 %
Gross margin percentage 36 % 45 % (20 %) 43 % 43 % 0 %
Adjusted EBITDA ($402.5 ) (267.3 ) (51 %) ($1,564.8 ) ($1,539.3 ) (2 %)
Net loss ($1,040.0 ) ($505.5 ) (106 %) ($3,586.3 ) ($3,110.2 ) (15 %)
Loss per share ($0.06 ) ($0.03 ) (100 %) ($0.20 ) ($0.20 ) 0 %

Financial Information

The Company grew its revenue 11% quarterly and 9% annually to reach record revenues of $942k for the quarter and $2.9M for the year.

Gross margin was lower quarterly and flat annually due to the write-down of some inventory components for the legacy retail products. Removing the impact of the $117k write-down the gross margin was $453k quarterly (48% margin) and $1.4M annually (47% margin).

Deferred revenue grew from $861k as of October 31, 2012 to $1.3M as of October 31, 2013, an increase of 52%. The Company tracks its deferred revenue amounts closely since it represents the commitment of customers to the Company's products. Blackline's deferred revenue experienced year on year growth from the successful launch of the Company's service card program combined with the increase in safety monitoring and tracking customers.

Blackline's net loss for the year increased over the prior year largely due to the greater investment into R&D in the year ($534k more spent on R&D than FY2012).

The Company's audited financial statements and management's discussion and analysis for the year ended October 31, 2013 are available at the Company's profile on SEDAR at www.sedar.com. All results are reported in Canadian dollars. To learn more about Blackline GPS, visit www.blacklinegps.com and follow Blackline on Twitter @blacklinegps.

Contact Information