Avante Logixx Inc. Announces Q3 Revenue up 32% and Gross Profit up 48%
January 17 2014 - 10:17AM
Marketwired
Avante Logixx Inc. Announces Q3 Revenue up 32% and Gross Profit up
48%
TORONTO, ONTARIO--(Marketwired - Jan 17, 2014) - Avante Logixx
Inc. ("the Company") (TSX-VENTURE:XX)(OTCBB:ALXXF), through its
wholly owned subsidiary, Avante Security Inc., provides best in
class residential and commercial security services including system
design and installation, rapid alarm response, alarm monitoring and
secure transport through the use of advanced technology and a focus
on client service. The Company is pleased to announce its results
for the quarter ended December 31, 2013:
|
Quarter ended |
Nine month period ended |
|
Dec 31, 2013 |
Dec 31, 2012 |
Variance |
Dec 31, 2013 |
Dec 31, 2012 |
Variance |
|
|
|
|
|
|
|
Total
revenues |
$2,259,091 |
$1,711,785 |
32.0% |
$6,737,945 |
$4,668,028 |
44.3% |
Revenues - Recurring Monitoring and
Response1 |
801,197 |
717,633 |
11.6% |
2,339,145 |
2,084,915 |
12.2% |
Revenues from other security services and transport |
1,457,894 |
994,152 |
46.6% |
4,398,800 |
2,583,113 |
70.3% |
Total
gross profit |
858,464 |
580,880 |
47.8% |
2,606,692 |
1,514,463 |
72.1% |
Adjusted EBITDA2 |
336,941 |
112,530 |
|
1,095,531 |
136,684 |
|
Net
income (loss) for the period |
279,149 |
85,395 |
|
1,017,851 |
75,536 |
|
Basic
income (loss) per share |
0.005 |
0.002 |
|
0.018 |
0.001 |
|
Diluted income (loss) per share |
0.005 |
0.002 |
|
0.017 |
0.001 |
|
|
|
|
|
|
|
|
Total
common shares outstanding |
55,983,843 |
55,908,843 |
|
55,983,843 |
55,908,843 |
|
Total
assets |
$3,542,138 |
$1,841,902 |
|
$3,542,138 |
$1,841,902 |
|
|
|
|
|
|
|
|
Total liabilities (excluding deferred revenue) |
796,566 |
621,123 |
|
796,566 |
621,123 |
|
Deferred revenue |
1,489,804 |
1,342,409 |
|
1,489,804 |
1,342,409 |
|
Total
liabilities |
2,286,370 |
1,963,532 |
|
2,286,370 |
1,963,532 |
|
Bank
and other debt |
-nil- |
-nil- |
|
-nil- |
-nil- |
|
Shareholders' equity |
1,255,768 |
(121,630) |
|
1,255,768 |
(121,630) |
|
|
|
|
|
|
|
|
1 Revenues - Recurring Monitoring and Response
includes Alarm Response along with Digital, Wireless and Video
Monitoring services |
2 Adjusted EBITDA = Net income (loss) + Income tax
+ Depreciation / amortization + Shared based payments
expense |
Co-CEOs George Rossolatos and Emmanuel Mounouchos announced
Avante Logixx Inc.'s results for the quarter ended December 31,
2013. The Company reported strong results driven by growth across
all lines of business.
Net income for the quarter was $279,149 as compared to $85,395
for the same quarter in the prior fiscal year. Adjusted EBITDA for
the quarter was $336,941 (December 31, 2012: $112,530). The Company
continues to focus on organic growth in the Rapid Alarm Response,
Security Monitoring and Installations segments, while developing
new security solutions for residential and corporate customers.
This was evidenced by growth of approximately 10% in both Alarm
Response and Monitoring respectively. Overall growth in recurring
security revenue has continued to trend over 10%.
The Avante Intelligent Perimeter Protection ("AIPP"), a recent
offering, comprises both Intrusion Detection and Intelligent Video
Analytics, using sophisticated software algorithms to study the
environment the camera is focused on. When the camera detects an
intrusion by an individual, the Avante Control Centre is instantly
notified. Avante's response team acts on these alerts immediately,
typically arriving at the scene within six minutes or less on
average. The AIPP creates a perimeter 'bubble' around homes and
businesses, detecting intruders before a break-in attempt
occurs. The number of customers using this solution has grown by
more than 150% as compared to December 31, 2012.
International Security Travel Advisory Services ("ISTAS") is
another recent offering by Avante. With this offering, Avante is
working with several multinational companies to ensure that their
travelling employees have appropriate protection, transportation
services and logistics while travelling to places which are
considered to be higher risk environments. ISTAS has shown
significant growth in the past year. Revenues from this offering
were almost 175% as much as the quarter ended December 31, 2012.
ISTAS revenue depends on the international activities of our
clients during the period and is not recurring in nature.
Avante's prospects for the remainder of fiscal 2014 continue to
be positive. The company's cash balance rose to over $1.5 million
at December 31, 2013 with no debt. Management believes that there
are significant opportunities for organic growth or for the Company
to consolidate and further improve its market share, which would
result in increased profitability.
Avante Logixx Inc. (TSX-VENTURE:XX)(OTCBB:ALXXF) is a Toronto
based security and technology company. Its primary operating
division, Avante Security Inc. (www.avantesecurity.com), provides
best in class security response and other security services for
residential and commercial applications as well as being an
industry leader in designing and installing complex security
systems, access control, intelligent video analytics and smart home
automation. The company continuously develops innovative products
and applications within its core competencies. Please visit
www.avantelogixx.com.
Forward looking information: The information set forth
in the Company's MD&A and this press release to readers may
contain statements concerning Avante's future results, future
performance, intentions, objectives, plans and expectations that
are, or may be deemed to be, forward-looking statements or
information within the meaning of securities laws. In some cases,
forward-looking information can be identified by the use of terms
such as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue"
or other similar expressions concerning matters that are not
historical facts. Forward-looking statements are not guarantees of
future performance.
These forward-looking statements are based on current
expectations that involve numerous risks and uncertainties,
including, but not limited to, those identified in the Risks
Factors section of the Filing Statement the Company filed with
regulatory authorities on February 28, 2008. Assumptions relating
to the foregoing involve judgments with respect to, among other
things, future economic, competitive and market conditions and
future business decisions, all of which are difficult or impossible
to predict accurately and many of which are beyond Avante's
control. Although Avante believes that the assumptions underlying
the forward-looking statements are reasonable, any of the
assumptions could prove inaccurate. These factors should be
considered carefully, and readers should not place undue reliance
on forward-looking statements. Avante has no intention and
undertakes no obligation to update or revise any forward-looking
statements, whether written or oral that may be made by or on the
Company's behalf.
Please visit our newly updated websites at www.avantelogixx.com
and www.avantesecurity.com and consider joining our investor email
list.
Avante Logixx Inc.George RossolatosCo-CEO(416) 923-6984
x221george@avantelogixx.comAvante Logixx Inc.Leland
VernerChairman(416) 823-7474leland@avantelogixx.com
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