joelawyer
12 months ago
Gatekeeper Reports $27.8M Revenue, 39% YoY Growth in FY 2023, and Improves Net Income by 50% to $2.9M
Abbotsford, BC – December 28, 2023 - Gatekeeper Systems Inc. (‘Gatekeeper’ or the ‘Company’) (TSX-V:GSI) (OTC:GKPRF) a video and data solutions provider for public transportation and smart cities, reports its audited financial results for its fiscal year ended August 31, 2023.
Highlights for Fiscal Year Ended August 31, 2023
Revenue was $27,848,838 which compares to $20,031,288 the same prior year comparable period, representing an increase of 39%;
Gross margin was $12,543,394 which compares to $9,308,813 for the same prior year comparable period, representing an increase of 35%. Gross margin as a percentage of revenue was 45%, compared to 47% for the same prior year comparable period;
Total comprehensive income was $2,887,078 which compares to $1,929,180 for the same prior year comparable period, representing an increase of 50%;
At August 31, 2023, the Company had cash and cash equivalents of $4,110,859, working capital of $13,434,551, no borrowed-money debt, and approximately 91.8 million shares outstanding; and
Total basic and diluted income per share for the year ended August 31, 2023 was $0.03.
Management Commentary
Doug Dyment, President and CEO commented, “Our financial performance for fiscal year 2023 was record-breaking in all aspects. We continue to see significant growth in both the school and transit segments of our business. Our Platform as a Service (PaaS) business model and our comprehensive suite of product offerings are proving to be very successful in growing our business. We have grown our installed base of Mobile Data Collectors (MDCs) to more than 50,000 and we are now actively preparing and selling recurring-revenue solutions to help our customers monitor and optimize the vast amounts of video and data being recorded every day. These new offerings utilize AI, video analytics, hosted software solutions, and wireless data connectivity, and they form the data layer in our PaaS business model that enables Gatekeeper’s evolution as a data company.”
Full details of the financial reports and operating results for the fiscal year ended August 31, 2023, are described in the Company’s audited consolidated financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR+ at www.sedarplus.ca.
Buynow969
4 years ago
Hi guys, we have on of the best stocks run by one the best CEO’s and we have no one chatting about it! Spread the word, when big money rolls in the shareprice will erupt to the upside! My investment club believes a big contract like New York, Toronto or possibly a southern city are next on the GSI hit list. By that time, hopefully in the Spring the shareprice will skyrocket to blue sky. Anything under a dollar is incredible value and looking like a 10 bagger from here((12 month), conservative in a relatively short time frame. Once we blow into dollar land, institutions will pile in, Nasdaq listing will create a buzz and earnings will soar. $20 is my sell target, within 3 years. Incredible buying opportunity. Remember this post and don’t say “ damn, missed the GSI train” do your research and buy and hold this gem!, Schools, sports venues, transit, trains, malls, city parking etc... watch the master Doug Dyment work and make you wealthy. Have a hard look and don’t miss out.. $$$$$$$$$$$
JohnCM
4 years ago
GATEKEEPER PROVIDES UPDATE ON FINANCING
Abbotsford, BC
December 1, 2020
Gatekeeper Systems Inc.
(‘Gatekeeper’ or the ‘Company’) (TSX-V: GSI) (OTC: GKPRF) (FSE: 1GK) a leading provider of intelligent video solutions for public transport and smart cities, provides an update on its previously announced non-brokered private placement (the “Financing”).
Completion of the Financing required additional processing time beyond December 1, 2020, being the final closing date approved by the TSX Venture Exchange, and the Financing did not close. The processing delays were outside of the Company’s control. The subscribers to the Financing were unsolicited by the Company and have notified the Company of their continued interests in completing a financing in the Company.
The Company will consider such financing interests if, and when, such financing interests can be closed without delay.
The Company will release its audited financial results prior to December 29, 2020 for the fiscal year ended August 31, 2020. For the nine months ended May 31, 2020 the Company reported revenues of $12.6 million, gross profit of $5.5 million, net income of $1.4 million, and working capital of $7.7 million. In July 2020, the Company secured a $3 million credit facility with TD Bank which is currently not utilized.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent video solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics and mobile data collectors to inter-connect public transit assets as part of intelligent transportation systems for Smart City initiatives. The Company’s Platform-as-a-Service (PaaS) business model is designed to connect moving vehicles in the era of Internet of Things (IOT).
www.gatekeeper-systems.com
Contact Information
Douglas Dyment
President & CEO
ddyment@gatekeeper-systems.com
(604) 864-6187
JohnCM
4 years ago
GATEKEEPER REPORTS $20.3M REVENUE, $3.5M NET INCOME, $0.04 EPS IN RECORD BREAKING FISCAL 2020
61% CAGR revenue growth in two years
Abbotsford, BC – December 10, 2020 – Gatekeeper Systems Inc. (‘Gatekeeper’ or the ‘Company’) (TSX-V: GSI) (OTC: GKPRF) (FSE: 1GK) a video and data solutions provider for public transportation and smart cities, reports audited financial results for fiscal year ended August 31, 2020.
Fourth Quarter and Year-End Highlights
Revenue for the year ended August 31, 2020 was $20,316,576, the highest fiscal year revenue in the Company’s history and an increase of 48% when compared to $13,726,313 for the same period in the previous year;
Revenue for the fourth quarter was $7,732,074 ($30,928,000 annualized), the highest fourth-quarter revenue in the Company’s history and an increase of 58% when compared to $4,879,510 in the same period in the previous year;
Gross profit for the year ended August 31, 2020 was $8,348,810, the highest gross profit in the Company’s history and an increase of 37% when compared to $6,104,128 for the same period in the previous year;
Net income for the year ended August 31, 2020 was $3,535,007, the highest net income in the Company’s history and an increase of 1337% when compared to net loss of $285,827 for the same period in the previous year, and representing 17.4% of revenue;
Working capital as at August 31, 2020 was $8,325,049. The Company had immaterial long term debt and approximately 89.4 million shares outstanding;
Introduced Platform-as-a-Service (PaaS) business model as an enabling transformation to a video and data solutions provider for intelligent transit and Smart Cities;
Announced several customer contracts for video analytics software solutions;
Launched Intelligent Temperature Sensing Systems (ITSS) for passenger health monitoring on school buses and transit buses;
Completed design and delivery of NTSB compliant digital video recorders in a $6.3 million contract for the sixth largest transit authority in the US;
Commenced annually recurring contract to provide video services for the sixth largest transit authority in the US valued at approximately $12 million over 5 years and was deemed essential business during the COVID-19 pandemic; and
Entered a non-dilutive revolving credit facility with TD Bank for up to $3 million.
Management Commentary
Doug Dyment, President and CEO commented: “I’m extremely pleased with the fantastic results that our team delivered during a fiscal year which was overshadowed by a global pandemic and economic uncertainty. We adjusted our operations quickly and efficiently to protect our employees, allowing our business to operate as an essential service. We continued to develop our new AI-based platform for Smart Cities and developed new solutions to improve passenger safety and transit efficiency as cities reopen following COVID-19 lockdowns."
"Our new passenger health monitoring panel became part of our PaaS platform and its facial recognition feature paves the road for future applications like contact tracing, passenger counting or payment verification, and strengthens our transformation to a video and data solutions provider for Smart Cities.”
Several new initiatives were established during the 2020 fiscal year which the Company expects will contribute strongly to future growth.
They include:
Platform-as-a-Service (“PaaS”) Business Model – during the year, Gatekeeper introduced the PaaS business model as an enabling transformation to a video and data solutions provider for intelligent transit and Smart Cities. Over the past seven years the Company has installed over 28,000 intelligent mobile data collectors and 97,000 video devices on school buses, transit buses and trains for over 3,500 public transportation customers.
These intelligent devices form the foundation of the Company’s PaaS business model by collecting vehicle data such as video, audio, GPS, time, door open/close and serve as the “black box” to aid in transit accident investigations. The PaaS units are WiFi enabled, mobile connected, or mobile enabled, allowing public transport assets to become part of an intelligent transportation solution in a Smart City ecosystem. The PaaS platform also serves as the AI-based intelligence platform for future applications such as thermal camera sensors, passenger counting, contact tracing, intelligent routing, license plate capture, video evidence and more.
Artificial Intelligence and Video Analytics Software – during the year, Gatekeeper continued development of video-based artificial intelligence offerings. AI offers the potential to evolve conventional video into machine-vision intelligence to automatically record, alarm, enforce, or take action without human interaction in applications such as abnormal driver behavior, abnormal passenger behavior, passenger counting, or license plate capture and ticketing of vehicles illegally driving in the bus lane or passing streetcars or school buses while passengers are loading or unloading.
Many customers choose Gatekeeper because of its video analytics software which allows easy zooming, facial blurring and enables quick and easy assembly of video evidence needed to deal with problems such as bullying, grazing or verbal abuse on school buses.
Passenger Health Check Initiative – during the year, Gatekeeper launched Intelligent Temperature Sensing System (ITSS) as its first health check offering. ITSS is a contactless infrared body temperature sensor system that incorporates a smart panel, thermal imaging, and artificial intelligence to measure body temperature within 20 milliseconds. The panel is equipped with facial recognition capabilities to improve accuracy and allows authorities to prepare future applications such as intelligent passenger routing, contact tracing, passenger counting, or payment verification.
The Company believes passenger health monitoring in public transportation is an emerging growth trend that will continue even after the COVID-19 pandemic subsides. An estimated 25 million schoolchildren and 18 million transit passengers board buses daily in the US alone, mostly at locations that are not stations which necessitates on-bus installations for passenger health screening devices. The Company is integrating ITSS into its PaaS platform business model as a new additional data layer.
NTSB Compliant Digital Video Recorders – during the year, Gatekeeper completed the design and supply of digital video recorders (DVRs) and crash hardened memory modules (CHMMs) that record and protect operating evidence in rail transit applications. The DVRs and CHMMs have continuous-recording capabilities that can be used to verify crew actions and train operating conditions, which greatly aids accident investigations in the same way black boxes are used in the airline industry.
They are compliant with the recommendation made by the National Transportation Safety Board (NTSB), which calls upon the Federal Transit Administration to install crash-resistant inward and outward-facing cameras and continuous recorders in all rail transit vehicles. The Company completed its first installation, equipping the trains of the sixth largest transit authority in the US through a $6.3 million contract.
Annually Recurring Video Services – during the year, Gatekeeper was awarded a contract to provide annually recurring vehicle video system maintenance services to Southeastern Pennsylvania Transit Authority (SEPTA), the sixth largest transit authority in the US. The contract is valued at approximately $2.36 million per year and SEPTA has approved an initial three-year service term plus two one-year extension options for a total potential contract value of up to $11.8 million over five years. SEPTA is actively using video evidence as protection against fraudulent claims and has installed more than 27,000 video cameras on vehicles and in stations. Gatekeeper was deemed an essential business during the COVID-19 emergency order which temporarily prohibited operations of non-essential businesses in Pennsylvania.
Selected Financial Information
The following sets out selected financial information from the Company’s four most recently completed financial years and are derived from the Company’s consolidated financial statements. Users of this information should read the following in conjunction with those statements thereto.
Full details of the financial reports and operating results for the year ended August 31, 2020 are described in the Company’s consolidated financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR at www.sedar.com.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent video and data solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics, thermal cameras, and mobile data collectors to inter-connect public transit assets as part of intelligent transportation systems in a Smart City ecosystem. The Company’s Platform-as-a-Service (PaaS) business model is an enabling transformation to a video and data solutions provider for intelligent transit and Smart Cities.
www.gatekeeper-systems.com
Contact Information:
Douglas Dyment
President & CEO
ddyment@gatekeeper-systems.com
(604) 864-6187
JohnCM
4 years ago
GATEKEEPER OFFERS RAPID TEMPERATURE CHECKS FOR SPORTS VENUES, SIGNS VANCOUVER GOLF TOUR IN RECURRING REVENUE MODEL
Abbotsford, BC
December 14, 2020
Gatekeeper Systems Inc.
(‘Gatekeeper’ or the ‘Company’) (TSX-V: GSI) (OTC: GKPRF) (FSE: 1GK) a video and data solutions provider for public transportation and smart cities, will deploy its Intelligent Temperature Sensing Systems (ITSS) in a solution designed for rapid testing at sports venues. The Company has signed the Vancouver Golf Tour (“VGT”) as its first sports venue customer, in a recurring revenue business model.
“For the past 14 years, VGT has been providing thousands of golfers in our region with an opportunity to compete in professionally-staged tournaments,” stated VGT Commissioner Fraser Mulholland. “We have always prided ourselves on the professional nature of our events and providing a year-long tournament platform for our local players to put their skills to the test in a PGA Tour-like environment”.
“One of the cornerstones of the Vancouver Golf Tour from day one has been to ensure our player’s safety. With the onset of the COVID-19 pandemic, VGT was quick to adopt an extensive list of COVID-19 safety protocols at our events so our players could continue to aspire to greatness, safely through our tour."
"With the introduction of Gatekeeper’s ITTS solution at our events for 2021, VGT is adding yet another layer of safety for our players and our operations team so we can continue to provide players in our region with the professional tournament experience they need to move onto the next level,” added Mulholland.
Doug Dyment, President and CEO of Gatekeeper commented: “For the past few months all of our employees have been conducting ITSS temperature checks before entering our manufacturing facility, and we have learned how ITSS can be effectively utilized in multiple market applications for both fixed and portable locations, especially where automated rapid temperature testing is required – such as sports venues. We are pleased to be working with the VGT as our first customer in this new application.”
ITSS is a contactless infrared body temperature sensor system that incorporates a smart panel, thermal imaging, and artificial intelligence to measure body temperature within 20 milliseconds. The panel is equipped with facial recognition capabilities to improve accuracy and allows customers to accommodate future applications such as automated contact tracing and membership verification.
The Company believes that public health monitoring is an emerging growth trend that will continue even after the COVID-19 pandemic subsides. It recently commenced a national marketing campaign designed to reach over 50,000 influencers and decision-makers to raise awareness of how ITSS can help organizations with health monitoring and contact tracing.
About Vancouver Golf Tour
The Vancouver Golf Tour (VGT) was developed in 2006 for BC’s local Professionals and Amateurs (Handicap of 0-18) – giving them the opportunity for a high level of competition in a PGA Tour environment without the heavy expenses of travel. VGT’s goal has always been to provide local players the opportunity to learn how to win while at the same time building their confidence to play on Worldwide Major Tours. For more info, visit www.vancouvergolftour.com.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent video and data solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics, thermal cameras, and mobile data collectors to inter-connect public transit assets as part of intelligent transportation systems in a Smart City ecosystem. The Company’s Platform-as-a-Service (PaaS) business model is an enabling transformation to a video and data solutions provider for intelligent transit and Smart Cities.
www.gatekeeper-systems.com
Contact Information:
Douglas Dyment
President & CEO
ddyment@gatekeeper-systems.com
(604) 864-6187
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