(TheNewswire)
Abbotsford, BC – TheNewswire - December 19, 2022 - Gatekeeper Systems Inc. (‘Gatekeeper’ or the‘Company’) (TSXV:GSI) (OTC:GKPRF) a videoand data solutions provider for public transportation and smartcities, reports its audited financial results for the fiscal yearended August 31, 2022.
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Revenue for the fiscal year ended August 31, 2022 was$20,031,288, an increase of 16% when compared to $17,231,080 in theprior year;
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Gross profit for the fiscal year ended August 31, 2022was $9,308,813, an increase of 24% when compared to $7,515,984 in theprior year. Gross profit as a percentage of revenue was 46% and 44%respectively;
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Comprehensive income for the fiscal year ended August31, 2022 was $1,929,180 which compares to comprehensive loss of$1,011,932 in the prior year;
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Revenue for the three months ended August 31, 2022 was$9,838,871, the highest quarterly revenue in the Company’s history,and represents an increase of 91% when compared to $5,142,941 in theprior year comparable period;
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Comprehensive income for the three months ended August31, 2022 was $2,730,055, the highest quarterly net income in theCompany’s history, and compares to comprehensive loss of $870,031 inthe prior year comparable period;
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At August 31, 2022, the Company had working capital of$11,196,838, and approximately 91.4 million shares outstanding;and
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At August 31, 2022, the Company had a sales backlog ofapproximately $5.6 million and has announced aggregate contracts ofapproximately $6 million subsequent to August 31, 2022.
Business Highlights:
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Launched broadband Wi-Fi on school buses for enhanceddistance learning;
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Installed 5,529 mobile data collectors in FY2022,resulting in a total installed base of approximately 45,500 mobiledata collectors;
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Entered into a Master Services Agreement with NationalExpress LLC, the operator of over 20,000 school buses, to providevideo, data, software, and related installation services;
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Announced $13 million in aggregate video upgradecontracts in the transit industry vertical;
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Announced $2.35 million annual contract extension toprovide transit vehicle video system maintenance services;and
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Announced $8 million in TD Bank working capitalfacilities to enable growth.
Management Commentary
“We are extremely pleased with our solid performanceduring FY2022, and we are even more proud that we delivered thesefinancial results while successfully navigating through the varioussupply chain challenges and chip shortage issues that have hamperedthe technology industry at large. We continue to make solid progressbuilding our foundation as a data company and now have over 45,000mobile data collectors installed on passenger buses collecting severaldifferent video and data streams. In FY2022 we announced some of thelargest contracts in our history. In the school vertical, our newcontract with National Express positions us as a services provider toan operator of 20,000 school buses and we are witnessing many of ourexisting school district customers returning to Gatekeeper forfull-fleet upgrades and embracing our compelling suite of video anddata offerings for school buses. In the transit vertical we announced$13 million in aggregate video upgrade contracts this year andextended the service contract with our largest customer. Thesecontracts are continuing examples of how Gatekeeper is strategically positioned to serve majorcustomers,” commented Doug Dyment, President and CEO. “We are verygrateful for the continuing support of our loyal customers andconfidence of our valued employees.”
Financial Summary
For the years ended | ||||
August 31, 2022 | August 31, 2021 | August 31, 2020 | August 31, 2019 | |
Revenue | $ 20,031,288 | $ 17,231,080 | $ 20,316,576 | $ 13,726,313 |
Cost of Sales | $ 10,722,475 | $ 9,715,096 | $ 11,967,766 | $ 7,622,185 |
Gross Profit | $ 9,308,813 | $ 7,515,984 | $ 8,348,810 | $ 6,104,128 |
Gross Margin Percentage | 46% | 44% | 41% | 44% |
Expenses | $ 8,244,400 | $ 7,922,351 | $ 6,296,052 | $ 6,482,996 |
Operating Income (Loss) | $ 1,064,413 | $ (406,367) | $ 2,052,758 | $ (378,868) |
Comprehensive Income (Loss) | $ 1,929,180 | $ (1,011,932) | $ 3,535,007 | $ (285,827) |
Earnings (Loss) per share – | ||||
Basic | $ 0.02 | $ (0.01) | $ 0.04 | $ (0.00) |
Diluted | $ 0.02 | $ (0.01) | $ 0.04 | $ (0.00) |
Total Assets | $ 23,016,204 | $ 14,401,634 | $ 15,601,937 | $ 9,249,093 |
Total Non-Current Liabilities | $ 1,578,025 | $ 1,790,287 | $ 815,395 | $ 101,608 |
Total Liabilities | $ 10,470,109 | $ 4,421,803 | $ 4,764,064 | $ 2,331,195 |
Total Shareholders’ Equity | $ 12,546,095 | $ 9,979,831 | $ 10,837,873 | $ 6,917,898 |
Full details of the financial reports and operatingresults for the fiscal year ended August 31, 2022, are described inthe Company’s consolidated financial statements with accompanyingnotes and related Management’s Discussion and Analysis, available onSEDAR at www.sedar.com .
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent videoand data solutions designed to provide a safer transportationenvironment for children, passengers, and public safety personnel onmultiple transportation modes. The Company uses AI, video analytics,thermal cameras, and mobile data collectors to inter-connect publictransit assets as part of intelligent transportation systems in aSmart City ecosystem. The Company’s Platform-as-a-Service (PaaS)business model is an enabling transformation to a video and datasolutions provider for intelligent transit and Smart Cities. www.gatekeeper-systems.com
Contact Information:
Douglas Dyment
ddyment@gatekeeper-systems.com
Cautionary Note Regarding Forward-Looking Statements:Certain statements made in this press release that are not historicalfacts are forward-looking statements and are subject to importantrisks, uncertainties and assumptions, both general and specific, whichgive rise to the possibility that actual results or events coulddiffer materially from our expectations expressed in or implied by such forward-looking statements. As a result,we cannot guarantee that any forward-looking statement willmaterialize, and readers are cautioned not to place undue reliance onthese forward-looking statements. For more exhaustive information onthese risks and uncertainties, the reader should refer to the riskfactors described in the management's discussion and analysis for theyear ended August 31, 2022. The forward-looking statements containedin this press release represent our expectations as of the datehereof. We disclaim any intention and assume no obligation to updateor revise any forward-looking statements. Forward-looking statementsare presented for the purpose of providing information aboutmanagement's current expectations and plans and allowing investors andothers to obtain a better understanding of our anticipated operatingenvironment. Readers are cautioned that such information may not beappropriate for other purposes. The Company undertakes no obligationsto update or revise such statements to reflect new circumstances orunanticipated events as they occur, unless required by applicable law.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
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