(TheNewswire)
Abbotsford, BC - TheNewswire - 29, 2022 - Gatekeeper Systems Inc.(‘Gatekeeper’ or the ‘Company’) (TSXV:GSI) (OTC:GKPRF)(FSE:1GK) a video and data solutions providerfor public transportation and smart cities, reports its financialresults for the three and six months ended February 28, 2022.
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Revenue for the three and six months ended February 28,2022 was $3,104,308 and $5,803,897 respectively, which compares to$3,291,961 and $8,256,766 for the same prior year comparableperiods;
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Gross profit for the three months and six months endedFebruary 28, 2022 was $981,111 and $2,700,550 respectively, whichcompares to $1,600,861 and $3,371,306 for the same prior yearcomparable periods;
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Operating loss for the three months and six monthsended February 28, 2022 was $972,394 and $956,094 respectively, whichcompares to operating profit of $91,980 and $345,411 for the sameprior year comparable periods;
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At February 28, 2022, the Company had working capitalof $8,775,845, and approximately 90.8 million sharesoutstanding;
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Ended the quarter with a strong sales backlog.
Sales Backlog
Subsequent to February 28, 2022, the Company announcedaggregate orders of approximately $1.9 million. The Company is alsoaware that its bid submission on an approximate $5 million contractwith a major customer was successful. The Company expects this willadditionally contribute to the sales backlog but cannot be assuredsince the Company has not yet entered a purchase contract with thecustomer.
Management Commentary
“Our FQ2 2022 revenue remained strong even though itwas a quarter where some of our anticipated customer contracts weredelayed while our school and transit customers were addressingoperational challenges,” commented Doug Dyment, President and CEO.“During the quarter we also took action to address the supply chainchallenges that have hampered the technology industry at large, and weare already witnessing the positive effects of these actions in oursales backlog. In this environment, customers want assurance thattheir suppliers can actually deliver on their technology proposals,and we are proud that we have taken steps to offer this advantage toour new and existing customers.”
Financial Summary
For the three months ended | For the six months ended | |||
February 28, 2022 | February 28, 2021 | February 28, 2022 | February 28, 2021 | |
Revenue | $ 3,104,308 | $ 3,291,961 | $ 5,803,897 | $ 8,256,766 |
Cost of Sales | 2,123,197 | 1,691,100 | 3,103,347 | 4,885,460 |
Gross Profit | 981,111 | 1,600,861 | 2,700,550 | 3,371,306 |
GrossMargin | 32% | 49% | 47% | 41% |
Expenses | 1,953,505 | 1,508,881 | 3,656,644 | 3,025,895 |
Operating Income (Loss) | (972,394) | 91,980 | (956,094) | 345,411 |
Net Income (Loss) for theperiod | $ (666,208) | $ (341,909) | $ (483,115) | $ (99,508) |
Earning (Loss) per share – | ||||
Basic | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) |
Diluted | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) |
February 28, 2022 | August 31, 2021 | |||
Total Assets | $ 15,823,229 | $ 14,404,634 | ||
Total Liabilities | 4,846,086 | 3,301,803 | ||
Total Shareholders’ Equity | $ 10,977,143 | $ 11,099,831 |
Full details of the financial reports and operatingresults for the second quarter ended February 28, 2022, are describedin the 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 bysuch forward-looking statements. As a result, we cannot guarantee thatany forward-looking statement will materialize, and readers arecautioned not to place undue reliance on these forward-lookingstatements. For more exhaustive information onthese risks and uncertainties, the reader should refer to the riskfactors described in the management's discussion and analysis for theperiod ended February 28, 2022. The forward-looking statementscontained in this press release represent our expectations as of thedate hereof. We disclaim any intention and assume no obligation toupdate or revise any forward-looking statements. Forward-lookingstatements are presented for the purpose of providing informationabout management's current expectations and plans and allowinginvestors and others to obtain a better understanding of ouranticipated operating environment. Readers are cautioned that suchinformation may not be appropriate for other purposes. The Companyundertakes no obligations to update or revise such statements toreflect new circumstances or unanticipated 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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