(TheNewswire)
Abbotsford, BC – TheNewswire - August 2, 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 nine months ended May 31, 2022.
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Revenue for the three and nine months ended May 31,2022 was $4,388,520 and $10,192,417 respectively, which compares to$3,831,373 and $12,088,139 for the same prior year comparableperiods;
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Gross profit for the three months and nine months endedMay 31, 2022 was $1,810,596 and $4,511,146 respectively, whichcompares to $1,853,029 and $5,224,335 for the same prior yearcomparable periods;
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Operating loss for the three months and nine monthsended May 31, 2022 was $318,922 and $1,275,016 respectively, whichcompares to operating profit of $144,081 and $489,492 for the sameprior year comparable periods;
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At May 31, 2022, the Company had working capital of$8,600,816, and approximately 91.4 million sharesoutstanding.
Business Highlights:
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Announced a $5.08 million transit video upgradecontract;
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Launched broadband Wi-Fi on school buses for enhanceddistance learning and announced an initial $560,000 order;
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Announced contracts with school districts inAlberta;
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Entered 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 a $2.35 million contract extension to providetransit 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 pleased with the revenue growth during thequarter, but more importantly we also secured significant contractsduring the quarter. The $5 million transit video upgrade contract isthe second largest contract in the Company’s history, and theNational Express agreement positions us to provide services to anoperator of 20,000 school buses. These contracts are continuingexamples of how Gatekeeper is strategically positioned to servicemajor customers,” commented Doug Dyment, President and CEO. “Weare very proud that we are successfully navigating through the supplychain challenges that have hampered the technology industry at largeand we are grateful for the continued support and confidence shown byour customers.”
Financial Summary
For the three months ended | For the nine months ended | |||
May 31, 2022 | May 31, 2021 | May 31, 2022 | May 31, 2021 | |
Revenue | $ 4,388,520 | $ 3,831,373 | $ 10,192,417 | $ 12,088,139 |
Cost of Sales | 2,577,924 | 1,978,344 | 5,681,271 | 6,863,804 |
Gross Profit | 1,810,596 | 1,853,029 | 4,511,146 | 5,224,335 |
GrossMargin | 41% | 48% | 44% | 43% |
Expenses | 2,129,518 | 1,708,948 | 5,786,162 | 4,734,843 |
Operating Profit (Loss) | (318,922) | 144,081 | (1,275,016) | 489,492 |
Total Comprehensive Income(Loss) | $ (317,760) | $ (42,393) | $ (800,875) | $ (141,898) |
Earning (Loss) per share – | ||||
Basic | $ (0.00) | $ (0.00) | $ (0.01) | $ (0.00) |
Diluted | $ (0.00) | $ (0.00) | $ (0.01) | $ (0.00) |
May 31, 2022 | August 31, 2021 | |||
Total Assets | $ 17,806,191 | $ 14,404,634 | ||
Total Liabilities | 6,951,808 | 3,301,803 | ||
Total Shareholders’ Equity | $ 10,854,383 | $ 11,099,831 |
Full details of the financial reports and operatingresults for the third quarter ended May 31, 2022, are described in theCompany’s consolidated financial statements with accompanying notesand related Management’s Discussion and Analysis, available on SEDARat 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 on these risks anduncertainties, the reader should refer to the risk factors describedin the management's discussion and analysis forthe period ended May 31, 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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