|By Marketwired .||
|January 17, 2014 10:17 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 01/17/14 -- 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, Dec 31, Dec 31, Dec 31, 2013 2012 Variance 2013 2012 Variance Total revenues $2,259,091 $1,711,785 32.0% $6,737,945 $4,668,028 44.3% Revenues - Recurring Monitoring and Response(1) 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 EBITDA(2) 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.