|By Marketwired .||
|January 28, 2014 06:25 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 01/28/14 -- AlarmForce Industries Inc. (TSX: AF), Canada's largest manufacturer and installer of live two-way voice home alarms systems, is pleased to announce annual results for the year ended October 31, 2013:
October 31, October 31, 2013 2012 Change ---------------------------------------- ($ in thousands, except per share and subscriber amounts) Total revenue $49,108 $44,837 10% Net income $5,404 $1,163 364% Shares outstanding, diluted 12,041 12,282 -2.0% Diluted net income per share $0.45 $0.09 400% Cash flows from operations $10,814 $4,635 133% EBITDA(i) $12,756 $6,237 105% Adjusted EBITDA(i) (before marketing expenses) $25,411 $23,371 9% Adjusted EBITDA(i) per diluted share $2.11 $1.90 11% Recurring monthly revenue (RMR) $3,793 $3,420 11% Total subscribers 141,200 134,100 5% (i) EBITDA is a non-IFRS financial measure and is defined in the disclosure section accompanying this press release.
AlarmForce closed the fiscal year ended October 31, 2013 with net income of $5.4 million and diluted earnings per share of $0.45. The Company ended the fourth quarter with 141,200 subscribers, reflecting an annualized growth rate of 5%.
Revenue increased by $4.3 million to $49.1 million, an increase of 10% over the comparable year of 2012. Canadian revenue was up by 4% to $37.5 million, and US revenue was up by 30% to $11.6 million. Revenue growth was driven by 25,800 gross new subscriber additions, 15,100 in Canada and 10,700 in the US.
Recurring monthly revenue increased to $3.79 million or 11% from 2012 and accounted for 91% of the total revenue for the year. The growth in recurring monthly revenue was a result of an increase in subscribers as well as a 2% growth in the average revenue per subscriber, which increased from $26.49 to $27.10. Approximately 18% of new alarm customers subscribe to VideoRelay services, contributing to the growth in average revenue per subscriber.
EBITDA increased to $12.8 million, up 105% from the comparable year. The-year over-year growth was mainly attributable to the reduction in advertising expenses related to the launch of VideoRelay services. Excluding the impact of the advertising expenses which represent a charge against operating income, adjusted EBITDA increased by 9% from $23.4 million to $25.4 million.
Cash flows from operations increased from $4.6 million to $10.8 million for the fiscal year, an increase of $6.2 million, or 133%. In addition to returning $4.2 million to shareholders in the form of dividends and buyback of common shares, the Company funded all growth and product development from internal cash flows in 2013, and continues to operate with no debt on its balance sheet.
Mr. Pizzonia, interim President and CEO, stated that "we expect to continue the momentum from the fourth quarter by leveraging our competitive strengths and value proposition to drive organic subscriber growth. We expect to grow our average revenue per subscriber as the market continues to adopt home automation technologies. We will be effectively deploying capital to deliver shareholder value by focusing on our service offering over the subscriber life-cycle to lengthen the time we retain our customers."
AlarmForce provides security alarm monitoring, personal emergency response monitoring, video surveillance and related services to residential and commercial subscribers throughout Canada and the United States. More information about the Company's products and services can be found at www.alarmforce.com.
EBITDA is defined as earnings before interest expenses, income taxes, depreciation and amortization. EBITDA is a key measure used in the security industry to assist in understanding and comparing operating results and is often referred to by our competitors. Management views EBITDA as a measure to assess the operating performance of the Company. Yet, since it does not have any standardized meaning defined by IFRS, it may not be considered in isolation of IFRS measures such as net income/loss or cash flows, as a measure of liquidity. The Company, however, utilizes these measures in making operating decisions and assessing its performance. Management believes that it allows the Company to assess its ongoing business without the impact of depreciation or amortization expenses. Since EBITDA is not a defined term under IFRS, it is unlikely to be comparable to similar measures presented by other issuers.
SYS-CON Events announced today that SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...
Jun. 1, 2015 10:30 PM EDT Reads: 1,055
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
Jun. 1, 2015 10:15 PM EDT Reads: 4,208
"We are the top stocking distributor for HP renew products in North America. We can only sell to U.S. authorized partners and resellers for HP," explained Miguel Diazdelcastillo Jr., Sales Executive at Creative Business Solutions, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 10:00 PM EDT Reads: 3,615
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it!
Jun. 1, 2015 09:45 PM EDT Reads: 607
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
Jun. 1, 2015 09:30 PM EDT Reads: 1,299
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
Jun. 1, 2015 09:15 PM EDT Reads: 1,596
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Jun. 1, 2015 09:15 PM EDT Reads: 561
“Will Jaya is a direct source for server integration and storage solutions. If you are looking for any specific configurations for a project we can help you configure based on your needs and requirements," explained Netty Goya, CEO of Will Jaya, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 09:15 PM EDT Reads: 3,389
"SendGrid sends about 15 billion emails a month and process all the events associated with that, about a trillion events a year," explained Aaron Beach, Senior Data Scientist at SendGrid, in this SYS-CON.tv interview at Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 09:00 PM EDT Reads: 532
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 08:15 PM EDT Reads: 4,020
ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Regi...
Jun. 1, 2015 08:00 PM EDT Reads: 698
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 1, 2015 08:00 PM EDT Reads: 4,505
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Jun. 1, 2015 07:30 PM EDT Reads: 1,924
The only place to be Nov 3-5 is Cloud Expo | @ThingsExpo | DevOps Summit 2015 West at the Santa Clara Convention Center in Santa Clara, CA. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT, Big Data and DevOps companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked...
Jun. 1, 2015 07:30 PM EDT Reads: 1,684
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Jun. 1, 2015 07:30 PM EDT Reads: 4,323