|By Marketwired .||
|July 2, 2014 11:36 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/02/14 -- 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, video analytics 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 year ended March 31, 2014:
Year ended --------------------------------------------- March 31-14 March 31-13 Variance (%) Total revenues $8,938,669 $6,746,439 32.5% Revenues - Recurring Monitoring and Response (1) 3,168,228 2,831,277 11.9% Revenues from other security services and transport 5,770,440 3,915,162 47.4% Total gross profit 3,577,636 2,341,929 52.8% Adjusted EBITDA(2) 1,483,864 452,344 228.0% Net income (loss) for the period 2,779,623 370,818 649.5% Basic income per share 0.049 0.007 Diluted income per share 0.048 0.006 Total common shares outstanding 71,638,843 55,908,843 Total assets 10,196,177 2,225,357 Total liabilities 2,685,255 2,043,742 Total liabilities (excluding deferred revenue) 1,100,002 638,801 Deferred revenue 1,585,252 1,404,941 Bank and other debt -nil- -nil- Shareholders' equity 7,510,922 181,615
Co-CEOs George Rossolatos and Emmanuel Mounouchos announced Avante Logixx Inc.'s results for the year ended March 31, 2014. The Company achieved significant growth in revenues, gross profit and net income. While revenues grew by 32.5% for the fiscal year ended March 31, 2014 as compared to the prior year, gross profit grew by 52.8%. Revenue growth was attributable to increased sales of rapid alarm response and intelligent perimeter protection video analytics services as well as a significant contribution from international security travel advisory services during the year. The growth in gross profit was on account of higher revenues and favourable labour cost variances.
Net income for the year was $2,779,453 as compared to $370,818 for fiscal year 2013, an increase of $2,408,635. This increase included net deferred tax recovery of $1,386,990 with the balance attributable to profit from operations for the year. Adjusted EBITDA for the year was $1,483,864 (FY 2013: $452,344) reflecting a strong and steady performance throughout the year. The Company will focus on growing all of its revenue streams in the coming year, while targeting strategic acquisitions that will enhance the company's offerings.
The Company's customer base increased by more than 10% with respect to number of Response and Monitored clients, as compared to fiscal year 2013. It is also developing new value-add security solutions to residential and corporate customers.
(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 + Share based payments expense
Cash flow from operations for the year was $1,825,367 as compared to $326,996 for the previous fiscal year. Also, the Company's cash flow from investing activities increased primarily due to a $5 million capital raise (before share issue costs) in March 2014 through a private placement co-underwritten by Cormark Securities Inc. and Mackie Research Capital Corporation. Avante plans to make investments in infrastructure, sales and the launch of its first branding campaign in fiscal 2015 to further build organic growth rates over time.
Avante's prospects for fiscal 2015 continue to be positive. The Company continues to strengthen its balance sheet which is free of debt, while pursuing new opportunities to consolidate and further improve its market share, which would result in increased profitability, while delivering maximum value to its shareholders.
Avante Logixx Inc. (TSX VENTURE:XX) 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, and video analytics. 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.