AVANTE LOGIXX INC. Announces Results for the Year Ended March 31, 2014
03 July 2014 - 1:36AM
Marketwired Canada
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
George Rossolatos
Co-CEO
(416) 923-6984 x221
george@avantelogixx.com
Leland Verner
Chairman
(416) 823-7474
leland@avantelogixx.com
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