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Abbotsford, BC – TheNewswire – August 2, 2022 – Gatekeeper Systems Inc. (‘Gatekeeper’ or the ‘Company’) (TSXV:GSI) (OTC:GKPRF) (FSE:1GK) a video and data solutions provider for public transportation and smart cities, reports its financial results 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 comparable periods;
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Gross profit for the three months and nine months ended May 31, 2022 was $1,810,596 and $4,511,146 respectively, which compares to $1,853,029 and $5,224,335 for the same prior year comparable periods;
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Operating loss for the three months and nine months ended May 31, 2022 was $318,922 and $1,275,016 respectively, which compares to operating profit of $144,081 and $489,492 for the same prior 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 shares outstanding.
Business Highlights:
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Announced a $5.08 million transit video upgrade contract;
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Launched broadband Wi-Fi on school buses for enhanced distance learning and announced an initial $560,000 order;
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Announced contracts with school districts in Alberta;
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Entered a Master Services Agreement with National Express LLC, the operator of over 20,000 school buses, to provide video, data, software, and related installation services;
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Announced a $2.35 million contract extension to provide transit vehicle video system maintenance services; and
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Announced $8 million in TD Bank working capital facilities to enable growth.
Management Commentary
“We are pleased with the revenue growth during the quarter, but more importantly we also secured significant contracts during the quarter. The $5 million transit video upgrade contract is the second largest contract in the Company’s history, and the National Express agreement positions us to provide services to an operator of 20,000 school buses. These contracts are continuing examples of how Gatekeeper is strategically positioned to service major customers,” commented Doug Dyment, President and CEO. “We are very proud that we are successfully navigating through the supply chain challenges that have hampered the technology industry at large and we are grateful for the continued support and confidence shown by our customers.”
Financial Summary
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For the three months ended |
For the nine months ended |
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May 31, 2022 |
May 31, 2021 |
May 31, 2022 |
May 31, 2021 |
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Revenue |
$ 4,388,520 |
$ 3,831,373 |
$ 10,192,417 |
$ 12,088,139 |
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Cost of Sales |
2,577,924 |
1,978,344 |
5,681,271 |
6,863,804 |
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Gross Profit |
1,810,596 |
1,853,029 |
4,511,146 |
5,224,335 |
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Gross Margin |
41% |
48% |
44% |
43% |
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Expenses |
2,129,518 |
1,708,948 |
5,786,162 |
4,734,843 |
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Operating Profit (Loss) |
(318,922) |
144,081 |
(1,275,016) |
489,492 |
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Total Comprehensive Income (Loss) |
$ (317,760) |
$ (42,393) |
$ (800,875) |
$ (141,898) |
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Earning (Loss) per share – |
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Basic |
$ (0.00) |
$ (0.00) |
$ (0.01) |
$ (0.00) |
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Diluted |
$ (0.00) |
$ (0.00) |
$ (0.01) |
$ (0.00) |
|
May 31, 2022 |
August 31, 2021 |
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Total Assets |
$ 17,806,191 |
$ 14,404,634 |
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Total Liabilities |
6,951,808 |
3,301,803 |
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Total Shareholders’ Equity |
$ 10,854,383 |
$ 11,099,831 |
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Full details of the financial reports and operating results for the third quarter ended May 31, 2022, are described in the Company’s consolidated financial statements with accompanying notes and related Management’s Discussion and Analysis, available on SEDAR at www.sedar.com.
About Gatekeeper Systems Inc.
Gatekeeper is a leading provider of intelligent video and data solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel on multiple transportation modes. The Company uses AI, video analytics, thermal cameras, and mobile data collectors to inter-connect public transit assets as part of intelligent transportation systems in a Smart City ecosystem. The Company’s Platform-as-a-Service (PaaS) business model is an enabling transformation to a video and data solutions provider for intelligent transit and Smart Cities. www.gatekeeper-systems.com
Contact Information:
Douglas Dyment
Cautionary Note Regarding Forward-Looking Statements: Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements. For more exhaustive information on these risks and uncertainties, the reader should refer to the risk factors described in the management’s discussion and analysis for the period ended May 31, 2022. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-looking statements are presented for the purpose of providing information about management’s current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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