Webtech Wireless Announces Q1 2013 Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/10/13 -- Webtech Wireless Inc. (TSX: WEW) ("Webtech Wireless" or the "Company"), a leading provider of vehicle fleet location-based services and telematics technology, today announced its financial results for the three month period ended March 31, 2013.
On January 24, 2013, the Company closed the sale of its NextBus business ("NextBus") to Cubic Transportation Systems, Inc., a division of Cubic Corporation, for $20.8 million resulting in income from discontinued operations of $13.1 million or $0.12 per share ($15.1 million or $0.14 excluding a non-cash tax charge).
The Company is reporting break even net income from continuing operations vs. a loss of $1.0 million or $0.01 per share in the prior year.
Figures quoted in this press release relate to the Company's business excluding NextBus unless otherwise noted.
Q1 2013 Financial and Operational Highlights
"We are very pleased to report growing Adjusted EBITDA from continuing operations and the completion of a highly successful sale of NextBus," said Scott Edmonds, President and CEO. "We will continue to focus on our pursuit of sustainable, repeatable, high margin revenue from our core verticals in order to accelerate growth and drive free cash flow."
Mr. Edmonds continued. "Webtech expects to produce free cash, grow its core business, continue to improve its bottom line performance, and build on a very strong balance sheet. As of today, Webtech has cash of $21.8 million, restricted cash of $1.0 million and a holdback of $2.1 million related to the NextBus sale. Our vision of 'Fleet Intelligence Anywhere' is being well received by our customers and prospects and we will continue to deliver on it throughout the coming year to produce growth and cash flow for our shareholders."
Financial Highlights of Continuing Operations
Revenue
Hardware revenues for the quarter increased 6% over the prior year. Excluding the revenues of the theft recovery vertical, which the Company exited in Q2 2012, hardware revenues increased 26% over the prior year. The growth was due to significant commercial and OEM deliveries in the quarter. However, commercial service revenue and both government hardware and service revenues declined due to project deliveries in the prior year that were not repeated in 2013.
Recurring revenues were down 3% over the same quarter of the prior year. The performance was due to a decline in low ARPU subscribers from the planned exit of the theft recovery vertical and departure from Brazil in Q2 2012. Despite the decrease, the Company has added new, high ARPU subscribers from sales and implementations over the past nine months across the Quadrant and InterFleet product lines. The Company's shift away from hardware to a majority of subscription, software and services revenue continues to reflect management's focus on developing the Software as a Service ("SaaS") model.
Gross Margin
Gross margin percentage improvement for the quarter was driven by a favourable product mix and the exit from and winding down of the theft recovery vertical and Brazil operations, both yielding historically low margins.
Operating Expenses
Operating expenses for continuing operations excluding depreciation and amortization, share-based payments and non-recurring items, decreased by 8% over the prior year three month period. This decrease was the direct result of cost management efforts to reduce staff levels, administrative overhead and discretionary spending.
Cash and Working Capital
As at March 31, 2013, the Company's unrestricted cash position amounted to $21.1 million compared with $4.3 million at December 31, 2012. In addition, the Company has $2.1 million in restricted cash related to the holdback from the NextBus transaction and $1.0 million USD of restricted cash used to secure a bonding facility with a US client.
As at March 31, 2013, the Company had net working capital of $26.3 million, compared with $9.6 million at December 31, 2012. As at May 9, 2013, Webtech Wireless had 105,457,078 common shares outstanding.
Adjusted EBITDA(1) from continuing operations
The Adjusted EBITDA from continuing operations was $0.5 million in Q1 2013 compared to $nil in Q1 2012.
Non-GAAP Financial Measures
In addition to the results reported in accordance with IFRS, the Company uses various non-GAAP financial measures, which are not recognized under IFRS, as supplemental indicators of the Company's operating performance and financial position. These non-GAAP financial measures are provided to enhance the user's understanding of the Company's historical and current financial performance and its prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of the Company's core operating results and ongoing operations and provide a more consistent basis for comparison between quarters. Details of such non-GAAP financial measures and how they are derived are provided in conjunction with the discussion of the financial information reported.
Results on a non-GAAP EBITDA basis are determined as follows:
Financial Statements and Management Discussion & Analysis
The Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2013 and the related Management Discussion & Analysis for the period has been filed on SEDAR at , and also on the Company's website at .
Notice of Conference Call
Webtech Wireless will hold a conference call today, May 10, 2013, at 11:00 am ET hosted by Mr. Scott Edmonds, President and Chief Executive Officer and Mr. Andrew Morden, Chief Financial Officer to discuss the Company's financial results and corporate developments. To access the conference call by telephone, dial +1.416.340.2218 or +1.866.226.1793. A taped replay of the conference call will be archived on the Company's corporate website at: .
About Webtech Wireless®
Webtech Wireless (TSX: WEW) is a leader in providing fleet management telematics, GPS and automatic vehicle location (AVL) solutions that improve efficiency, accountability and reduce costs. Our end-to-end solutions automate record keeping and regulatory compliance, reduce fuel burn and idling, mitigate risk, and keep drivers safe. Managers trust us to ensure people are accountable and vehicles are visible. Through the cloud, in the office, or straight to mobile devices, we deliver Fleet Intelligence Anywhere™. Our products are InterFleet®, for government winter maintenance, public works and waste management fleets; and Quadrant®, for commercial fleet operations and compliance (HOS, EOBR). Please visit .
All amounts in Canadian dollars (CAD$) unless otherwise noted.
Trademarks are the property of their owners.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Webtech Wireless Inc. - Investor Relations
Andrew Morden
Chief Financial Officer
+1 604.434.7337
Webtech Wireless Inc. - Press and Media
David Greer
Vice President Marketing
+1 604.628.5194
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 10.05.2013 - 10:00 Uhr
Sprache: Deutsch
News-ID 258594
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
Diese Pressemitteilung wurde bisher 215 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Webtech Wireless Announces Q1 2013 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Webtech Wireless Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
