|By Marketwired .||
|March 5, 2014 05:00 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 03/05/14 -- AlarmForce Industries Inc. (TSX: AF), Canada's largest manufacturer and installer of live two-way voice home alarm systems, is pleased to announce results for the three months ended January 31, 2014:
January 31, January 31, 2014 2013 Change ----------------------------------- ($ in thousands, except per share and subscriber amounts) Total revenue $ 12,985 $ 11,922 9% Net income $ 2,405 $ 1,375 75% Shares outstanding, diluted 11,978 12,285 -2.5% Diluted net income per share $ 0.20 $ 0.11 84% Cash flows from operations $ 5,001 $ 1,650 203% EBITDA(i) $ 4,672 $ 3,216 45% Adjusted EBITDA(i) (before marketing expenses) $ 7,427 $ 6,429 16% Adjusted EBITDA(i) per diluted share $ 0.62 $ 0.52 18% Recurring monthly revenue (RMR) $ 3,905 $ 3,650 7% Total subscribers 142,400 135,600 5% ----------------------------------------------------------------------------
(i)EBITDA is a non-IFRS financial measure and is defined in the disclosure section accompanying this press release.
AlarmForce closed the first quarter ended January 31, 2014 with net income of $2.4 million and diluted earnings per share of $0.20. The Company ended the quarter with 142,400 subscribers, reflecting an annualized growth rate of 5% over the comparative quarter of 2013.
Revenue for the quarter increased by $1.1 million to $13 million, an increase of 9% over the comparative quarter of 2013 while RMR increased by 7%. Canadian revenue increased by 3% to $9.6 million and US revenue increased by 29% to $3.4 million.
EBITDA increased by $1.5 million to $4.7 million, an increase of 45% from the comparative quarter. Although marketing expenses decreased by $458,000 in the first quarter, the Company expects to maintain the same advertising spend as in 2013. Excluding the impact of these marketing expenses, which represent a charge against operating income, adjusted EBITDA increased by 16% from $6.4 million to $7.4 million for the quarter.
Cash flows from operations increased to $5.0 million from $1.7 million for the quarter, an increase of $3.3 million, or 203%. In 2014, the Company plans to continue funding all growth and product development from internal cash flows in 2014, operating with no debt on its balance sheet.
There was a decrease in total shares outstanding from the comparative quarter due to shares repurchased by the Company for cancellation under its share buyback program. This had a 2.5% positive effect on diluted net income per share and EBITDA per share.
Mr. Pizzonia, interim President and CEO, stated that "We are focusing on customer retention by better servicing our customers and retaining them in the long run. In addition, we will continue to focus on our value proposition and core competitive strengths to drive subscriber growth. We also expect to increase RMR though the adoption of enhanced services such as VideoRelay and CellWave."
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.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 20, 2017 06:30 PM EST Reads: 5,444
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Jan. 20, 2017 05:45 PM EST Reads: 2,085
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 20, 2017 05:30 PM EST Reads: 1,462
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 20, 2017 05:15 PM EST Reads: 4,942
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 20, 2017 05:15 PM EST Reads: 3,801
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Jan. 20, 2017 05:15 PM EST Reads: 3,531
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Jan. 20, 2017 04:45 PM EST Reads: 1,071
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 20, 2017 03:00 PM EST Reads: 1,641
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 20, 2017 02:30 PM EST Reads: 1,119
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Jan. 20, 2017 02:15 PM EST Reads: 608
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 20, 2017 01:30 PM EST Reads: 5,729
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices 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 business opportunity. Submit your speaking proposal ...
Jan. 20, 2017 01:30 PM EST Reads: 5,233
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 20, 2017 01:30 PM EST Reads: 3,591
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Jan. 20, 2017 01:00 PM EST Reads: 2,575
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 20, 2017 12:30 PM EST Reads: 3,187