|By Marketwired .||
|June 12, 2014 05:00 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/12/14 -- 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 six months ended April 30, 2014:
Three months ended Six months ended April 30, April 30, April 30, April 30, 2014 2013 2014 2013 --------- ------------ --------- --------- ($ in thousands, except per share and subscriber amounts) Total revenue $ 13,153 $ 12,104 $ 26,138 $ 24,026 Net income $ 1,772 $ 1,319 $ 4,177 $ 2,694 Shares outstanding, diluted 11,929 12,275 11,957 12,275 Diluted net income per share $ 0.15 $ 0.11 $ 0.35 $ 0.22 Cash flows from operations $ 624 $ 2,009 $ 5,626 $ 3,659 EBITDA(i) $ 3,717 $ 2,936 $ 8,388 $ 6,152 Adjusted EBITDA(i) (before marketing expenses) $ 7,007 $ 6,324 $ 14,435 $ 12,753 Adjusted EBITDA(i) per diluted share $ 0.59 $ 0.52 $ 1.21 $ 1.04 Recurring monthly revenue (RMR) $ 3,984 $ 3,750 $ 3,984 $ 3,750 Total subscribers 143,800 135,600 143,800 135,600
(i)EBITDA is a non-IFRS financial measure and is defined in the disclosure section accompanying this press release.
AlarmForce closed its second quarter of 2014 with 143,800 subscribers, reflecting a growth rate of 6% in subscriber accounts.
The Company's net income for the six months ended April 30, 2014 was $4.2 million, reflecting a 55% increase over the comparative 2013 period, while diluted net income per share was $0.35, reflecting a 60% increase.
For the six month period, AlarmForce revenues increased to $26.1 million, reflecting a growth in revenues of 9%, while RMR increased by 6% during the same period. Canadian revenue increased by 4% to $19.2 million and US revenue increased by 27% to $6.9 million.
EBITDA increased by $2.2 million, an increase of 36% over 2013. Although marketing expenses decreased by $0.6 million when compared to the same period in 2013, the Company expects to maintain the same advertising spend in 2014 as in 2013. Excluding the impact of these marketing expenses, adjusted EBITDA for the six month period increased by 13% from $12.8 million to $14.4 million.
Cash flows from operations increased to $5.6 million from $3.7 million, an increase of $1.9 million or 54%. The Company plans to continue its growth without adding debt, funding all growth and product development from the Company's internal cash flows in 2014.
During the second quarter, the Board announced an increase in its quarterly dividend to $0.03 per share from $0.025 per share. A quarterly dividend of $0.03 was declared and subsequently paid on May 20, 2014.
During the second quarter, the Board also declared a special one-time dividend of $0.60 per common share for all shareholders on record as at April 30, 2014, which was subsequently paid on May 20, 2014. The special dividend, which was in addition to the regular quarterly dividend reflects the Company's strong cash position. It demonstrates the Company's ability to continue investing in growth from internally generated cash, while at the same time giving shareholders an additional opportunity to benefit from our operational strength.
The Company purchased for cancellation a total of 73,600 shares for a total price of $0.7 million under the NCIB in 2014.The decrease in total shares outstanding from the comparative six month period is due to shares repurchased by the Company for cancellation under its share buyback program, partly offset by the exercise of stock options in the same period. This had a 2.7% positive effect on diluted net income per share and EBITDA per share.
Mr. Pizzonia, interim President and CEO, stated that "Our vertical integration and competitive cost structure enable us to compete favourably on both price and service, resulting in a better customer experience and higher retention of accounts created through organic growth. Our focus continues to be on providing an integrated customer experience with increased efforts on retention. We will continue leveraging our value proposition and core competitive strengths to drive subscriber growth, and increase RMR though the adoption of enhanced service offerings 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 this measure 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.
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Feb. 23, 2017 12:45 AM EST Reads: 1,217
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
Feb. 23, 2017 12:00 AM EST Reads: 1,590
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Feb. 22, 2017 10:45 PM EST Reads: 567
"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.
Feb. 22, 2017 09:45 PM EST Reads: 6,666
SYS-CON Events announced today that CA Technologies has been named "Platinum 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, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Feb. 22, 2017 08:45 PM EST Reads: 1,826
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Feb. 22, 2017 08:45 PM EST Reads: 1,361
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...
Feb. 22, 2017 08:45 PM EST Reads: 1,289
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Feb. 22, 2017 07:45 PM EST Reads: 7,790
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 22, 2017 07:30 PM EST Reads: 1,182
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
Feb. 22, 2017 06:30 PM EST Reads: 7,494
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
Feb. 22, 2017 06:15 PM EST Reads: 1,541
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.
Feb. 22, 2017 05:45 PM EST Reads: 1,385
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Feb. 22, 2017 04:45 PM EST Reads: 960
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Feb. 22, 2017 04:30 PM EST Reads: 1,089
In the first article of this three-part series on hybrid cloud security, we discussed the Shared Responsibility Model and examined how the most common attack strategies persist, are amplified, or are mitigated as assets move from data centers to the cloud. Today, we’ll look at some of the unique security challenges that are introduced by public cloud environments. While cloud computing delivers many operational, cost-saving and security benefits, it takes place in a public, shared and on-demand ...
Feb. 22, 2017 04:00 PM EST Reads: 1,512