Welcome!

News Feed Item

AVANTE LOGIXX INC. Announces Results for the Year Ended March 31, 2014

TORONTO, ONTARIO -- (Marketwired) -- 07/02/14 -- 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...