GPS

TORONTO, Dec. 15, 2014 /CNW/ - BSM Technologies Inc. ("BSM" or the "Company") (TSX-V: GPS), a leading provider of remote monitoring, fleet management, fleet diagnostics and automated vehicle security systems, today announced its financial and operating results for the three and twelve months ended September 30, 2014. All amounts are in Canadian dollars unless otherwise stated.

Financial and Operating Highlights ($ thousands except per share data; comparison of performance are made between fiscal 2014 results and fiscal 2013 results unless otherwise noted):

• Total revenue of $9,020 for the fourth quarter and $29,873 for the year represent an increase of 75% and 56%, respectively.
  
  
• Recurring revenue⁽ⁱ⁾ of $4,906 for the fourth quarter and $17,441 for the year represent an increase of 24% and 49%, respectively.
  
  
• Hardware and other revenue of $4,114 for the fourth quarter and $12,432 for the year represent an increase of 245% and 66%, respectively.
  
  
• Adjusted EBITDA⁽ⁱ⁾ of $948 for the fourth quarter and $4,109 for the year represent a decrease of 4% and an increase of 11%, respectively.
  
  
• Cash and cash equivalents increased to $23,621 at September 30, 2014 from $10,251 in the same period last year. This increase is mainly attributable to the bought-deal offering of common shares of the Company for gross proceeds of approximately $22,000 completed in February 2014.
  
  
• Received an initial order from one of North America's largest construction, mining and engineering firms which was filled in the fourth quarter.
  
  
• Successfully closed the acquisitions of (i) Lat-Lon, L.L.C.; (ii) JMM Management Group, LLC; and (iii) Praxis Transportation Solutions Inc., which improve the Company's strategic position in both the rail and fixed asset segments of the telematics market and strengthen our driver compliance product.

"We exited this year in a much stronger position than we started in, and are well equipped to capitalize on the growing opportunities ahead of us," said Aly Rahemtulla, BSM's President and CEO. "Over the past four quarters we materially expanded our product portfolio and client base through three acquisitions, signed a marquee client in the construction vertical, strengthened the management team all while growing our recurring revenue by 49% compared to last fiscal year. By all measures this was a successful year for the Company, and I am very proud of what the team accomplished. Looking into 2015 we believe the investments we made in the Company this year will help us build on our sales momentum and continue growing our market share in our key verticals."  

Financial Highlights for the Fourth Quarter of 2014:

The Company's financial statements for the three and twelve months ended September 30, 2014, together with its corresponding management's discussion and analysis, can be found under the Company's profile on SEDAR at www.sedar.com and on the investor page of the Company's website located at www.bsmwireless.com/about-us/investor-information/.

Normal Course Issuer Bid

BSM also announced today its intention to commence a normal course issuer bid, subject to the approval of the TSX Venture Exchange, for up to 4,287,465 common shares of the Company or approximately 10% of the total public float over a twelve-month period. The Company believes that the market price of its common shares at certain times make the repurchase of its common shares an appropriate use of corporate funds. If approved, the normal course issuer bid will commence on December 22, 2014.

About BSM Technologies Inc. (bsmwireless.com)

BSM Technologies Inc., through its subsidiaries, is a leading provider of remote monitoring, fleet tracking, fleet maintenance and a business intelligence engine providing real time web‐based tracking of mobile and fixed assets. BSM provides solutions for commercial, government, and law enforcement organizations who manage and operate diverse assets and large fleets, and who seek to enhance customer service, improve the safety of their drivers and vehicles, and lower business costs.

Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For more information, please visit http://www.bsmwireless.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward looking information. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions. These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information. Some of these risks, uncertainties and other factors are described under the heading "Risk Factors" in the Company's annual information form available at www.sedar.com. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by law, BSM does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place undue reliance on forward-looking information.

SOURCE BSM Technologies Inc.