VendTek Systems announces first quarter 2012 financial results
27 Marzo 2012 - 8:08AM
PR Newswire (Canada)
TSX Venture Exchange: VSI VANCOUVER, March 30, 2012 /CNW/ - VendTek
Systems Inc. (the "Company"), a developer and licensor of software
for the global prepaid and financial services markets, today
reported its financial results for the first quarter ended January
31, 2012. Selected First Quarter Operational Highlights -- Signed
agreement with Multipla in Brazil to offer recharge services to
Multipla's 500 merchants. -- Expansion of the Now Prepay Network in
Brazil to 1,865 locations -- Completed the initial development of
the mobile commerce platform Selected Financial Information for the
Three Months ended January 31, 2012 -- Revenues for the three
months ended January 31, 2012, decreased $2.2 million to $24.3
million from $26.5 million for the corresponding period in 2011; --
Gross margin increased to 5.7% for the three months ended January
31, 2012, from 5.2% for the first three months of 2011; -- Adjusted
EBITDA1 decreased to a loss of $639,000 for the first quarter of
2012 from $305,000 for the first quarter of 2011; -- Net loss of
$939,058 for 2012, compared to $451,421 for 2011. "We have seen
steady growth in our Brazilian network," said Doug Buchanan,
President and Chief Executive Officer of VendTek. "We invested
approximately $630,000 during the quarter to expand our network in
Brazil. We continue to explore opportunities to accelerate our
expansion in Brazil while controlling our costs." "We are also
pleased that we have improved our margins in our North American
operations. Our focus on expanding our product portfolio to include
financial products has a positive impact on our gross profits and
has diversified our product offering," continued Mr. Buchanan.
Nurez Khimji, Secretary and Chief Financial Officer of the Company,
says the Company reached an important milestone with the successful
completion of the first phase of the mobile commerce platform. "We
can now connect any mobile wallet account or bank account to each
other. This will allow for increased financial inclusion in the
developing world. This will also allow for people in the developing
world to receive their pay, top-up their phone, or pay for their
utility bill directly from their mobile phone. We expect that our
first deployment will be in Afghanistan," said Khimji. VendTek's
MD&A and complete statements are available at www.sedar.com and
the Company's website www.vendteksystems.com. Conference Call
VendTek management will host a conference call on Monday April 2nd
at 8:30 AM EDT (5:30 AM PDT) to discuss its financial results and
operational highlights for the first quarter of fiscal 2012. To
access the conference call by telephone, dial 1-647-427-7450 or
1-888-231-8191 and reference the company name, VendTek Systems
Inc., or the conference code 67866258. A live audio webcast of the
conference call will be available at
http://www.newswire.ca/en/webcast/detail/946771/1013503 Please
connect at least 15 minutes prior to the conference call to ensure
adequate time for any software download that may be required to
join the webcast. (___________________________) (1) Management
defines Adjusted EBITDA as net income adjusted for financing,
taxes, depreciation, amortization expenses, foreign exchange
differences and stock based compensation expense. Please see the
Management Discussion and Analysis for more details. VendTek
Systems Inc. CONTACT: or to receive the complete statements please
contact SamanthaWhite at604-805-4653 or 1-800-806-4958 or
investment@vendteksystems.com.
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