Wireless Matrix Corporation (TSX: WRX), the leading provider of
mobile resource management solutions targeting field service
organizations is pleased to provide the results for its three and
nine months ended January 31, 2009 (third quarter of fiscal year
2009).
All currency expressed in U.S. dollars.
Wireless Matrix strengthened its balance sheet and financial
metrics during the third quarter 2009 generating cash flows from
operations of $2,178,000, an improvement of $541,000 when compared
with the same period in the last fiscal year and ended the quarter
with a cash balance of $17,933,000 up from $14,078,000 at the end
of fiscal year 2008.
During this period of financial uncertainty, Wireless Matrix has
seen continued increased interest and adoption of its
software-as-a-service solution suite, FleetOutlook�, resulting in a
7% increase in total subscribers over the third quarter of fiscal
year 2008 to approximately 67,000 subscribers and has continued to
maintain a healthy, high quality sales pipeline. This increase in
subscribers has resulted in:
- Recurring service revenue of $6,862,000, a 7% increase over
the prior year comparable period.
- Total revenue growth of 5% over the third quarter of fiscal
year 2009 to $9,930,000.
- Service gross margin of $5,046,000, an increase of 10% over
the prior year's comparable quarter.
- Adjusted earnings before interest, taxes, depreciation and
amortization (EBITDA) of $1,310,000, an increase over the prior
fiscal year's third quarter of 71% and the fourth consecutive
quarter of adjusted EBITDA over the $1,000,000 threshold, a new
record for the Corporation.
- Net income for the third quarter fiscal 2009 of $338,000, an
increase of 493% over the net loss in the third quarter fiscal 2009
of $86,000.
"Clients continue to embrace our application suite to reduce
operating costs and drive productivity gains, and our sales
pipeline remains robust due in large part to the rapid returns our
solutions offer." said J. Richard Carlson, president and chief
executive officer of Wireless Matrix. "We are further investing in
research and development to ensure sustained innovations to drive
further productivity gains for our clients. To that end, we have
released into production our first low cost GPS wireless broadband
device, the Reporter 100, and will soon release an in-cab personal
navigation solution."
Wireless Matrix has also reiterated its annual financial
guidance for fiscal year 2009. As part of this guidance, the
Corporation targeted service revenues of at least $27,000,000,
representing a double-digit increase over fiscal year 2008, and
adjusted EBITDA between $3,000,000 and $4,000,000, a 60% growth
year-over-year. The Corporation is on track to meet these levels
through the addition of long-term revenue contracts entered into
during fiscal year 2009 and the ongoing growth of the sales
pipeline.
The first nine months of fiscal year 2009 included application
and data subscriber additions in the rail industry from existing
major operators like Union Pacific; additional activations from
Time Warner in the cable and broadband space; further penetration
of the utility vertical and several rural cooperatives; and
additions in other vertical markets including the oil and gas
sector.
However, subscriber growth has been at a slower rate than
initially identified by Wireless Matrix due to the turbulent
economy. The Company has announced several sales win subsequent to
quarter end and believes it has developed a strong sales pipeline
that will lead to consistent subscriber additions in the next
several quarters. The previously projected subscriber levels are
now expected to be reached in the first quarter of fiscal year
2010.
"We are extremely proud to have produced record financial
results that provide us the financial strength to grow through the
overall economic downturn. Our long-term contracts with stable
Fortune 500 clients, coupled with a strong gross margin services
business and a fixed infrastructure have allowed us to create
ongoing positive cash flows, despite slower than anticipated growth
in our subscriber base." said Maria C. Izurieta, chief financial
officer of Wireless Matrix.
Financial Highlights:
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All currency in
thousands except per Three months ended Nine months ended
share and ARPU data January 31, January 31,
----------------------------------------------------------------------------
2009 2008 2009 2008
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Network services
revenues $ 5,041 $ 4,605 $ 14,870 $ 13,038
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Application services
revenue 1,821 1,798 5,365 4,684
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6,682 6,403 20,235 17,722
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Hardware revenues 3,068 3,092 8,610 8,722
----------------------------------------------------------------------------
Total revenues 9,930 9,495 28,845 26,444
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Gross margin 5,607 5,035 16,442 13,894
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Service gross margin % 74% 72% 73% 71%
----------------------------------------------------------------------------
Hardware gross margin % 18% 15% 18% 16%
----------------------------------------------------------------------------
Gross margin % 57% 53% 57% 53%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating expenses 4,297 4,269 13,070 12,759
----------------------------------------------------------------------------
Adjusted EBITDA 1,310 766 3,372 1,135
----------------------------------------------------------------------------
Net income (loss) $ 338 $ (85) $ 1,192 $ (1,329)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic and diluted
(loss) income per
share: $ 0.00 $ (0.00) $ 0.01 $ (0.02)
----------------------------------------------------------------------------
Weighted average
number of common
shares outstanding -
basic 82,447,331 82,074,833 82,569,095 79,686,626
----------------------------------------------------------------------------
Weighted average
number of common
shares outstanding -
diluted 82,974,703 82,074,833 83,183,909 79,686,626
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash balance $ 17,933 $ 12,232 $ 17,933 $ 12,232
----------------------------------------------------------------------------
Working Capital 13,908 12,164 13,908 12,164
----------------------------------------------------------------------------
Total subscribers 66,933 62,350 66,933 62,350
----------------------------------------------------------------------------
Average Revenue Per
Unit (ARPU) $ 33.15 $ 33.55 $ 33.19 $ 33.34
----------------------------------------------------------------------------
About Wireless Matrix:
Wireless Matrix provides enterprise-class wireless data
solutions for business-critical mobile and remote asset operations.
The Corporation delivers real-time data services across cellular,
satellite and WiFi networks; a variety of modems and hardware
platforms; and transportation applications that increase
productivity and reduce operating expenses with service fleet
operations. Wireless Matrix is headquartered in Reston, VA, and has
offices in San Francisco, CA, and Burnaby, British Columbia. For
more information visit www.wirelessmatrix.com.
Forward Looking Statements:
General information regarding the Corporation set forth in this
document, including management's assessment of the Corporation's
future plans and operations contains forward looking statements
that involve substantial known and unknown risks and uncertainties.
These forward looking statements are subject to numerous risks and
uncertainties, some of which are beyond the Corporation's and
management's control, including but not limited to, the impact of
general economic conditions, industry conditions, fluctuation of
commodity prices, fluctuation of foreign exchange rates,
imperfection of estimates, effective integration of acquisitions,
industry competition, availability of qualified personnel and
management, stock market volatility, timely and cost effective
access to sufficient capital from internal and external sources,
ability to integrate and realize anticipated benefits from
acquisitions, ability to resell third party network communications
at favorable rates, and to effectively manage growth. The
Corporation's actual results, performance or achievement could
differ materially from those expressed in or implied by, these
forward looking statements and accordingly, no assurance can be
given that any of the events anticipated to occur or transpire from
the forward looking statements will provide what, if any benefits
to the Corporation. All data presented herein should be read in
conjunction with the Corporation's regulatory filings, with the
appropriate Securities Commission and SEDAR. These filings,
including the Corporation's Annual Information Form ("AIF''), are
located at www.sedar.com.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Wireless Matrix Maria C. Izurieta Investor Relations
(703) 262-4020 Email: maria.izurieta@wrx-us.com Website:
www.wirelessmatrix.com
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