Vigil Health Solutions Inc. (TSX VENTURE:VGL) ("Vigil") announces the results of
operations for the fiscal year and the fourth quarter, ending March 31, 2011.
Highlights
-- Profit of $109 thousand for the three month period ended March 31, 2011
compared to a loss of $236 thousand in the three month period ended
March 31, 2010.
-- Reduced annual losses by 87% to $70 thousand for the year ended March
31, 2011 compared to $532 thousand for the previous year. (Achieved
positive Adjusted EBITDA, a non-GAAP financial measure, of $16 thousand
compared to a loss of $438 thousand in the year ended March 31, 2010.)
-- Increased revenue by 8% to $4.38 million in the year ended March 31,
2011 compared to $4.06 million in the prior year.
-- Grew service and maintenance revenue and one-off sales by 49% in the
fiscal year to $1.23 million.
-- Reduced operating expenditures by 20% to $1.87 million from $2.34
million for the year ended March 31, 2010.
-- Released the Vitality Care System(TM), a new wireless monitoring system
designed to appeal to the resident, the system features a new, discreet
'mini pendant' that takes advantage of new wireless standards to
facilitate longer battery life and reliability in a compact design.
"We are pleased to have achieved profitability in both the third and fourth
quarter of fiscal 2011. Similarly, the substantial reduction in losses seen year
over year reflects our ability to maintain revenue levels and margins, while
containing costs during the recession. I remain confident in the strong
fundamentals of the senior living industry and believe demand will grow as the
United States economy strengthens," stated Troy Griffiths, President and CEO of
Vigil Health Solutions Inc.
Financial Results
Bookings for the year ended March 31, 2011 were $3.57 million compared to $3.18
million in the year ended March 31, 2010. Management believes that, while new
construction activity is still at historically low levels, the 12% increase in
bookings may be a reflection of the first signs of recovery in the US new senior
housing market.
At March 31, 2011 Vigil had a backlog of approximately $1.43 million (including
$521 thousand in deposits and progress billings, recorded as deferred revenue on
the balance sheet) as compared to $2.78 million (including $1.28 million in
deposits and progress billings, recorded as deferred revenue on the balance
sheet) at March 31, 2010.
Vigil records revenue under the completed contract method of revenue
recognition. The timing of the installation of the technology is often dependent
on facility construction schedules, which can result in a considerable lag
between receipt of contracts and revenue recognition. The Company's backlog
includes all contracts signed including those in progress but not completed.
Revenue for the year ended March 31, 2011 was $4.38 million compared to $4.06
million in the year ended March 31, 2010, an increase of 8%. As mentioned above
there can be a considerable lag between receipt of contracts (bookings) and
revenue recognition. The increase in revenue is largely due to the completion,
and related recognition of revenue, on the largest sale in the Company's history
($770 thousand, booked in fiscal 2010). In fiscal year ended March 31, 2011 the
revenue from service and maintenance agreements and one-off sales grew by 49% to
$1.23 million compared to $820 thousand in the year ended March 31, 2010.
The gross margin percentage for the year ended March 31, 2011 was 42% compared
to 45% for the year ended March 31, 2010. Gross margins are in line with
management's expectations of annual margins of between 42% and 47%.
Operating expenditures for the year ended March 31, 2011 were $1.87 million down
20% from operating expenditures of $2.34 million for the same period ended March
31, 2010. Reflecting the tight economic environment the Company decreased
expenditures in all areas in fiscal 2011.
Losses for the year ended March 31, 2011 were $70 thousand, or $0.014 per share,
compared to $532 thousand, or $0.106 per share, for the previous year. The 87%
decrease in losses is primarily attributable to the 20% or $473 thousand
decrease in operating expenses.
A summary of our financial performance for the year ended March 31, 2011 follows
below. For further information relating to the financial results of the Company,
please refer to the Company's financial statements and MD&A filed on SEDAR at
www.sedar.com. Financial information will be mailed to entitled security holders
on June 30, 2011. Or, upon notice to the Company, entitled security holders may
request a copy of financials in advance.
Summary Financial Information
Three months ended Twelve months ended
March 31, March 31, March 31, March 31,
2011 2010 2011 2010
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Revenue 1,430,341 803,275 4,383,791 4,057,172
Cost of sales 833,357 476,092 2,521,104 2,250,204
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Gross Profit 596,984 327,183 1,862,687 1,806,968
Expenses 463,476 558,850 1,866,652 2,340,057
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Income (Loss) before the
following items 133,507 (231,667) (3,965) (533,089)
Other income (expense) 24,760 (4,115) (66,266) 1,458
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Income (Loss) for the period 108,747 (235,782) (70,231) (531,631)
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Non-GAAP Measure
For the year ended March 31, 2011, we are disclosing Adjusted EBITDA, a non-GAAP
financial measure, as a supplementary indicator of operating performance. We
define Adjusted EBITDA as net income before, interest, income taxes,
amortization, stock based compensation and currency gains or losses including
derivative foreign exchange differences. We are presenting the non-GAAP
financial measure in our filings because we use it internally to make strategic
decisions, forecast future results and to evaluate our performance and because
we believe that our current and potential investors and analysts use the measure
to assess current and future operating results and to make investment decisions.
It is a non-GAAP measure, may not be comparable to other companies and it is not
intended as a substitute for GAAP measures.
Adjusted EBITDA reconciliation
Three months ended Twelve months ended
March 31, March 31, March 31, March 31,
2011 2010 2011 2010
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Income/(loss) for the period $ 108,747 (235,782) (70,231) (531,631)
Add/(deduct)
Foreign exchange gain (loss) 10,872 (6,937) 28,420 29,122
Derivative exchange gain - - - (33,483)
Interest 7,157 1,870 37,847 2,903
Stock based compensation 445 9,409 (9,457) 55,815
Amortization 6,732 9,182 29,130 39,278
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25,205 13,524 85,940 93,635
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Adjusted EBITDA $ 133,952 (222,258) 15,709 (437,996)
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About Vigil Health Solutions Inc.
Vigil offers a proprietary technology platform combining software and hardware
to provide comprehensive solutions to the expanding aged care market. Vigil has
established a growing presence in North America and an international reputation
for being on the leading edge of systems design and integration. The Vigil
Integrated Care Management System(TM) (Vigil(R) System) includes the
award-winning Vigil Dementia System, a nurse call system, bed monitoring,
resident check in, and the latest wireless development the Vitality Care
System(TM). The first to supply dementia specific care technology, Vigil
facilitates the highest standard of care for cognitive residents while helping
dementia residents enjoy a higher quality of life and greater dignity.
Certain statements contained in this news release, that are not based on
historical facts, may constitute forward-looking statements or forward-looking
information within the meaning of applicable securities laws ("forward-looking
statements"). These forward-looking statements are not promises or guarantees of
future performance but are only predictions that relate to future events,
conditions or circumstances or our future results, performance, achievements or
developments and are subject to substantial known and unknown risks,
assumptions, uncertainties and other factors that could cause our actual
results, performance, achievements or developments in our business or in our
industry to differ materially from those expressed, anticipated or implied by
such forward-looking statements.
Forward-looking statements include all financial guidance, disclosure regarding
possible events, conditions, circumstances or results of operations that are
based on assumptions about future economic conditions, courses of action and
other future events. We caution you not to place undue reliance upon any such
forward-looking statements, which speak only as of the date they are made. These
forward-looking statements appear in a number of different places in this
presentation and can be identified by words such as "may", "estimates",
"projects", "expects", "intends", "believes", "plans", "anticipates", or their
negatives or other comparable words. Forward-looking statements include
statements regarding the outlook for our future operations, plans and timing for
the introduction or enhancement of our services and products, statements
concerning strategies or developments, statements about future market
conditions, supply conditions, end customer demand conditions, channel inventory
and sell through, revenue, gross margin, operating expenses, profits, forecasts
of future costs and expenditures, the outcome of legal proceedings, and other
expectations, intentions and plans that are not historical fact.
The risk factors and uncertainties that may affect our actual results,
performance, achievements or developments are many and include, amongst others,
our ability to develop our sales force and generate revenue, the length of the
sales cycle, management of the Company's growth, ability to recruit and retain
staff, fluctuations in demand for current and future products, our ability to
develop, manufacture, supply and market existing and new products that meet the
needs of customers, volatility in the exchange rate, ability to secure
financing, ability to secure product liability insurance, the continuous
commitment of our customers, increased competition, changes in regulation and
reliance on third party suppliers. These risk factors and others are discussed
in the Risks and Uncertainties section of our Management Discussion and
Analysis. Many of these factors and uncertainties are beyond the control of the
Company. Consequently, all forward-looking statements in this news release are
qualified by this cautionary statement and there can be no assurance that actual
results, performance, achievements or developments anticipated by the Company
will be realized.
Forward-looking statements are based on management's current plans, estimates,
projections, beliefs and opinions and, except as required by law, the Company
does not undertake any obligation to update forward-looking statements should
the assumptions related to these plans, estimates, projections, beliefs and
opinions change.
Vigil Health Solutions (TSXV:VGL)
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Vigil Health Solutions (TSXV:VGL)
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