Vigil Health Solutions Inc. ("Vigil") (TSX VENTURE: VGL) announces
the results of operations for the quarter ending June 30, 2011.
Business Highlights
-- Increased revenue 58% to $1.01 million from $641 thousand in the three-
months ended June 30, 2010.
-- Bookings for the quarter were $855 thousand down 10% compared to $955
thousand in the three-month period ended June 30, 2010.
-- Reduced losses by 69% to $56 thousand for the year ended March 31, 2011
compared to $180 thousand for the previous year
-- Released the Vitality Care System™. Designed to appeal to the
resident, the hybrid wireless/hardwired call system features a new,
discreet 'mini pendant'.
-- Closed a non-brokered private placement financing for gross proceeds of
$520,000. The net proceeds of the private placement are planned to be
used to fund further development of Vigil's products, for working
capital and for general corporate practices.
"We continued to see improvements in our revenue levels
reflecting the improved bookings seen in the last fiscal year. We
are now looking to see a consistent and sustained improvement in
the availability of financing for senior housing in the United
States to facilitate improved bookings going forward," stated Troy
Griffiths, President and CEO of Vigil Health Solutions Inc.
Financial Results
Unless otherwise indicated, all financial information presented
in this press release has been prepared in accordance with
International Financial Reporting Standards ("IFRS"). The
conversion to IFRS from Canadian generally accepted accounting
principles became effective on or after January 1, 2011. Please
refer to the Company's most recently issued financial statements
for further discussion.
Revenue for the three-months ended June 30, 2011 was $1.01
million compared to $641 thousand in the three-month period ended
June 30, 2010, an increase of 58%. The increase in revenue is due
to low revenues in the prior quarter reflecting the US economic
downturn. Project revenue made up 68% of total revenue; the
remaining revenue came from follow on sales to existing customers.
These sales include service and maintenance billings and
replacement products including wireless devices and communication
equipment.
Bookings for the quarter were $855 thousand down 10% compared to
$955 thousand in the three-month period ended June 30, 2010.
Management believes the decline is a timing and construction cycle
issue as the senior living market appears to be showing signs of
recovery. In the prior fiscal period bookings were feeling pressure
from the recession however there were still some projects that had
received financing prior to the credit crunch. In the quarter ended
June 30, 2011 the availability of financing had improved however
many of the projects have not yet moved to the construction phase
when they would normally be expected to purchase nurse call
technology.
At June 30, 2011 Vigil had a backlog of approximately $1.10
million (including $377 thousand in deposits and progress billings,
recorded as deferred revenue on the balance sheet) a 64% decrease
compared to approximately $3.10 million (including $1.64 million in
deposits and progress billings, recorded as deferred revenue on the
balance sheet) at June 30, 2010. During the period, Vigil's backlog
included 20 projects at varying stages of installation and progress
billing. The average project size was $55 thousand compared to $111
thousand in the three months ended June 30, 2010. In the prior
fiscal the Company had one very large project worth approximately
$750 thousand that caused a higher than usual average value.
The gross margin percentage for the three months ended June 30,
2010 was 46% compared to 45% for the three months ended June 30,
2010. The gross margin during the period was within management's
expectations of margins of between 42% and 47%.
Expenditures for the three months ended June 30, 2010 were $524
thousand, up 11% from operating expenditures of $473 thousand for
the period ended June 30, 2010. The increase is primarily due to
lower costs in the prior period reflecting the reduced work week in
effect and higher levels of reimbursement received from the
government for specific research and development projects.
Net loss for the three month period ended June 30, 2011 was $56
thousand, or $0.010 per share compared to a loss of $180 thousand,
or $0.036 per share for the previous year. The decrease in losses
is primarily attributable to the increase in revenue in the
period.
Detailed financial statements along with Management Discussion
and Analysis have been filed with SEDAR (www.sedar.com).
Financial information will be mailed to entitled security
holders on September 16, 2011. Or, upon notice to the Company,
entitled security holders may request a copy of financials in
advance.
Summary Financial Information
June 30, June 30,
2011 2010
---------------------------------------------------------------------------
(unaudited) (unaudited)
Revenue $ 1,013,174 $ 641,420
Cost of sales 542,140 355,705
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471,034 285,715
Expenses 524,044 472,943
Income before the following items (53,010) (187,228)
Other income (expense): (2,684) 6,983
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Income / (loss) for the period $ (55,694) $ (180,245)
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Non-IFRS Measure
For the three months ended June 30, 2011, we are disclosing
Adjusted EBITDA, a non-IFRS 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-IFRS 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-IFRS measure, may not be comparable to other
companies and it is not intended as a substitute for IFRS
measures.
Adjusted EBITDA Reconciliation
Three months ended
June 30, 2011 June 30, 2010
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Income / (loss) for the period $ (55,694) $ (180,245)
Add / (deduct)
Foreign exchange gain (loss) 5,269 15,382
Derivative exchange gain - (7,883)
Interest (7,953) (516)
Stock based compensation (2,506) (10,420)
Amortization (6,350) (7,825)
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(11,540) (11,262)
---------------------------------------------------------------------------
Adjusted EBITDA $ (44,154) $ (168,983)
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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 seniors' housing 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™ (Vigil® System) includes the
award-winning Vigil Dementia System, a nurse call system, bed
monitoring, resident check in, and the latest development the Vigil
Wireless call system. 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"
segment of our fiscal 2011 Annual Report. 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Vigil Health Solutions Inc. Troy Griffiths President
and CEO (250) 383-6900 (250) 383-6999 (FAX) information@vigil.com
www.vigil.com
Vigil Health Solutions (TSXV:VGL)
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Vigil Health Solutions (TSXV:VGL)
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