Vigil Health Solutions Inc. ("Vigil") (TSX VENTURE:VGL) announces the results of
operations for the quarter ending September 30, 2011.
Business Highlights
-- Bookings for the quarter were $1.08 million up 9% compared to $988
thousand in the three-month period ended September 30, 2010.
-- Revenue was $669 thousand, down 43% from $1.18 million in the three-
months ended September 30, 2010.
-- Gross margin percentage for the quarter ended September 30, 2011 was 46%
compared to 39% for the quarter ended September 30, 2010.
-- Revenue from service and maintenance agreements and one-off sales during
the quarter ended September 30, 2011 grew by 7% to $354 thousand from
the same quarter ended September 30, 2010.
"While we are disappointed with the lower revenue for the quarter resulting from
lower bookings in past quarters, we are encouraged with our sales bookings
growth this quarter and the continued signs of improvement in the senior's
housing industry." 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 September 30, 2011 was $669 thousand compared
to $1.18 million in the three-month period ended September 30, 2010, a decrease
of 43%. The decrease in revenue is due to low bookings in earlier quarters
reflecting the US economic downturn. Project revenue made up 47% 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 $1.08 million up 9% compared to $988 thousand in
the three-month period ended September 30, 2010. Management believes this is an
indication of the recovery in the Senior Living industry. In the quarter ended
September 30, 2011 the availability of financing has improved however many of
the projects have not yet moved to the construction phase when they would
normally be expected to purchase nurse call and resident monitoring systems.
At September 30, 2011 Vigil had a backlog of approximately $2.27 million
(including $553 thousand in deposits and progress billings, recorded as deferred
revenue on the balance sheet) a 18% decrease compared to approximately $2.79
million (including $1.38 million in deposits and progress billings, recorded as
deferred revenue on the balance sheet) at September 30, 2010. During the period,
Vigil's backlog included 33 projects at varying stages of installation and
progress billing. The average project size was $67 thousand compared to $78
thousand in the three months ended September 30, 2010.
The gross margin percentage for the three months ended September 30, 2011 was
46% compared to 39% for the three months ended September 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 September 30, 2010 were $547 thousand,
up 22% from operating expenditures of $456 thousand for the period ended June
30, 2011. 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 September 30, 2011 was $251 thousand,
or $0.019 per share compared to a loss of $23 thousand, or $0.005 per share for
the previous year. The increase in losses is attributable to the 43% decrease in
revenues and 20% increase in operating expenses in the period. The decrease in
revenues reflects the lower number of projects completed during the period.
Management believes this is the result of lower bookings in prior quarters,
which was due to the low construction activity and lack of financing available
to senior housing.
Detailed financial statements along with Management Discussion and Analysis have
been filed with SEDAR and may be viewed at (www.sedar.com).
Financial information will be mailed to entitled security holders on November
21, 2011. Or, upon notice to the Company, entitled security holders may request
a copy of financials in advance.
Summary Financial Information
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September 30, September 30,
2011 2010
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(unaudited) (unaudited)
Revenue $ 669,149 $ 1,178,800
Cost of sales 360,146 720,571
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309,003 458,229
Expenses 547,037 455,694
Income (loss) before the following items (238,034) 2,535
Other income (expense): (13,123) (25,665)
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Loss for the period $ (251,157) $ (23,130)
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Non-IFRS Measure
For the three months ended September 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
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Three months ended
September 30, September
2011 30, 2010
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Income / (loss) for the period $ (251,157) $ (23,130)
Add / (deduct)
Foreign exchange gain (loss) 18,100 (11,381)
Derivative exchange gain (29,050) -
Interest (2,173) (14,284)
Stock based compensation (1,994) (171)
Amortization (6,164) (7,310)
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(21,281) (33,146)
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Adjusted EBITDA $ (229,876) $ (10,016)
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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(TM) (Vigil(R) 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 2009 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.
Vigil Health Solutions (TSXV:VGL)
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Vigil Health Solutions (TSXV:VGL)
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