Vigil Health Solutions Inc. (TSX VENTURE:VGL) ("Vigil") announces the results of
operations for the fiscal year and the fourth quarter, ending March 31, 2014.
Highlights
-- Earnings up 73% to $265 thousand for fiscal 2014 compared to $153
thousand in fiscal 2013.
-- Positive EBIDTA of $343 thousand compared to $207 thousand in fiscal
2013.
-- Revenue up 37% to $5.12 million compared to $3.74 million in the year
ended March 31, 2013.
-- Sales bookings were up 20% to $5.29 million compared to $4.41 million in
the year ended March 31, 2013.
"We are pleased to see continued sales and earnings growth in fiscal 2014. We
now have the privilege of providing technology for more than 25,000 senior
living beds in communities across North America. Our research and development
spending more than doubled in fiscal 2014 reflecting investment in our existing
technology and new product offerings. Going forward we are focused on providing
new, innovative technologies to senior living and the growing memory care
market," stated Troy Griffiths, President and CEO of Vigil Health Solutions Inc.
Financial Results
Sales bookings for the year ended March 31, 2014 were $5.29 million up 20% from
$4.41 million in the year ended March 31, 2013.
At March 31, 2014 Vigil had a backlog of approximately $2.99 million (including
$1.14 million in deposits and progress billings, recorded as deferred revenue on
the balance sheet) down 17% from $3.62 million (including $899 thousand in
deposits and progress billings, recorded as deferred revenue on the balance
sheet) at March 31, 2013. The lower backlog reflects higher revenues in the last
quarter of fiscal 2014 relating to the large number of projects completed.
Vigil records revenue following completion of the installation and commissioning
of the product at the customer site which is indicated by customer acceptance.
The timing of the installation of Vigil's products 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, 2014 was $5.12 million compared to $3.74
million in the year ended March 31, 2013, an increase of 37%. Project revenue
made up 65% 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 and
were up 19% over fiscal 2013.
The gross margin percentage for the year ended March 31, 2014 was 47% compared
to 49% for the year ended March 31, 2013. Gross margins are in line with
management expectations of between 42% and 47%.
Operating expenditures for the year ended March 31, 2013 were $2.19 million up
30% from $1.69 million for the same period ended March 31, 2013. The majority of
the increase can be attributed to an increase in payroll. In fiscal 2013 certain
employees had reduced hours, temporarily reducing operating costs, in fiscal
2014 staffing levels increased in line with sales.
Net income for the year ended March 31, 2014 was $265 thousand, or $0.016 per
share, compared to $153 thousand, or $0.012 per share per share, for the
previous year. The profitable year is due to the 37% increase in revenue.
A summary of our financial performance for the quarter and year ended March 31,
2014 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 27, 2014. Or, upon notice to the Company, entitled
security holders may request a copy of financials in advance.
Summary Financial
Information
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Three months end March 31, Twelve months end March 31,
2014 2013 2014 2013
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Revenue $ 1,614,408 $ 1,141,721 $ 5,121,277 $ 3,737,550
Cost of sales 842,818 581,412 2,699,512 1,893,247
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Gross profit 771,590 560,309 2,421,765 1,844,303
Expenses 585,710 511,364 2,194,789 1,691,821
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Income before the
following items 185,880 48,945 226,976 152,482
Other income (expense) 17,025 1,811 38,400 844
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Comprehensive income
for the period $ 202,905 $ 50,756 $ 265,376 $ 153,326
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Non-IFRS Measure
For the year ended March 31, 2014, 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 Twelve months ended
March 31, March 31, March 31, March 31,
2014 2013 2014 2013
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Income for the period $ 202,905 $ 50,756 $ 265,376 $ 153,326
Add / (deduct)
Foreign exchange gain
(loss) (17,507) (7,095) (39,726) (23,826)
Derivative exchange gain (1,110) 3,478 (629) 9,200
Interest (231) 1,805 132 13,782
Tax - - 1,823 -
Stock based compensation 17,846 12,478 99,705 39,290
Amortization 4,211 3,603 16,159 15,646
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3,209 14,269 77,464 54,092
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Adjusted EBITDA $ 206,114 $ 65,025 $ 342,840 $ 207,418
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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.
Vigil's objective is to offer solutions for the full continuum of care. Vigil's
product range includes the innovative wireless Vitality Care System(TM)
featuring discreet 'mini pendants', a nurse call system, mobile fall,
incontinence monitoring, resident check in and the award-winning Vigil Dementia
System.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
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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