RNS Number:9232D
Gatekeeper Systems, Inc
17 September 2007
For immediate release: 17 September 2007
Gatekeeper Systems, Inc.
Interim Results for the six months ended 30 June 2007
Gatekeeper Systems, Inc. ("Gatekeeper" or "the Company"), the leading
intelligent cart solutions company, is pleased to announce results for the six
months ended 30 June 2007.
Highlights:
* Successfully released SmartWheelTM Technology Platform
* Acquired CartLockTM range of products
* Gross margins increased to 51% (June 2006: 48%)
* Operating cash flows increased to $2.6m (June 2006: $1.2m)
Commenting on the results, CEO, Michael Lawler said: "The Company made
significant progress during the period. We successfully released SmartWheelTM,
our enabling technology platform. This is a significant development as it will
allow us to offer expanded cart solution applications for our customers and
create new revenue sources. We also continued with our strategy of
complementary product acquisitions with the addition of the CartLockTM coin lock
range of products. Our European team has already been successful with
procuring orders and commitments for CartLockTM."
For further information please contact:
Gatekeeper Systems, Inc.
Michael Lawler, CEO +1 949.268.1315
Aaron Neilsen, CFO +1 949.268.1323
Landsbanki Securities (UK) Limited
Nominated Advisor and Broker
Jeff Keating / Simon Brown (Corporate Finance) +44 (0)20 7426 9000
Chairman's statement
The first six month of 2007 included significant achievements in several areas
of the business.
Financial Results
In the six months ended 30 June 2007, revenue was $11.4m (June 2006: $12.7m).
Historically, with the exception of 2006, our annual revenue generation has been
weighted heavily towards the second half of the year. We believe our 2007
revenue generation will be in line with this historical trend. For the current
period, gross margins increased to 51% (2006: 48%). Net income was $34,000
(2006: $0.6m).
General and administrative expenses increased as a percentage of revenue to 42%
(2006: 33%). The increase is primarily attributed to increased staffing and
travel costs associated with Europe as well as the increased staffing in Canada
as a result of the acceleration of our rights acquisition as noted below.
Selling expense remained constant as a percentage of revenue year-on-year at
10%.
Our cash position was $5.9m at 30 June 2007 as compared to $7.9 million at 31
December 2006. Cash provided from operations was $2.6m (2006: $1.2m). During
the period, we invested US$2.75million to complete the purchase of our Canadian
rights, which replaced, in part, the contingent portion of the previous
agreement entered into in August 2005 which required additional payments in 2006
and 2007. We also utilized Euro1 million to acquire certain assets from
Hipersistem, S.L., as discussed below.
Operations
We successfully completed the relocation of our European headquarters to a new
location in the Paris area. Growth in our European client base as well as
product line expansion necessitated the move. The new, larger facility is well
suited for the Group's needs and anticipated growth in the coming years.
Product Development
The release of the SmartWheelTM Technology Platform significantly enhances our
existing retail solutions for shopping cart containment and shoplifting
prevention, while enabling exciting new applications. The enhanced
communication protocol and wireless capabilities of the SmartWheelTM Technology
Platform are what differentiate our solutions from all others. We are now
able to offer customers our more robust CartControl Plus+TM solution, in
addition to our CartControlTM System. CartControlTM and CartControl Plus+TM are
further enhanced by SmartWheel's wireless lock and unlock capabilities, allowing
more options for system configuration and installation. Similarly, Gatekeeper's
PurchekTM Pushout Solution now utilizes the SmartWheelTM for wireless
notification and also allows for certain wireless configuration options.
The SmartWheelTM Technology Platform was designed to enable future applications,
including cart counting and fleet management, merchandising analysis, store
layout planning, and checkout que management. These applications will allow
retailers to stay up-to-date through this robust, dynamic store intelligence
tool.
Acquisition
On 19 April 2007, we acquired certain assets from Hipersistem, S.L. for a total
of Euro1 million in cash consideration. In addition, the Company entered into a
distribution arrangement with the seller, which has a term of three years. The
assets acquired related to Hipersistem's trolley coin lock and trolley handle
business. Through this acquisition, the Company will further its already
extensive line of shopping cart related solutions.
Outlook
We remain optimistic about the Company and its future prospects. The Company
continues to grow both organically and through strategic acquisitions, and is
competitively positioned to execute on its long term plan.
RJ Brandes
Chairman
17 September 2007
Consolidated balance sheets
At 30 June 2007
30 June 30 June 31 December
2007 2006 2006
$'000 $'000 $'000
---------- -------- --------
Fixed and other assets
Goodwill 5,690 2,530 5,508
Other intangible assets 1,779 766 647
Tangible fixed assets 2,157 1,590 1,893
---------- -------- --------
9,626 4,886 8,048
---------- -------- --------
Current assets
Inventory 3,609 3,551 2,964
Accounts receivable 4,416 4,561 8,421
Cash at bank 5,888 8,262 7,866
Prepaid expenses and other current assets 435 524 274
Notes receivable 100 100
Deferred income taxes 295 235 308
---------- -------- --------
14,743 17,133 19,933
---------- -------- --------
Creditors: Amounts falling due within one year
Accounts payable 2,062 1,733 2,618
Amounts due under acquisition obligations 2,750
Amounts due to affiliates 138
Long-term debt, current portion 33 7 33
Capital lease obligations, current portion 80 44 47
Accrued expenses 1,771 2,207 2,255
--------- -------- --------
3,946 3,991 7,841
--------- -------- --------
Net current assets 10,797 13,142 12,092
--------- ------- --------
Total assets less current liabilities 20,423 18,028 20,140
--------- -------- --------
Creditors: Amounts falling due after more than one year
Long-term debt, net of current portion 164 73 109
Capital lease obligations, net of current portion 339 251 182
--------- -------- --------
503 324 291
--------- -------- -------
Provisions for liabilities
Deferred income taxes 176 176
--------- -------- -------
Net assets 19,744 17,704 19,673
========= ======== =======
Capital and reserves
Common stock (200,000,000 shares authorised; 44,443,333
issued and outstanding at $0.001 par value)
44 44 44
Additional paid-in capital 21,887 21,278 21,691
Deferred compensation (387) (6) (235)
Accumulated deficit (1,723) (3,557) (1,757)
Accumulated other comprehensive loss (77) (55) (70)
--------- ------- -------
Total shareholders' funds: All equity 19,744 17,704 19,673
========= ======= =======
Consolidated profit and loss account
For the six months ended 30 June 2007
Six months to Six months to Year ended
30 June 30 June 31 December
2007 2006 2006
$'000 $'000 $'000
-------------- ------------- -----------
Revenue 11,490 12,718 29,626
Cost of revenue 5,573 6,583 15,129
-------------- ------------- -----------
Gross profit 5,917 6,135 14,497
-------------- ------------- -----------
Operating expenses
General and administrative expenses 4,859 4,155 8,889
Selling expense 1,188 1,258 2,644
-------------- ------------- -----------
6,047 5,413 11,533
-------------- ------------- -----------
Operating (loss) income (130) 722 2,964
-------------- ------------- -----------
Other income (expense)
Interest income, net 55 144 245
Other expense, net (23)
Gain on foreign currency exchange, net 122 28 117
-------------- ------------ -----------
177 172 339
-------------- ------------- -----------
Income before ordinary activities before taxation 47 894 3,303
Tax on income from ordinary activities 13 268 877
-------------- ------------- -----------
Income from ordinary activities
after taxation 34 626 2,426
============== ============= ===========
Net income per share
Basic 0.00 0.01 0.05
============== ============= ===========
Diluted 0.00 0.01 0.05
============== ============= ===========
Weighted average shares outstanding
Basic 44,445 44,358 44,403
============== ============= ===========
Diluted 45,026 45,033 44,892
============== ============= ===========
Consolidated statement of cash flows
For the six months ended 30 June 2007
Six months to Six months to Year ended
30 June 30 June 31 December
2007 2006 2006
$'000 $'000 $'000
-------------- ------------- -----------
Cash flows from operating activities
Net income 34 626 2,426
Adjustments to reconcile net income to net cash
from operating activities:
Depreciation and amortization 343 248 566
Loss on disposal of asset 22 22
Stock-based expense 69 9 103
Deferred income taxes (13) (60) (25)
Changes in operating assets and liabilities:
Accounts receivable 4,005 933 (2,764)
Inventory (645) (179) 320
Prepaid expenses and other current assets (297) (286) (112)
Other assets 179 12
Accounts payable (556) (312) 334
Accrued expenses (433) (49) 412
Accrued warranty expenses 16 23 50
Deferred turnover 39 47 5
-------------- ------------- -----------
Net cash provided by operating activities 2,562 1,201 1,349
-------------- ------------- -----------
Cash flows from investing activities
Notes receivable (100)
Purchase of tangible fixed assets (499) (1,128) (1,227)
Acquisition of specified assets (4,273)
-------------- ------------- -----------
Net cash used in investing activities (4,772) (1,128) (1,327)
-------------- ------------- -----------
Cash flows from financing activities
Proceeds (repayments) on long-term debt financing 245 298 (72)
-------------- ------------- -----------
Net cash provided by (used in) financing 245 298 (72)
activities
-------------- ------------- -----------
Effect of exchange rate fluctuation on cash (13) (38) (13)
-------------- ------------- -----------
Net change in cash and cash equivalents (1,978) 333 (63)
Cash and cash equivalents at beginning of period 7,866 7,929 7,929
-------------- ------------- -----------
Cash and cash equivalents at end of period 5,888 8,262 7,866
============== ============= ===========
Notes to the financial statements
For the six months ended 30 June 2007
The interim financial statements which include the balance sheets, statements of
profit and losses, and cash flows have been approved by the Directors and have
been prepared on the basis of the accounting policies set out in the Company's
2006 financial statements and have been neither audited nor reviewed by the
Company's auditors. The principal accounting policies of the Company have also
remained unchanged.
The figures for the six months ended 30 June 2007 and the comparative figures
for the periods ending 31 December 2006 and 30 June 2006 do not comprise full
financial statements. The comparative figures have been abridged from the full
Company accounts on which the auditors gave an unqualified report.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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