RNS Number : 3922B
Gatekeeper Systems, Inc
15 August 2008
For immediate release 15 August 2008
Gatekeeper Systems, Inc. announces results for six months ended 30 June 2008
Gatekeeper Systems, Inc. ("Gatekeeper" or the *Group"), the leading global provider of intelligent shopping cart solutions, today announces
mid year results for the six months ended 30 June 2008.
Financial results
In the six months ended 30 June 2008, turnover increased to $13.5 million (June 2007: $11.5 million). Growth in turnover was driven
primarily by expanded Cart ControlTM programs in North America and increased acceptance of our purchekTM, CartManagerTM and CartLockTM
product offerings. For the current period, gross margins were 44% (2007: 49%). Decline in margins is attributable to product mix associated
with increased CartManagerTM and CartLockTM sales which carry a lower profit margin. Loss before tax was $0.5 million compared to a pretax
gain of $47,000 in 2007.
Selling expenses in the current period increased to $2.0 million or 15% of turnover (2007: $1.3 million or 12%, respectively). The increase
can be attributed to expanded sales force costs in North America and Europe and increased participation in global and regional retail
marketing exhibitions. General and administrative expenses declined as a percentage of turnover to 35% (2007: 39%).
Pretax contribution from our equity interest in RTP Controls, Inc. for the first six months of 2008 was $0.1 million.
Investments
On 11 January 2008, we acquired a minority interest in RTP Controls, Inc. (*RTP*) of Woodstock, Georgia. RTP provides demand response,
real-time price control and aggregated power monitoring solutions targeted at commercial businesses across North America. RTP*s solutions
include store-level hardware and a web-based software platform which allows customers to aggregate and control electrical load throughout
multiple customer sites. Through this aggregation and control of electrical load, customers can receive incentive payments from power
companies to reduce power usage during times of extreme power demands.
Management changes
Further to Richard Brandes* appointment to the board of RTP, Michael Lawler has been appointed Chairman of Gatekeeper Systems, Inc. and Erik
Paulson has been promoted to President and CEO. Richard Brandes will remain on the Board of Gatekeeper as Chairman Emeritus.
Tender offer and share repurchase
On 15 August 2008, the company tendered an offer to purchase up to 2,500,000 shares of the Group*s common stock at a per share price of 20
pence. Since 1 January 2008, the Group has repurchased 5,645,640 shares of Gatekeeper System, Inc. on the open market of which 1,047,140
shares have been retired with the remaining balance held as treasury shares, for a combined cost of approximately $1.4 million.
Outlook
Consistent with prior years, we expect 2008 to be heavily weighted towards the second half of the year. The forecasted profits to be
generated by the Group have the potential to be highly impacted by timing of when customer orders are received, by receipt of system
installation approvals by property management for leased customer locations and by weather which may impede system installations in the
final quarter of the year. Additionally, our 2008 full year results will incorporate the contribution received from our investment in RTP
Controls, Inc.
We remain optimistic about the Group and its future prospects. Profits before tax for 2008 are anticipated to range between $3.6 million and
$4.0 million with corresponding EPS results ranging between $0.06 and $0.07.
For further information please contact:
Gatekeeper Systems, Inc.
Erik Paulson, CEO +1 949.268.1319
Aaron Neilsen, CFO +1 949.268.1323
Jeff Keating, Landsbanki +44 (0)20.7426.9000
Nomad & Broker
Consolidated balance sheets
At 30 June 2008
30 June
30 June 31 December
2008
2007 2007
$*000
$*000 $*000
Fixed and other assets
Goodwill 6,471
5,690 6,461
Investment in unconsolidated subsidiary 3,181
Other intangible assets 994 1,779
1,128
Tangible fixed assets 2,247 2,157
2,163
12,893
9,626 9,752
Current assets
Stocks 5,111
3,609 3,713
Debtors 6,461
4,416 6,704
Cash at bank 1,146
5,888 5,517
Prepaid expenses and other current assets 574 435
701
Notes receivable 221
100 100
Deferred income taxes 441 295
290
13,954
14,743 17,025
Creditors: Amounts falling due within one year
Trade creditors 3,819 2,062
3,578
Long-term debt, current portion 85 33
57
Capital lease obligations, current portion 166 80
166
Accrued expenses 1,680 1,771
1,366
5,750
3,946 5,167
Net current assets 8,204 10,797
11,858
Total assets less current liabilities 21,097 20,423
21,610
Creditors: Amounts falling due after more than one year
Long-term debt, net of current portion 2,155 164
163
Capital lease obligations, net of current portion 257 339
345
2,412
503 508
Provisions for liabilities
Deferred income taxes 179 176
179
Net assets 18,506
19,744 20,923
Capital and reserves
Common stock (200,000,000 shares authorised;
43,396,193 issued and outstanding
at $0.001 par value) 43
44 44
Treasury stock (1,160)
Additional paid-in capital 21,668 21,878
21,875
Deferred compensation (299) (388)
(367)
Accumulated deficit (1,124) (1,723)
(545)
Accumulated other comprehensive loss (622) (67)
(84)
Total shareholders* funds: All equity 18,506 19,744
20,923
Consolidated profit and loss account
For the six months ended 30 June 2008
Six months to Six months to
Year ended
30 June
30 June 31 December
2008
2007 2007
Note $*000
$*000 $*000
Turnover 13,518
11,490 28,388
Cost of Turnover 7,514 5,817
14,268
Gross profit 6,004
5,673 14,120
Operating expenses
General and administrative expenses 4,783 4,464
10,014
Selling expense 1,988
1,339 2,785
6,771
5,803 12,799
Operating (loss) income (767) (130)
1,321
Other income (expense)
Interest income (expense), net (87) 55
47
Other expense, net
Gain on foreign currency exchange, net 185 122
91
98
177 138
Equity interest in RTP Controls, Inc. 131
Income before ordinary activities
before taxation (538)
47 1,459
Tax on income from ordinary activities 13
247
Income from ordinary activities
after taxation (538)
34 1,212
Net income (loss) per share
Basic (0.01)
0.00 0.03
Diluted (0.01)
0.00 0.03
Weighted average shares outstanding
Basic 43,534
44,445 44,444
Diluted 43,534
45,084 44,486
Consolidated statement of cash flows
For the six months ended 30 June 2008
Six months to Six months to
Year ended
30 June
30 June 31 December
2008
2007 2007
Notes $*000
$*000 $*000
Cash flows from operating activities
Net income (538)
34 1,212
Adjustments to reconcile net income to
net cash from operating activities:
Depreciation and amortisation 489
343 812
Loss on disposal of asset
19
Stock-based expense 68
68 77
Deferred income taxes
(13) 21
Changes in operating assets and liabilities:
Debtors 391
4,005 1,570
Stock (1,403)
(645) (749)
Prepaid expenses and other current assets 14 (297)
(285)
Other assets (155)
(415)
Trade creditors 226
(556) 1,275
Accrued expenses 355
(377) (635)
Net cash provided by (used in)
operating activities (553)
2,562 2,902
Cash flows from investing activities
Notes receivable (121)
Purchase of tangible fixed assets (465)
(499) (580)
Acquisition of specified assets (3,181)
(4,273) (1,694)
Net cash used in investing activities (3,767)
(4,772) (2,274)
Cash flows from financing activities
Proceeds (repayments) on long-term debt financing 1,987 277
(43)
Proceeds (repayments) on capital lease obligation (89) (32)
(70)
Proceeds (repayments) on acquisition obligations
(2,750)
Proceeds (repayments) on stock repurchase (1,368)
Proceeds (repayments) of amounts due to affiliates
(138)
Net cash provided by (used in)
financing activities 530
245 (3,001)
Effect of exchange rate fluctuation on cash (581) (13)
24
Net change in cash and cash equivalents (4,371) (1,978)
(2,349)
Cash and cash equivalents at beginning of period 5,517 7,866
7,866
Cash and cash equivalents at end of period 1,146 5,888
5,517
Notes to the Financial Statements
For the six months ended 30 June 2008
1. The interim financial statements, which have been approved by the Directors, have been prepared on the basis of the accounting
policies set out in the Group*s 2007 financial statements and have been neither audited nor reviewed by the Company*s auditors.
The balance sheets, statements of profit and loss, and statement of cash flows have been prepared on a basis consistent with the accounts
for the year ended 31 December 2007. The principal accounting policies of the Company have remained unchanged from those set out in the
Company*s 2007 annual report and financial statements.
The figures for the six months ended 30 June 2008 and the comparative figures for the periods ending 31 December 2007 and 30 June 2007 do
not comprise full financial statements. The comparative figures have been abridged from the full Company accounts.
2. On 11 January 2008, the Group acquired a minority interest in RTP Controls, Inc. (RTP) of Woodstock, Georgia. Under the terms of
the transaction, Gatekeeper acquired 30% of the outstanding shares of RTP for $2.5 million in cash, with an option to acquire an additional
30%. The price to be paid for the additional interest will be based upon a multiple of future gross profit and the option has a vesting
period of five years. In addition, the Group paid a finder*s fee of $500,000 to Belgravia, a related entity. The original investment was
booked at cost and the changes in value are being accounted for under the equity method.
3. In the first six months of 2008, the Group has repurchased several shares of Gatekeeper Systems, Inc. on the open market. Subsequent
to year-end and through 30 June 2008, the Group has repurchased 5,645,640 shares, of which 1,047,140 shares have been retired with the
remaining balance held as treasury shares, for a combined cost of $1.4 million. Subsequent to all repurchase of shares, there were
38,797,693 shares outstanding.
4. On 31 July 2008, the Group announced that it had granted 600,000 common shares to an employee under an incentive arrangement. The
new common shares granted under this arrangement will rank equally with the existing common shares of the Company. 400,000 of the new common
shares are subject to a lock-in agreement. Following the issue of the new common shares the total number of common shares outstanding is
43,996,193 of which there was 4,598,500 common shares held in treasury.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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