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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Gatekeeper | LSE:GKR | London | Ordinary Share | COM SHS USD0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 11.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:9298T Gatekeeper Systems, Inc 08 May 2008 For immediate release May 8, 2008 Gatekeeper Systems, Inc. Preliminary results for the year ended 31 December 2007 Gatekeeper Systems, Inc. ("Gatekeeper" or the "Group"), the leading global provider of intelligent shopping cart solutions, today announces full year results for the year ended 31 December 2007 Key Financials: 2007 (U$) 2006 (U$) Turnover 28.4m 29.6m Gross profit percentage 50% 49% Profit before tax 1.4m 3.3m Net profit 1.0m 2.4m EBITDA 2.1m 3.5m Cash generated from operations 2.9m 1.3m Financial results Group turnover declined to $28.4 million from $29.6 million in 2006. Gross profit percentage increased to 50% (2006: 49%). Profit before tax was $1.4 million (2006: $3.3 million). Profit before tax net of intangible amortization and depreciation was $2.1 million (2006: $3.5 million). Net profit after tax was $1.0 million (2006: $2.4 million). Product turnover totaled $21.8 million slightly down from $21.9 million in 2006. Installation turnover was $5.5 million (2006: $7.2 million). Service turnover increased to $1.0 million (2006: $0.6 million). North America turnover in 2007 was $19.0 million compared to $21.5 million in 2006. European turnover increased to $9.3 million up from $8.1 million in 2006. Asia sales were $0.2M (2006: $0). The decline in North America turnover was largely due to the completion of a one-time, 700-store rollout for a U.S. customer in 2006 (which was not replicated in 2007). Additionally, a significant portion of our US order pipeline in the final months of the year was not converted into sales. We expect most of this business to convert in the first half of 2008. The Group was also impacted by the transition of our Canadian distribution from an outside sales agent to an internal sales force. While we grew the European business by 15%, we did not receive anticipated orders in the final month of the year. In addition, Asia and Latin America sales did not meet expectations. General and administrative expenses increased as a percentage of revenue to 36% (2006: 30%). The Group organized the business to support a higher level of turnover which did not materialize. The overall increase in expenditures was primarily attributed to staffing and travel costs associated with the expansion of our European sales and field service operations as well as increased staffing in Canada as a result of the acceleration of our rights acquisition. Selling expense increased slightly as a percentage of revenue to 9.8% (8.9% in 2006), largely attributable to the addition of sales staff in Europe. Acquisitions During the period, we invested US$2.75m 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. 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 business. Through this acquisition, the Company will further its already extensive line of shopping cart related solutions. Following these acquisitions our cash position was $5.5m at 31 December 2007 as compared to $7.9m at 31 December 2006. Post balance sheet event 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. Under the terms of the transaction, Gatekeeper acquired 30% of the outstanding shares of RTP for $2.5 million. In addition, Gatekeeper has an option to acquire an additional 30% of the shares, for a price to be determined, based upon a multiple of future gross profit. The option has a term of five years. Upon completion of the investment, Richard Brandes has assumed the role of Chairman of RTP Controls, Inc. Mr. Brandes and Michael Lawler will have key roles in developing the company's overall strategy, as it enters this critical stage of growth. The Board believes there is potential to roll out the RTP solutions to Gatekeeper's existing retail client base. 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. Outlook With the addition of projected net profitability from our recent acquisitions and anticipated growth of our existing product offerings, our profit before tax for 2008 is expected to be at least U$4.0 million with an EPS of $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 GATEKEEPER SYSTEMS, INC. AND SUBSIDIARIES PROFIT AND LOSS ACCOUNT For the Year Ended 31 December 2007 2006 Notes $'000 $'000 TURNOVER 2 28,388 29,626 COST OF SALES 14,268 15,129 GROSS PROFIT 14,120 14,497 OPERATING EXPENSES General and administrative expenses 10,014 8,889 Selling expenses 2,785 2,644 12,799 11,533 OPERATING INCOME 1,321 2,964 OTHER INCOME (EXPENSE) Interest income (expense), net 47 245 Other expense, net (23) Gain on foreign currency exchange, net 91 117 138 339 INCOME FROM ORDINARY ACTIVITIES BEFORE TAXATION 1,459 3,303 TAX ON INCOME FROM ORDINARY ACTIVITIES 247 877 INCOME FROM ORDINARY ACTIVITIES AFTER TAXATION 1,212 2,426 $ $ NET INCOME PER SHARE Basic 3 0.03 0.05 Diluted 3 0.03 0.05 '000 '000 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 3 44,444 44,403 Diluted 3 44,486 44,892 GATEKEEPER SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS 31 December 2007 2006 Notes $'000 $'000 Fixed and other assets Goodwill 4 6,461 5,527 Other intangible assets 1,128 628 Tangible fixed assets 2,163 1,893 9,752 8,048 Current assets Stocks 3,713 2,964 Debtors 6,704 8,421 Cash at bank 5,517 7,866 Prepaid expenses and other current assets 801 374 Deferred income taxes 290 308 17,025 19,933 Creditors: Amounts falling due within one year Trade creditors 3,578 2,618 Amounts due under acquisition obligations 2,750 Amounts due to affiliates 138 Long-term debt, current portion 57 33 Capital lease obligations, current portion 166 47 Accrued expenses 1,366 2,255 5,167 7,841 Net current assets 11,858 12,092 Total assets less current liabilities 21,610 20,140 Creditors: Amounts falling due after more than one year Long-term debt, net of current portion 163 109 Capital lease obligations, net of current portion 345 182 508 291 Provisions for liabilities Deferred income taxes 179 176 Net assets 20,923 19,673 Capital and reserves Capital shares (200,000,000 shares authorised; 44,443,333 issued and outstanding at $0.001 par value) 44 44 Additional paid-in capital 21,875 21,691 Deferred compensation (367) (235) Accumulated deficit (545) (1,757) Accumulated other comprehensive loss (84) (70) Total shareholders' funds: All equity 20,923 19,673 GATEKEEPER SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended December 31 2007 2006 Notes $'000 $'000 Cash flows from operating activities Net income 1,212 2,426 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortisation 812 566 Loss on disposal of assets 19 22 Share-based expense 77 103 Deferred income taxes 21 (25) Changes in operating assets and liabilities: Debtors 1,570 (2,764) Stocks (749) 320 Prepaid expenses and other current assets (285) (112) Other assets (415) 12 Trade creditors 1,275 334 Accrued expenses (635) 467 Net cash provided by (used in) operating activities 2,902 1,349 Cash flows from investing activities Notes receivable (100) Purchase of tangible fixed assets (580) (1,227) Acquisition of specified assets 5 (1,694) Net cash used in investing activities (2,274) (1,327) Cash flows from financing activities Repayments on long term debt financing (43) (72) Repayment on capital lease obligations (70) Repayments on amounts due under acquisition obligations (2,750) Repayments of amounts due to affiliates (138) Net cash used in financing activities (3,001) (72) Effect of exchange rate fluctuations on cash 24 (13) Net change in cash and cash equivalents (2,349) (63) Cash and cash equivalents at beginning of year 7,866 7,929 Cash and cash equivalents at end of year 5,517 7,866 Footnotes: Footnotes: 1. Basis of presentation These statements do not constitute accounts as defined by section 240 of the Companies Act 1985. The preliminary announcement contains extracts from the full financial statements. The consolidated financial statements include the accounts of Gatekeeper Systems Inc. and its subsidiaries (collectively, the Group). In 2006, the company acquired the remaining minority interest in Gatekeeper Systems, Ltd. SAS. All intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform with the current year's presentation. 2. Geographic information The Company's revenues were generated in various geographic areas throughout the world as follows: For the year ended 31 December 2007 2006 '$000 '$000 North America $ 18,995 $ 21,526 Europe 9,235 8,100 Asia 158 $ 28,388 $ 29,626 3. Earnings per common share Basic earnings per share is computed by dividing the income available to common shareholders by the average number of common shares outstanding. Diluted earnings per share includes the dilutive effect, if any, from the potential exercise of stock options using the treasury stock method. The weighted average shares outstanding used in the calculations of earnings per share were as follows: For the year ended 31 December 2007 2006 '$000 '$000 Shares outstanding, beginning 44,468 44,358 Weighted average shares issued (24) 45 Weighted average shares outstanding - basic 44,444 44,403 Effect of dilutive securities (stock options) 42 489 Weighted average shares outstanding - diluted 44,486 44,892 4. Goodwill and other intangible assets The Company accounts for intangible assets under Statement of Financial Accounting Standards (SFAS) No. 142, Goodwill and Other Intangible Assets. As such, goodwill and other intangible assets deemed to have indefinite lives are no longer amortized but are instead subject to annual impairment tests. SFAS 142 requires the company to compare the fair value of the reporting unit, determined based on discounted cash flows, to its carrying amount on an annual basis to determine if there is potential impairment. An impairment loss, if any, is recorded to the extent that that fair value of the goodwill within the reporting unit is less than its carrying value. In management's opinion, there has been no impairment to the value of goodwill during the year ended 31 December 2007. At 31 December 2007, the company had identifiable intangible assets with finite lives consisting of organization costs, trademarks and intellectual properties. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 2 to 7 years. 5. Acquisitions On February 2007, we finalized our agreement to accelerate the Canadian distribution rights. The company invested US$2.75m 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 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 business. Through this acquisition, the Company will further its already extensive line of shopping cart related solutions. 6. Post balance sheet event On 11 January 2008, we 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, payable in cash upon completion. In addition, Gatekeeper has an option to acquire an additional 30% of the shares, for a price to be determined, based upon a multiple of future gross profit. The option has a term of five years. 7. Annual report The annual report of the Company for the year ended 31 December 2007 will be sent to shareholders during June 2008 and will be available, free of charge, from the offices of Landsbanki located at Beaufort House 15 St. Botolph Street, London, United Kingdom, EC3A 7QR This information is provided by RNS The company news service from the London Stock Exchange END FR UBUBRWKRVRAR
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