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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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 IR SFWFALSWSESU
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