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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Route 1 Inc | TSXV:ROI | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 8.33% | 0.065 | 0.06 | 0.065 | 0.065 | 0.065 | 0.065 | 2,000 | 14:30:00 |
TORONTO, ONTARIO--(Marketwired - May 29, 2014) - Route1 Inc. (TSX-VENTURE:ROI), a leading provider of secure access technologies for the mobile workspace that protects businesses and government agencies and whose customers include the U.S. Department of Defense, the Department of Homeland Security, the Department of Energy and the Government of Canada, today announced its financial results for the first quarter ended March 31, 2014.
For Q1 2014, total revenue increased to $1.8 million from $1.1 million in 2013. Gross profit also increased during the first quarter of 2014 to $1.4 million or 80% of revenue compared to gross profit of $0.9 million or 82% of revenue in Q1 2013.
Total Revenue in 000s of CAD dollars | Mar 31 2014 | Mar 31 2013 |
Devices | 461 | 30 |
Services | 1,281 | 1,027 |
Other | 14 | 0 |
Total Revenue | 1,756 | 1,057 |
The increase in revenue and gross profit year over year is attributable to the previously announced sale of 7,000 MobiKEY Fusion devices to a component of the U.S. Department of Homeland Security, 4,000 of which were delivered in the quarter and the purchase of the MobiKEY application software service by a second component of the United States Department of Defense.
Route1's Q1 2014 total comprehensive net income was $0.4 million compared to a net loss of $0.1 million during the same period of 2013.
Earnings before interest, tax, depreciation, and amortization (Adjusted EBITDA) during the first quarter of 2014 amounted to $564,000 compared to $9,000 in Q1 2013.
Adjusted EBITDA in 000s of CAD dollars | Mar 31 2014 | Dec 31 2013 | Sept 30 2013 | June 30 2013 | Mar 31 2013 | ||||
Revenue | 1,756 | 1,525 | 1,485 | 1,366 | 1,057 | ||||
Adjusted EBITDA | 564 | 48 | 22 | (7 | ) | 9 | |||
Amortization | 95 | 70 | 69 | 72 | 50 | ||||
Operating profit (loss) before stock based compensation | 469 | (22 | ) | (47 | ) | (79 | ) | (41 | ) |
During the first quarter of 2014, Route1 used cash flow in operating activities of $0.4 million. As at March 31, 2014, the Company had no bank debt and a cash balance of $332,288.
Balance Sheet Extracts in 000s of CAD dollars | Mar 31 2014 | Dec 31 2013 | Mar 31 2013 | |
Cash | 332 | 700 | 1,826 | |
Total current assets | 3,057 | 1,588 | 2,996 | |
Total current liabilities | 2,629 | 1,715 | 2,824 | |
Net working capital | 428 | (127 | ) | 172 |
Total assets | 3,778 | 2,387 | 3,567 | |
Bank debt | 0 | 0 | 0 | |
Total liabilities | 2,770 | 1,854 | 2,971 |
Paid, Active Subscribers
As at March 31, 2014, Route1 had 14,240 paying, active subscribers. During Q1 2014 Route1's average revenue per subscriber was $312, an increase of $67 per subscriber or 27%, from the same period in 2013.
Revenue from Subscribers in 000s of CAD dollars | Mar 31 2014 | Dec 31 2013 | Sep 30 2013 | Jun 30 2013 | Mar 31 2013 |
Closing number of subscribers | 14,240 | 14,602 | 14,642 | 14,784 | 13,989 |
Average number of subscribers | 14,198 | 14,600 | 14,697 | 15,159 | 13,853 |
Revenue per subscriber | $312 | $301 | $310 | $306 | $245 |
Subscriber Revenue | $1,108 | $1,100 | $1,139 | $1,158 | $853 |
The decrease in MobiKEY subscribers, between Q1 2014 and Q4 2013, is primarily attributable to the loss of its European Government client's remaining users. The loss of the account was first announced by Route1 on November 20, 2012 and is due to budget cutbacks.
Business and Market Commentary
ABOUT ROUTE1, INC.
Route1 enables the mobile workspace without compromising on security. Its flagship technology MobiKEY uniquely combines secure mobile access, with high assurance identity validation and plug-and-play usability. Remote and mobile workers are able to securely and cost effectively access their workspace from any device without exposing the organization to the risk of data spillage or malware propagation. MobiKEY customers include Fortune 500 enterprises as well as the U.S. Department of Defense, the Department of Homeland Security, the Department of Energy and the Government of Canada. Headquartered in Toronto, Canada, Route1 is listed on the TSX Venture Exchange.
For more information, visit our website at: www.route1.com.
This news release, required by applicable Canadian laws, does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
© Route1 Inc., 2014. All rights reserved. Route1, the Route1 and shield design Logo, SECURING THE DIGITAL WORLD, Mobi, MobiSecure, MobiLINK, Route1 MobiKEY, Route1 MobiVDI, MobiKEY, MobiKEY IBAD, DEFIMNET, MobiNET, Route1 MobiNET, TruOFFICE, TruFLASH, TruOFFICE VDI, MobiKEY Fusion, MobiNET Aggregation Gateway, MobiNET Switching Array, MobiNET Secure Gateway, EnterpriseLIVE, EnterpriseLIVE Virtualization Orchestrator, MobiNET Agent, MobiKEY Classic and MobiKEY Classic 2, are either registered trademarks or trademarks of Route1 Inc. in the United States and/or Canada. All other trademarks and trade names are the property of their respective owners.
The DEFIMNET and MobiNET platforms, and the MobiKEY, MobiKEY Classic, MobiKEY Classic 2 and MobiKEY Fusion devices are protected by copyright, international treaties, and various patents, including Route1's U.S. Patents 7,814,216 and 7,739,726, Canadian Patent 2,578,053, and other patents pending. The MobiKEY Classic 2 is also protected by U.S. Patents 6,748,541 and 6,763,399, and European Patent 1001329 of Aladdin Knowledge Systems Ltd. and used under license. Other patents are registered or pending in various countries around the world.
Other product and company names mentioned herein may be trademarks of their respective companies.
Tony BusseriCEO+1 416 814-2635tony.busseri@route1.com
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