VICTORIA, BRITISH COLUMBIA -- (Marketwired) -- 06/18/13 -- Vigil Health Solutions Inc. ("Vigil") (TSX VENTURE: VGL) announces the results of operations for the fiscal year and the fourth quarter, ending March 31, 2013.
-- Earnings of $153 thousand for fiscal 2013 compared to a loss of $425 thousand in fiscal 2012.-- Positive EBIDTA of $207 thousand compared to negative EBITDA of $399 thousand in fiscal 2012.-- Revenue up 11% to $3.74 million compared to $3.37 million in the year ended March 31, 2012.-- Sales bookings were up 18% for the year to $4.41 million compared to $3.73 million in the year ended March 31, 2012.-- Gross margin percentage was 49% compared to 46% for fiscal 2012.-- Operating expenditures down 14% to $1.69 million from $1.98 million for year ended March 31, 2012.-- Completed development and deployment of the Vigil ZLink, a component of the new Vitality Care System designed to work for stand alone buildings on large senior living campuses.-- Subsequent to year end, in the week ended May 31, 2013, 3,844,613 common shares were purchased for gross proceeds of $388 thousand following the exercise of warrants.
"We are pleased to see positive earnings for fiscal 2013. As a Company we are committed to providing practical innovation combined with the best customer service. This year's earnings are the result not only of a great product but a great team. The commitment to the Company, the product and the customer shown by all team members was essential to our fiscal 2013 results." stated Troy Griffiths, President and CEO of Vigil Health Solutions Inc.
Sales bookings for the year ended March 31, 2013 were $4.41 million up from $3.73 million in the year ended March 31, 2012.
At March 31, 2013 Vigil had a backlog of approximately $3.62 million (including $899 thousand in deposits and progress billings, recorded as deferred revenue on the balance sheet) up 88% from $1.93 million (including $394 thousand in deposits and progress billings, recorded as deferred revenue on the balance sheet) at March 31, 2012.
Vigil records revenue following completion of the installation and commissioning of the product at the customer site which is indicated by customer acceptance. The timing of the installation of Vigil's products is often dependent on facility construction schedules, which can result in a considerable lag between receipt of contracts and revenue recognition. The Company's backlog includes all contracts signed including those in progress but not completed.
Revenue for the year ended March 31, 2013 was $3.74 million compared to $3.37 million in the year ended March 31, 2012, an increase of 11%. Project revenue made up 60% of total revenue; the remaining revenue came from follow on sales to existing customers. These sales include service and maintenance billings and replacement products including wireless devices and communication equipment and were up 7% over fiscal 2012.
The gross margin percentage for the year ended March 31, 2013 was 49% compared to 46% for the year ended March 31, 2012. Gross margins have been better than management expectations of between 42% and 47%. This relates to a number of factors including more efficient staffing of project commissioning and product mix.