TORONTO, ONTARIO -- (Marketwire) -- 02/01/13 -- Avante Logixx Inc. , ("the Company") (TSX VENTURE: XX) through its wholly owned subsidiary, Avante Security Inc., provides best in class residential and commercial security services including system design and installation, rapid alarm response, alarm monitoring and secure transport through the use of advanced technology and a focus on client service. The Company is pleased to announce its results for the quarter and nine month period ended December 31, 2012:
Quarter ended --------------------------------------- Dec 31, 2012 Dec 31, 2011 VarianceTotal revenues 1,711,785 1,418,498 20.7%Revenues - Recurring Monitoring and Response(1) 717,633 645,696 11.1%Revenues from other security services and transport 994,152 772,802 28.6%Total gross profit 580,880 477,259 21.7%Adjusted EBITDA(2) 112,530 (4,013)Net income (loss) before discontinued operations 85,395 (46,495)Net income (loss) for the period 85,395 (46,495)Basic and diluted income (loss) per share 0.002 (0.001)Total common shares outstanding 55,908,843 55,908,843Total assets 1,841,902 1,771,611Total liabilities (excluding deferred revenue) 621,124 633,304Deferred revenue 1,342,408 1,251,900Total liabilities 1,963,532 1,885,204Bank and other debt -nil- -nil- Nine month period ended --------------------------------------- Dec 31, 2012 Dec 31, 2011 VarianceTotal revenues 4,668,028 4,050,112 15.3%Revenues - Recurring Monitoring and Response(1) 2,084,915 1,963,213 6.2%Revenues from other security services and transport 2,583,113 2,086,900 23.8%Total gross profit 1,514,463 1,166,931 29.8%Adjusted EBITDA(2) 136,684 (361,775)Net income (loss) before discontinued operations 75,536 (500,317)Net income (loss) for the period 75,536 (497,337)Basic and diluted income (loss) per share 0.001 (0.009)Total common shares outstanding 55,908,843 55,908,843Total assets 1,841,902 1,771,611Total liabilities (excluding deferred revenue) 621,124 633,304Deferred revenue 1,342,408 1,251,900Total liabilities 1,963,532 1,885,204Bank and other debt -nil- -nil-
Co-CEOs Emmanuel Mounouchos and George Rossolatos announced Avante Logixx Inc.'s results for the quarter and nine month period ended December 31, 2012. The Company's financial performance continued to show marked improvement, with significant increases in revenues and gross profit, as well as continued profitability. Revenues for the quarter ended December 31, 2012 amounted to $1.71 million as compared to $1.42 million for the same quarter in the previous fiscal year, a net growth of 20.7%, while revenues for the nine month period registered a 15.3% increase to $4.67 million as compared to $4.05 million for the same period last year.
The Company has been focused on a return to profitability for the last 5 quarters by focusing on organic growth in the security market, while continuing to target cost and process efficiencies. The first three quarters indicate annualized growth rates of 11% to Avante's rapid alarm response customer base and 6.4% to its monitoring accounts base. While growing this segment, the Company continues to try to develop new security solutions to existing and new corporate customers. For example, Avante Intelligent Perimeter Protection ("AIPP") is Avante's latest offering, which comprises both Intrusion detection and Video Analytics, using a combination of algorithms to learn the environment is focused on, so as to detect and immediately alert the Response team of any intrusions into the camera view. This has helped Avante prevent intrusions even before they occur. Gross profit grew by 21.7% for the quarter and 29.8% for the nine month period, while Adjusted EBITDA for the quarter and the nine month period improved to $112,530 as compared to ($4,013) for the same period last year. The Company registered a profit of $85,395 for the quarter as compared to a loss of $46,495 in the same quarter last year, while net profit for the nine month period was $75,536 as compared to a net loss of $497,337 for the same period last year.
The company has no debt and effective working capital management has ensured that the Company has not had to utilize its operating line of credit in over 2 years. Management believes that there are significant opportunities for the Company to consolidate and further improve its market share, which would result in sustained profitability.
Forward looking information: The information set forth in the Company's MD&A and this press release to readers may contain statements concerning Avante's future results, future performance, intentions, objectives, plans and expectations that are, or may be deemed to be, forward-looking statements or information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking statements are not guarantees of future performance.
These forward-looking statements are based on current expectations that involve numerous risks and uncertainties, including, but not limited to, those identified in the Risks Factors section of the Filing Statement the Company filed with regulatory authorities on February 28, 2008. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Avante's control. Although Avante believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate. These factors should be considered carefully, and readers should not place undue reliance on forward-looking statements. Avante has no intention and undertakes no obligation to update or revise any forward-looking statements, whether written or oral that may be made by or on the Company's behalf.
Avante Logixx Inc. (TSX VENTURE: XX) is a Toronto based security and technology company. Its primary operating division, Avante Security Inc. (www.avantesecurity.com), provides best in class security response and other security services for residential and commercial applications as well as being an industry leader in designing and installing complex security systems, access control, and video analytics. The company continuously develops innovative products and applications within its core competencies. Please visit www.avantelogixx.com.
(1) Revenues - Recurring Monitoring and Response includes Alarm Response along with Digital, Analog and Video Monitoring services
(2) Adjusted EBITDA = Net income (loss) + Income tax + Depreciation / amortization + Shared based payments expense
Avante Logixx Inc.
(416) 923-6984 x221
Avante Logixx Inc.