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May
17
NextBus Parent Company Records Q1 2010 Revenue Jump
Filed Under Feature Stories, Grey Island Systems, NextBus, Inc., WebTech Wireless | Leave a Comment
Our new parent company, WebTech Wireless Inc. (TSX: WEW today reported revenue of $10.5 million for the fiscal quarter ended March 31, 2010. This compares to $6.7 million for the same quarter in the prior fiscal year for growth of 57%, driven by the addition of the Company’s InterFleet™ and NextBus™ businesses, acquired in late 2009 and compares to $8.3 million in the quarter ended December 31, 2009, for growth of 27%.
“This is our first full quarterly period reporting consolidated results from all three of our brands, Quadrant®, InterFleet and NextBus and the first period under new management. We are obviously pleased to report
revenues rising, margins improving and expenses falling. We are also pleased to be approaching our goal of positive EBITDAS”, said Scott Edmonds, WebTech Wireless, President and CEO.
Highlights from WebTech Wireless 1st Quarter 2010 Report
• First quarter with revenue in excess of $10 million.
• Recurring Subscriptions, Software and Services revenue totaled $6.2 million representing 59% of overall revenue, a trend which is expected to continue, and which marks the first time hardware sales have represented less than 50% of revenue.
• Profit margins of 54% are slightly below the prior comparable period but are significantly above those reported for the prior preceding quarter and are two percentage points above those reported for the year ended December 31, 2009.
• Expenses in the quarter are 21% below expenses for the immediately prior quarter – reflecting ongoing cost cutting implemented by new management, and include more than $500,000 in nonrecurring severance charges, and are approximately double the expenses reported in the prior
comparable quarter, reflecting the addition of the InterFleet and NextBus business, but also the addition of approximately $1.2 million in non-cash Amortization and Stock Based Compensation expenses.
• A loss of $1.9 million ($0.02 per share) for the quarter which translates to an Earnings Before Interest, Taxes, Depreciation, Amortization and Stock Based Compensation, (“EBITDAS”) loss of $0.9 million ($0.01 per share), or $0.4 million ($nil per share) when severance charges from a reorganization of its sales department are backed out of the results.
For more information on WebTech Wireless go to: www.WebTechTechWireless.com
Jun
10
NextBus Parent Company Hits Record Q2 2009 Revenues
Filed Under Feature Stories, Grey Island Systems, NextBus, Inc., Uncategorized | Leave a Comment
US Revenues Also Increase Dramatically over Q2 2008
The parent company of NextBus, Inc., Grey Island Systems International Inc.(GIS) reports record revenue of $6.35-million in the second quarter of fiscal 2009. This represented an increase of 43 percent as compared with revenue of $4.44-million in the second quarter of fiscal 2008 and represented an increase of 32 percent quarter over quarter with the first quarter of fiscal 2009 revenue of $4.80-million.
At the same time, the company posted net income of $0.282-million during the second quarter fiscal 2009, an increase of 485 percent as compared with a net income of $0.058-million for the second quarter of 2008 and a marked improvement over the first quarter of 2009 in which the company incurred a net loss of $0.264-million.
Moreover, the company improved its cash and short-term investments by $1.15-million during the quarter bringing total cash and short-term investments to $12.53-million. The company’s stated future goal is to maintain only moderate increases in operating expenses on a quarter-by-quarter basis when compared with expected revenue increases.
Among key financial highlights:
- Record Revenues of $6.35-million, up $1.91-million or 43 per cent from second quarter of fiscal 2008 and up 32 percent from the previous quarter;
- Income of $0.282-million, up from a net income of $0.058-million in second quarter of fiscal 2008 and compared with a net loss of $0.264-million in the previous quarter;
- Recurring revenues increased by 51 percent to $2.67-million for the second quarter 2009 compared to the second quarter of 2008 recurring revenues of $1.77-million;
- US revenue increased by 75 percent to $4.20-million for the second quarter 2009 from $2.40-million for the second quarter of 2008;
- Cash and short-term investments improved to $12.53-million during the quarter.
Owen Moore, President at Grey Island stated: “Our results this quarter are indicative of a company which can quickly adapt to economic uncertainty and re-focus efforts on business units which are insulated to a recessionary impact, as a result, the company illustrated significant organic growth, both year over year and quarter over quarter, through new client acquisition while limiting operating expense expansion. Further, we have a solid balance sheet with a healthy cash position that will allow us to continue to capitalize on future opportunities”.
Andrew Moore, Grey Island’s CEO added, “Factors such as increasing fuel prices, increased funding for public transit, a need for improved mobile work force accountability in government fleets will continue to drive demand for our products and services.”
Feb
4
NextBus Parent Company Achieves Record Results in Fiscal 2008
Filed Under Feature Stories, Grey Island Systems, NextBus, Inc. | Leave a Comment
Grey Island Systems Delivers Dramatic Improvement in Revenues and Bottom Line
In spite of the tough global economic environment, Toronto-based,Grey Island Systems (GIS) brought in substantially higher revenues and went from a loss to a profit in the fiscal year ending September 30, 2008. The company has made substantial inroads into the U.S. through its subsidiaries, NextBus and Interfleet.
GIS President, Owen Moore, stated:
“Our financial results represent another year of success for the Company as we reported record revenue, substantial growth and improved bottom line performance. Our commitment to focusing on government sector clients in North America and providing exceptional customer service to existing clients continues to be a key differentiator for the Company”