Datacom Announces Fourth Quarter and Year-End 2007 Financial Results
April 01 2008 - 4:42PM
Marketwired
LAVAL, QUEBEC (TSX VENTURE: DAT), a Canadian leader in the
design, development and marketing of mission critical vehicle fleet
management and theft prevention and recovery solutions today
announced its fourth quarter and year-end 2007 financial
results.
Datacom has filed the following documents on the System for
Electronic Documents Analysis and Retrieval ("SEDAR"):
1- Audited Financial Statements for the year ended December 31,
2007 and 2006; and
2- Annual Management Report for the year ended December 31,
2007.
HIGHLIGHTS OF 2007
- On June 6, 2007, the Company closed an Initial Public Offering
("IPO") of $10 million.
- Since the second quarter of 2007, Claude Chagnon and Greg
Rokos joined the Company's Board of Directors. Both are experienced
businessmen with proven track records in management, strategic
planning and mergers and acquisitions, all key factors in the
Company's strategic growth.
- On August 31, 2007, the Company concluded its acquisition of
substantially all assets and business operations of Vigil Locating
Systems Technologies Inc. (Vigil GPS). Vigil GPS operates in the
same sector of activity as Datacom and its operations are similar
in every aspect to its own. However, its markets and methods of
distribution complement ours. The integration process is
practically fully completed.
- In October 2007, the Company launched a new sales program for
its Mobiguard product in conjunction with La Capitale General
Insurance, which conducts the majority of its business in Quebec.
The Company expects that this program will make a significant
contribution to its 2008 results.
YEAR-END AND FOURTH QUARTER 2007 FINANCIAL RESULTS
For the year ended December 31, the Company's revenues totalled
$7.89 million, up 8.8% from the 2006 figure of $7.25 million
compared with $2.05 million in the fourth quarter of 2007, up 2.6%
from 2006 fourth quarter revenues of $1.99 million.
In 2007, the recurring revenues increased 29.4% year-over-year,
from $2.75 million in 2006 to $3.56 million in 2007. In proportion,
recurring revenues represented 45.2% of total revenue in 2007,
compared with 38.0% in 2006. Recurring revenue grew 44.8%
year-over-year from $0.75 million in the fourth quarter of 2006 to
$1.08 million for the same period of 2007. Proportionally,
recurring revenue represented 52.7% of total revenue during the
fourth quarter. This figure is better than the one during the same
period in 2006 while recurring revenues represented 37.4% of total
revenue.
As at December 31, 2007, there were 28,230,733 shares
outstanding compared to 900,000 a year ago.
"The Company marked an important milestone in 2007 by becoming a
public company and by making its first acquisition. Year-end 2007
financial results, however, remain lower than our expectations.
During the 2008 fiscal period, we will review our corporate and
operational structure to ensure that we will be able to meet our
sales growth targets and boost profitability. We will also
implement an action plan to support our new sales strategy, while
reducing all operating expenses," said Robert Latham, Chairman of
the Board of Datacom. "This plan is designed to aggressively
address Datacom's profitability issue, while ensuring that we make
the most effective possible use of our cash and cash equivalents to
provide the Company with all the flexibility required for its
future development through acquisitions, strategic partnerships and
marketing of new products and services."
About Datacom Wireless Corporation:
Founded in 1999, Datacom has grown to become one of the Canadian
leaders in the design, development and marketing of mission
critical vehicle fleet management and theft prevention and recovery
solutions. Its products and services use wireless communications
and satellite-based tracking technologies (GPS) and a
state-of-the-art ASP information portal. For further information,
visit www.datacom.com.
Forward-Looking Statements:
This press release includes certain statements that may be
deemed "forward-looking statements". Forward-looking statements are
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate", and other
similar words, or statements that certain events or conditions
"may" or "will" occur. All statements in this release, other than
statements of historical facts, that address future events or
developments that the Company expects or anticipates, are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices and general
economic, market or business conditions. There can be no assurance
that forward-looking statements will prove to be accurate, as
results and future events could differ materially from those
anticipated statements. The Company undertakes no obligation to
update forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements.
All trademarks and brands mentioned in this release are the
property of their respective owners.
Contacts: DATACOM Lyne Barbeau Director of Communications (450)
781-6002 Email: lbarbeau@datacom.com Website: www.datacom.com
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