Press release from Marketwire
GuestLogix First Quarter 2013 Delivers Strong Year-Over-Year Revenue Growth
Wednesday, May 15, 2013
GuestLogix First Quarter 2013 Delivers Strong Year-Over-Year Revenue Growth16:00 EDT Wednesday, May 15, 2013
TORONTO, ONTARIO--(Marketwired - May 15, 2013) - GuestLogix Inc. (TSX:GXI), the leading global provider of onboard retail and payment technology to airlines and the passenger travel industry, today announced its financial and operational results for the three-month period ended March 31, 2013. All financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") and reported in U.S. dollars.
"Amid a series of corporate changes over the past quarter, GuestLogix took the time to reset as an organization and we are pleased to start showing the results of that work within our first quarter results," said Brett Proud President & CEO GuestLogix. "We achieved a 24% increase in our revenue performance compared to the same quarter in the previous year and are seeing sustainable growth performance in our EBITDA results. Looking ahead, we are committed to performing extremely well against our growth strategies and further strengthening our financial position, resulting in improvement to our bottom-line profitability."
Proud continued: "The opportunities that lie ahead of us as a Company are tremendous. We are now executing well against our growth strategies within the Asia Pacific region, as evidenced by our recent agreement with Cathay Pacific and Dragonair via our strategic channel partnership with Inflight Sales Group. As well, the expansion beyond our traditional point-of-sale business model through our new global payment partnerships with Panasonic Avionics and Thales will bring about a sharp inflection point that will see our growth in revenue start to outpace any increases in our expense base and bring about improved shareholder value."
Q3 F2012 Financial Summary
- Revenue of $7.0 million, compared to $5.6 million in Q1 F2012.
- Operating Expenses of $7.3 million, compared to $5.7 million in Q1 F2012.
- EBITDA(1) of $0.3 million, compared to $0.2 million in Q1 F2012.
- Net income of $(1.2) million, compared to $0.1 million in Q1 F2012.
- Cash and cash equivalents of $4.7 million, as at March 31, 2013.
Q3 F2012 Operational Highlights
Increasing the Number of Transactions that we process
- Signed 10-year agreement with IFE System leader, Thales to facilitate transaction processing through seatback screens
- Signed multi-year agreement with European Airline Germania and its subsidiary, West African carrier Gambia Bird
- Subsequent to quarter end, signed 4-year agreement with leading Asia Pacific airlines Cathay Pacific and Dragonair
Increasing the Average Transaction Value
- Announced successful deployment of destination-based content program onboard Sun Country Airlines
Earning More Fees per Transaction
- Announced new service offering for enhanced logistic management to provide new value to current customer base and new revenue stream
- Subsequent to quarter end, announced agreement with Cathay Pacific which includes use of our OnTouch® Analytics Platform
Key Operating Metrics
|Q1 F2013||Q4 F2012*||Q1 F2012|
|Gross Transaction Value (GTV) processed in the period||$||222M||$||287M||$||143M|
|Total Revenue as a percentage of GTV||3.1||%||2.9||%||3.9||%|
*Note: Due to a change in the Company's fiscal year-end, Q4 F2012 was a four-month quarter
|Q1 F2013||Q1 F2012|
|Operating Expenses (2)||$||7.3M||$||5.7M|
|Net Income (Loss) (3)||$||(1.2M||)||$||0.1M|
|Net Income (Loss) Per Share||(0.02||)||$||0.00|
A complete set of financial statements and Management's Discussion and Analysis for the three-month period ended March 31, 2013 will be available at www.sedar.com and www.guestlogix.com.
(1) Defined as Earnings Before, Interest, Taxes, Depreciation and Amortization
(2) Includes depreciation and stock based compensation, but excludes interest and F/X gains or losses
(3) Net loss was increased by a non-cash charge of $677,972 to mark to market a derivative instrument
Q1 F2012 Conference Call Details
GuestLogix will host a conference call on Wednesday, March 15, 2013 at 4:30 p.m. Eastern Time to discuss its fiscal 2013 first quarter financial and operational results as well as the Company's outlook for the remainder of the fiscal year. To access the conference call, please dial 647-427-3411, or 1-888-241-0326. A replay of the call will be available at http://www.guestlogix.com/events.html.
GuestLogix Inc. (TSX:GXI), the leading global provider of onboard retail and payment technology brings over a decade of expertise as a trusted onboard transaction processing partner to airlines, rail operators and the passenger travel industry. GuestLogix helps its customers to create, manage, and control onboard retail environments tailored to their needs and their passengers for a truly personalized experience. The Company is partnered with global leaders in catering, duty-free and in-flight entertainment, offering complete onboard retailing services to airlines and rail operators worldwide. GuestLogix' global headquarters and centre for product innovation is located in Toronto, with regional head offices located in Dallas, London and Hong Kong. More information is available at www.guestlogix.com.
© 2013 GuestLogix. All Rights Reserved. ®OnTouch is a trademark of GuestLogix Inc. and is registered in the United States and may be pending or registered in other countries. All other trademarks and trade names are the property of their respective owners.
This news release includes certain forward-looking statements that are based upon current expectations including the anticipated benefits to GuestLogix of the acquisition of Initium Onboard, which involve risks and uncertainties associated with GuestLogix' business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect GuestLogix' current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations including that GuestLogix may not realize all of the anticipated benefits from the acquisition of Initium Onboard as well as the matters discussed under "Risks and Uncertainties" in the GuestLogix management's discussion and analysis filed October 15, 2012 with the regulatory authorities. GuestLogix assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, other than as required by applicable laws.
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