GuestLogix announces third quarter results
Oct. 17, 2011, Toronto - GuestLogix Inc.today announced its financial and operational results for the three- and nine-month periods ended August 31, 2011.
October 17, 2011 By Carey Fredericks
All amounts are reported in Canadian dollars unless otherwise stated.
Q3 F2011 Financial Highlights
Total revenue of $6.2 million, compared to $6.8 million in Q3 F2010
§ Assuming consistent exchange rates as at November 30, 2010 closing, revenue would have been $6.5 million(1) for Q3 F2011
EBITDA(2) of $1.3 million compared to $1.5 million in Q3 F2010
§ Excluding investments in OnTouch® Merchandising and other new initiatives, EBITDA was $1.5 million compared to $1.9 million in Q3 F2010
Net income of $0.1 million compared to net income of $0.1 million in Q3 F2010
§ Excluding investments in OnTouch® Merchandising and other new initiatives, net income was $0.3 million compared to $0.5 million in Q3 F2010
Cash and cash equivalents including restricted cash of $8.6 million compared to $11.5 million as at F2010 year end
Q3 F2011 Operational Highlights
Gross Transactions Processed ("GTV")
Processed GTV of $148 million compared to $130 million in Q3 F2010 and $151 million in Q2 F2011
Deployed platform onboard US regional carrier network and Garuda Indonesia
Entered partnership with Skytrac, a foodservice and distribution provider to rail and travel operators in the United Kingdom
OnTouch® Merchandising Platform
Deployed OnTouch® Box Office onboard leading global airline
Signed agreement with luxury tour expert, Experience Paris and an agreement to offer Eat and Play Cards onboard flights to Orlando
Subsequent to quarter end, signed agreements to offer tickets for events and attractions available through VisitBritin and Merlin Entertainments
Opened GuestLogix U.S.A. in Dallas, Texas and a European head office near London, England to accelerate growth by building the GuestLogix team in key target geographic regions
"Our Q3 results demonstrate the strength and profitability of our core retail technology platform," said Mr. Tom Douramakos, President and CEO, GuestLogix. "We expect this to be a main growth driver for us going forward as we work to further expand our footprint in new geographic regions and other travel verticals."
"We made progress on the merchandising front in the third quarter, launching OnTouch® Box Office onboard a large international carrier," Mr. Douramakos added. "The program needs to gain further momentum before it has a material impact on our results, but the initial passenger response is encouraging. We are seeing average transactions in the range of $145 and $170. We have a promising merchandising deployment pipeline, with another 12 programs to go live. We expect to launch some in Q4, with the larger proportion now planned for fiscal 2012. Our Mobile Concierge and Destination Deals technology platforms, as well as the potential to integrate our retailing and merchandising platforms with other technologies, such as in-flight entertainment systems, represent additional growth opportunities for fiscal 2012."
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