CALGARY, Alberta, March 27, 2019 (GLOBE NEWSWIRE) -- GINSMS Inc. (TSXV: GOK) (the “Corporation” or “GINSMS”) is pleased to announced that its audited financial statements for the twelve-month period ended December 31, 2018 have been filed today on SEDAR and are available at www.sedar.com.
On February 13, 2019, GINSMS had disclosed through the issuance of a press release unaudited financial results for the three- and the twelve-month periods ended December 31, 2018 and provided financial forecasts for the 2019 financial year. This financial disclosure was done in advance of today’s filing of the audited financial statements of the Corporation to allow GINSMS’ ultimate holding company, Beat Holdings Limited (“BHL”), a public company in Japan, to use certain of GINSMS’ financial information in the preparation of BHL’s financial statements.
GINSMS’ financial information for the twelve-month period ended December 31, 2018 was prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
GINSMS is pleased to report that there is no significant change between the audited financial statements filed today and the unaudited financial information it disclosed earlier on February 13, 2019 except for the amendment of the adjusted EBITDA from $150,207 to $244,539 and the adjusted EBITDA % from 13.8% to 22.5% for the three months ended December 31, 2018. The adjusted EBITDA for the twelve months ended December 31, 2018 remained unchanged.
Selected Profit and Loss Information
| Financial Highlights | Three-month period ended December 31, 2018 (Unaudited) | Three-month period ended December 31, 2017 (Unaudited) | Twelve-month period ended December 31, 2018 (Audited) | Twelve-month period ended December 31, 2017 (Audited) | ||||
| Revenues $ | ||||||||
| A2P Messaging Service | 793,221 | 1,693,797 | 4,142,212 | 6,276,759 | ||||
| Software Product & Services | 292,517 | 265,997 | 1,212,736 | 1,109,914 | ||||
| 1,085,738 | 1,959,794 | 5,354,948 | 7,386,673 | |||||
| Cost of sales $ | ||||||||
| A2P Messaging Service | 705,448 | 1,481,905 | 3,790,352 | 5,698,701 | ||||
| Software Product & Services | 221,741 | 278,446 | 926,472 | 920,077 | ||||
| 927,189 | 1,760,351 | 4,716,824 | 6,618,778 | |||||
| Gross profit $ | ||||||||
| A2P Messaging Service | 87,773 | 211,892 | 351,860 | 578,058 | ||||
| Software Product & Services | 70,776 | (12,449 | ) | 286,264 | 189,837 | |||
| 158,549 | 199,443 | 638,124 | 767,895 | |||||
| Gross margin % | ||||||||
| A2P Messaging Service | 11.1 | % | 12.5 | % | 8.5 | % | 9.2 | % |
| Software Product & Services | 24.2 | % | (4.7 | )% | 23.6 | % | 17.1 | % |
| 14.6 | % | 10.2 | % | 11.9 | % | 10.4 | % | |
| Adjusted EBITDA(1) $ | (244,539 | ) | (17,711 | ) | (812,726 | ) | (250,700 | ) |
| Adjusted EBITDA margin | (22.5 | )% | (0.9 | )% | (15.2 | )% | (3.4 | )% |
| Net earnings (loss) $ | (281,084 | ) | (307,059 | ) | (1,203,132 | ) | (1,124,717 | ) |
| Net earnings (loss) margin | (25.9 | )% | (15.7 | )% | (22.5 | )% | (15.2 | )% |
| Net earnings (loss) per share $ | ||||||||
| Basic | (0.002 | ) | (0.002 | ) | (0.008 | ) | (0.008 | ) |
| Diluted | N/A | N/A | N/A | N/A | ||||
| (1) | Adjusted EBITDA is a non-IFRS measure which does not have any standardized meaning under IFRS. Adjusted EBITDA is related to cash earnings and is defined for these purposes as earnings before income taxes, depreciation and amortization (in both cost of sales and general and administration expenses), interest expenses, and also excludes certain non-recurring or non-cash expenditure and income. This non-IFRS measure is not recognized under IFRS and accordingly, shareholders are cautioned that this measure should not be construed as an alternative to net income determined in accordance with IFRS. The non-IFRS measure presented is unlikely to be comparable to similar measure presented by other issuers. The Corporation believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Corporation can use to fund working capital requirements, service interest and principal debt repayment and fund future growth initiatives. |
About GINSMS
GINSMS is a mobile technology and services company focusing on 2 areas namely its A2P Messaging Service and its Software Products and Services. GINSMS operates a cloud-based A2P messaging service that allows the termination of SMS to mobile subscribers of more than 200 mobile operators globally. GINSMS also develops and distribute innovative software products and services for mobile operators and enterprises and have successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia.
For further information, please contact:
GINSMS Inc.
Joel Chin, CEO
Tel: +65-6441-1029
Email: investor.relations@ginsms.com
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