Gatekeeper Reports Revenue of $ 17.2 Million and Operating Profit of $ 0.7 Million in Fiscal 2021

Abbotsford, British Columbia – (Newsfile Corp. – December 29, 2021) – Gatekeeper Systems Inc. (TSXV: GSI) (OTC Pink: GKPRF) (FSE: 1GK) (“Gatekeeper” or the “Company”), a provider of video and data solutions for public transport and smart cities, reports financial results for the year ended August 31, 2021.

Main highlights of the activity for the financial year August 31, 2021:

  • Launched an AI-based Automatic Lane Enforcement (ALE) solution for traffic lane violations;

  • Development of CLARITY, the first integrated platform for operating video and school buses in the industry;

  • Launch of a new Software as a Service (SaaS) based video management solution designed to store and manage school bus video data and announcement of the first customer deployment;

  • Appointed Colin Sutherland and Corey Muirhead as independent directors;

  • Signing of many new contracts including a 5-year agreement with the 8e the largest school district and a US $ 2 million contract with the # 1 bus dealership in the United States;

  • Named among the top 10 technology companies in 2021 TSX Venture 50; and

  • Installed approximately 5,000 intelligent mobile data collectors, bringing the company’s total number of installations to approximately 40,000 now.

Financial highlights for the fiscal year August 31, 2021:

  • Revenues were $ 17,231,080, compared to $ 20,316,576 for the same period the previous year. The revenue variance was primarily due to a $ 6.3 million contract that was completed in November 2020. Approximately $ 4.74 million of this contract was billed in fiscal year 2020 and approximately $ 1. $ 56 million was billed in fiscal 2021. Revenue recognition details related to this contract were announced in press releases dated July 9, 2020 and November 10, 2020;

  • Gross profit was $ 7,515,984, compared to $ 8,348,810 for the same period the previous year;

  • The gross margin as a percentage of sales was 44%, compared to 41% the previous year;

  • Operating profit $ 713,633 compared to $ 2,052,758 for the same period the previous year; and

  • Cash flow from operating activities was $ 4,141,853 and as at August 31, 2021, the Company had cash of $ 3,601,034, working capital of $ 9,022,267, no debt debt and approximately 90.3 million shares outstanding.

Management commentary

“For fiscal 2021, we have made significant progress in developing and launching new product solutions that we believe will generate significant future revenue, while continuing to achieve operational profitability,” commented Doug Dyment, President and CEO. “We are strategically investing in our artificial intelligence and video analytics capabilities to develop smart city products such as ALE, which we recently launched as a solution to help cities improve passenger safety and reduce traffic jams at the end of the pandemic. We have now installed approximately 40,000 mobile data collectors on school buses and transit vehicles, which form the backbone of our Platform-as-a-Service mode of business. Video and data solutions are now a requirement in public transport, and I am very excited about our future as we develop Gatekeeper as a data company helping to protect people in transit. “

Financial summary

For the past years

August 31
2021

August 31
2020

August 31
2019

August 31
2018

Income

$

17 231 080

$

20 316 576

$

13 726 313

$

7 850 933

Cost of sales

$

9 715 096

$

11 967 766

$

7 622 185

$

3,661,863

Gross profit

$

7,515,984

$

8 348 810

$

6 104 128

$

4,189,070

Percentage of gross margin

44%

41%

44%

53%

Expenses

$

6 802 351

$

6,296,052

$

6,482,996

$

5,584,266

Operating profit (loss)

$

713 633

$

2,052,758

$

(378,868

)

$

(1,395,196

)

Net profit (loss) for the year

$

108,068

$

3,535,007

$

(285,827

)

$

(1 323 277

)

Earnings (loss) per share –

Basic

$

0.00

$

0.04

$

(0.00

)

$

(0.02

)

Diluted

$

0.00

$

0.04

$

(0.00

)

$

(0.02

)

Total assets

$

14 401 634

$

15,601,937

$

9,249,093

$

7,894,272

Total non-current liabilities

$

670,287

$

815,395

$

101,608

$

Total responsibilities

$

3,301,803

$

4,764,064

$

2,331,195

$

873 817

Total equity

$

11,099,831

$

10 837 873

$

6,917,898

$

7,020,455

Full details of the financial reports and results of operations for the year ended August 31, 2021 are described in the Company’s Consolidated Financial Statements with accompanying Notes and Management’s Discussion and Analysis, available on SEDAR at www.sedar.com.

About Gatekeeper Systems Inc.

Gatekeeper is a leading provider of intelligent video and data solutions designed to provide a safer transportation environment for children, passengers and public safety personnel on multiple modes of transportation. The Company uses AI, video analytics, thermal cameras and mobile data collectors to interconnect transit assets as part of intelligent transportation systems in a Smart City ecosystem. The company’s Platform as a Service (PaaS) business model is an enabling transformation into a provider of video and data solutions for intelligent transit and smart cities.

www.gatekeeper-systems.com

Contact details:
Douglas dyment
President and CEO
[email protected]
(604) 864-6187

Caution Regarding Forward-Looking Statements: Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed or implied by such forward-looking statements. Accordingly, we cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on such forward-looking statements. For more exhaustive information on these risks and uncertainties, the reader should refer to the risk factors described in the management report for the year ended August 31, 2021. The forward-looking statements contained in this press release represent our expectations as of the date. hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-looking statements are made for the purpose of providing information about management’s current expectations and plans and to provide investors and others with a better understanding of our expected operating environment. Readers are cautioned that this information may not be appropriate for other purposes. The Company assumes no obligation to update or revise these statements to reflect new circumstances or unforeseen events as they occur, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108652


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