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Glenbriar Reports 2014 Q1 Results
February 26, 2014 5:22 PM EST | Source: Glenbriar Technologies Inc.
Calgary, Alberta--(Newsfile Corp. - February 26, 2014) - Glenbriar Technologies Inc. (CSE: GTI) today released its unaudited financial results for the 3 months ended December 31, 2013:
| Glenbriar Technologies Inc. | 3 months ended December 31 | |||||
| 2013 | 2012 | |||||
| Revenue | $ | 1,343,731 | $ | 1,493,538 | ||
| Gross profit | 432,892 | 421,378 | ||||
| Income from operations | 238,493 | 59,984 | ||||
| Net income and comprehensive income | 232,082 | 54,456 | ||||
| Net income per share (basic and diluted) | $ | - | $ | - | ||
| Average Common Shares (basic and diluted) | 48,421,510 | 47,512,290 | ||||
Results from Operations
Revenue decreased 10% for the quarter ended December 31, 2013 from the prior year period, made up of a 4% decrease in services and a 26% decrease in equipment and software sales. These changes reflect reduced equipment costs, a market shift away from on-premises to hosted solutions, and the nature of services being provided moving away from desktop and into data analytics, unified communications, mobility and big data. Net income increased 326% to $232,082 from $54,456 for the prior year period, due to improved margins and the inclusion of a $107,000 gain on sale of the Peartree Dealership software product.
About Glenbriar
Glenbriar Technologies Inc. (CSE: GTI) is a leading provider of business technology solutions for successful enterprises in manufacturing, distribution, retail, energy, health, education, dealership, professional services and real estate. Glenbriar’s solutions include IT Services, Cloud Services, Portals & Collaboration, Unified Communications and Software Services. See www.glenbriar.com for more details.
| For further information call: | Robert Matheson |
| Glenbriar Technologies Inc. | |
| +1 (403) 450-7410 |
The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors and uncertainties, many of which are beyond Glenbriar’s control. Some of these risks and uncertainties may be described in Glenbriar’s corporate filings (posted at www.sedar.com). Glenbriar has no intention or obligation to update or revise any forward looking statements due to new information or events.