Glenbriar Reports 2014 Annual Results

January 21, 2015 9:52 AM EST | Source: Glenbriar Technologies Inc.

Calgary, Alberta--(Newsfile Corp. - January 21, 2015) - Glenbriar Technologies Inc. (CSE: GTI) today released its audited financial results for the year ended September 30, 2014:

Glenbriar Technologies Inc.

  Year ended September 30  

 

  2014     2013  

Revenue

$ 5,953,532   $ 6,006,154  

Gross profit

  1,537,688     1,346,362  

Income (loss) from operations

  319,469     (102,008 )

Net income (loss) and comprehensive income (loss)

  271,122     (145,050 )

Net income per share (basic and diluted)

$ 0.01   $ 0.00  

Average Common Shares outstanding

  48,398,825     48,091,740  

  

           

Results from Operations

Revenue decreased less than 1% for the year ended September 30, 2014 from the prior year period, made up of less than 1% decreases in both services revenue and equipment and software sales. Software sales were reduced by the sale of the Peartree Dealership product in December 2013, but other sales more than covered that reduction. Gross margin rose to 26.8% from 22.4% in 2013. Net income was $271,122, up from a loss of $145,050 for fiscal 2013. The 2014 net income includes a $107,000 gain on sale of Peartree Dealership.

New Cloud Infrastructure

Glenbriar is installing a new Cloud infrastructure, which will become available in early 2015. This is the latest generation of converged Cloud technology, and will allow delivery of a suite of new Cloud services.

Cyber-security

Glenbriar entered into an exclusive Canadian licence with a world class cyber-security firm in fiscal 2014. Training, demos and marketing structure are currently being finalized to allow these products to be offered to the Canadian market in 2015.

About Glenbriar

Glenbriar Technologies Inc. (CSE: GTI) is a leading provider Cloud-enabled business technology solutions. From its offices in Calgary, Vancouver and Waterloo, Glenbriar delivers solutions that 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, CEO
  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.

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