Viscount Systems Reports Preliminary First Quarter 2015 Results
Sales from Flagship Product Increase Over 85 Percent
Vancouver, British Columbia--(Newsfile Corp. - May 19, 2015) - Viscount Systems, Inc. (OTCQB: VSYS) ("Viscount" or the "Company"), a software company specializing in physical and logical security solutions, today announced its preliminary first quarter financial results for the three month period ending March 31, 2015.
"Viscount remains in a solid position to continue to penetrate the access control market, as evidenced by the increasing revenue generated from our flagship product line, the Freedom Access Control Platform," said Dennis Raefield, President and CEO of Viscount. "We're seeing an uptick in demand, an indication of the market's ongoing need for a cloud-based access control solution that is low cost, highly-secure, compliant and scalable. We expect this positive trend to continue for the duration of the year and look forward to seeing its impact in subsequent quarters."
First Quarter 2015 Highlights:
- Sales totaled $1,324,896 for the first quarter of 2015 compared to $936,873 in the first quarter of 2014, an increase of 41.4%.
- Freedom sales for the quarter totaled $447,937 compared to $241,445 in the first quarter of 2014, an increase of 85.5% from the first quarter of last year.
- MESH sales totaled $560,101 for the first quarter of 2015 compared to $406,340 in the first quarter of 2014, an increase of 37.8%.
- Gross profit totaled $664,519 for the first quarter of 2015 compared to $408,578 in the first quarter of 2014, an increase of 62.6%.
- Also contributing to the strong performance of Viscount's legacy business was the launch of a new mid-priced telephone entry system, "Enterphone iQ," which is based on the Company's convergent MESH technology.
MESH sales totaled $560,101 for the first quarter of 2015 compared to $406,340 in the first quarter of 2014, an increase of 37.8%. The increase reflects the company's continued focus on its legacy technology, which benefitted from the addition of more hi-rise residential customers during the first quarter of 2015. MESH sales remain a core component of Viscount's revenue stream, accounting for 42.3% of Viscount's total sales in the first quarter of 2015 compared with 43.4%, of total sales in the first quarter of 2014. Enterphone sales totaled $46,442 for the first quarter of 2015, which were consistent with Enterphone sales of $46,918 in the first quarter of 2014. Service Division sales totaled $270,416 for the first quarter of 2015 compared to $242,171 in the first quarter of 2014, an increase of 11.7%.
Gross profit was $664,519 for the first quarter of 2015 compared to $408,578 in the first quarter of 2014, an increase of 62.6%, primarily attributable to improved sales and reduced cost of sales. The gross margin percentages for the first quarter of 2015 of our product categories of Freedom, MESH, Enterphone, and Service Division were 69.5%, 35.9%, 11.2% and 60.7% respectively. The gross margin percentage for the for the first quarter of 2014 of our product categories of Freedom, MESH, Enterphone, and Service Division were 68.5%, 33.8%, 13.5%, and 57.6%, respectively.
Dennis Raefield, CEO and President of Viscount Systems, will hold a conference call Tuesday, May 19th, 2015 at 4:15pm EST (1:15pm PST) to discuss these results and provide a corporate update.
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Viscount is the leading provider of next generation, IT-centric access control and identity management applications. Viscount's Freedom application platform allows seamless unification of the physical and digital security worlds by replacing discrete, self-contained systems with an integrated security system that is sophisticated enough to protect today's critical business assets, and flexible enough to keep up with the evolving IT infrastructures of government and private organizations. For more information please visit: www.viscount.com
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Allison Monat / Elizabeth Barker