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Is anyone out there following Boomerang Tracking ? They have an outstanding tracking system for vehicles. Although they are primarily in Ontario and Quebec, they are vigorously expanding (see latest PR below). They have great Finacials and appear to have a very bright future. Here was their latest PR yesterday. Boomerang Tracking Inc - News Release Boomerang earns $599,000 in fourth quarter Boomerang Tracking Inc BMG.A Shares issued 22,041,000 2001-02-13 close $4.6 Thursday Jul 5 2001 News Release Mr. Peter Lashchuk reports Boomerang Tracking had revenues of $3.4-million for the fourth quarter ended April 30, 2001, representing an increase of 99 per cent compared with revenues of $1.7-million in the same quarter in the previous year. Fourth quarter net earnings grew to $600,000 (2.7 cents per share) from a net loss of $30,000 in the same quarter in the previous year. New activations of Boomerang units rose by 80 per cent in the fourth quarter to 10,404 from 5,773 in the comparable period of the previous fiscal year. For the full year, the company's revenues were $12.0-million, up 168 per cent from revenues of $4.5-million in fiscal 2000. Fiscal 2001 net earnings totalled $2.1-million, up 674 per cent from $300,000 in fiscal 2000. Earnings per share increased by 683 per cent to 9.4 cents in fiscal 2001 from 1.2 cents in fiscal 2000. A total of 39,064 new Boomerang units were activated in fiscal 2001, up 182 per cent from last fiscal year. "We are very pleased with the progress made by Boomerang during fiscal 2001 and with our overall financial results," said Peter Lashchuk, president and chief executive officer of the company. "Boomerang has achieved many milestones over these past 12 months. The company, which was recently listed on the TSE, has agreements with 32 insurance companies in Quebec and 14 in Ontario and, as at the end of fiscal 2001, recovered a total of over 1,000 vehicles valued at more than $50.0-million. These results were all achieved while maintaining positive cash flows and profitable results." Fiscal 2002 For fiscal 2002, the company will focus on specific goals: new product development, geographic expansion and improved support functions. As the company enters new markets, increased expenses in sales, marketing, and research and development are expected. "Boomerang clearly provides a viable, unique and cost-effective solution to a very real problem," said Mr. Lashchuk. "The success of the company's proprietary Boomerang tracking system is attributable to its unique strengths: its use of existing cellular networks, our in-house tracking team which provide immediate attention to customer needs, the advantages of our tracking technologies over other tracking systems such as GPS and the fact that the Boomerang unit itself is hidden in an undisclosed location in the asset in which it is installed." Market demand The global demand for security and protection of personal assets is on the rise. Vehicle theft, in particular, has become a serious problem over the past few years, as thieves are stealing vehicles for the purpose of reselling them either overseas or domestically for parts. In fact, last year, over 20,000 stolen vehicles were exported from Canada and insurers lost over $1-billion to vehicle theft. Since even sophisticated antitheft devices can be defeated, Boomerang provides the ultimate solution to this problem. Change in accounting policy During the fourth quarter of fiscal 2001, the company changed its accounting policy for revenue recognition of system access fees. The company recognizes system access fees over the term of the related monitoring contract and no longer differentiates between system access fees and monitoring fees. Under the previous policy, revenue from system access fees was recognized upon installation, while monitoring fees were recognized over the term of contract. This change decreases revenues and earnings for fiscal 2001, has no effect on the company's cash flows, and will be recovered in future periods. This change in policy was implemented during the fourth quarter with retroactive restatement of prior periods and is consistent with practices followed by other companies in Canada and the United States in similar industries. WARNING: The company relies upon litigation protection for "forward-looking" statements. FINANCIAL HIGHLIGHTS Three months ended April 30 (thousands of dollars) 2001 2000 Revenues $ 3,448 $ 1,736 Earnings (loss) before income taxes 1,005 (42) ------- ------- Net earnings (loss) $ 599 $ (32) ======= ======= Net earnings (loss) per share Basic 0.027 (0.001) Diluted 0.026 (0.001) FINANCIAL HIGHLIGHTS Year ended April 30 (thousands of dollars) 2001 2000 Revenues $12,029 $ 4,490 Earnings (loss) before income taxes 3,383 398 ------- ------- Net earnings (loss) $ 2,074 $ 268 ======= ======= Net earnings (loss) per share Basic 0.094 0.012 Diluted 0.091 0.012 (c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com | ||||||||||||
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