Route1 Reports 2015 Third Quarter Financial Results
Toronto, November 25, 2015 – Route1 Inc. (TSXV: ROI) (the “Company” or “Route1”), a leading provider of secure access technologies for the mobile workspace to protect businesses and government agencies, today announced its third quarter (Q3) and year to date (YTD) financial results for the period ended September 30, 2015.
For Q3 2015, total revenue increased to $1.61 million from $1.43 million in Q3 2014. Gross profit also increased during the third quarter of 2015 to $1.29 million or 80% of revenue compared to gross profit of $1.11 million or 78% of revenue in Q3 2014.
During the third quarter of 2015 Route1 realized further growth in revenue from subscribers (recurring revenue). The net increase in MobiKEY application software users (subscriber revenue being the largest component of Route1’s services revenue) continues to come from a variety of new U.S. government non Department of Defense based agencies and enterprise accounts, and continued growth from accounts within the U.S. Department of Defense.
Earnings before interest, tax, depreciation, and amortization (Adjusted EBITDA) during the third quarter of 2015 amounted to approximately $242,000 compared to $110,000 in Q3 2014.
Route1’s third quarter 2015 total comprehensive gain was $0.102 million compared to $0.210 million during the same period in 2014.
Route1 used cash in operating activities of approximately $0.874 million during Q3 2015 compared with $0.879 million in Q3 2014. As at September 30, 2015, the Company had no bank debt and a cash balance of $2,433,425.
On October 15, 2015 Route1 provided an update on market drivers, its operations and business development activity. A copy of the news release can be found at www.route1.com/investors/press-releases.html.
On November 12, 2015 Route1 released MobiKEY 5.0, the latest version of its mobile access solution that uses comprehensive multi-factor authentication and identity management to securely connect an organization’s digital assets with its employees, mobile workers, and contractors. A copy of the news release can be found at www.route1.com/investors/press-releases.html.
ABOUT ROUTE1, INC.
Route1 enables the mobile workspace without compromising on security. Its flagship technology MobiKEY uniquely combines secure mobile access, with high assurance identity validation and plug-and-play usability. Remote and mobile workers are able to securely and cost effectively access their workspace from any device without exposing the organization to the risk of data loss or malware propagation. MobiKEY customers include enterprises as well as the U.S. Department of Defense, the Department of Homeland Security, the Department of Commerce and the Government of Canada. Headquartered in Toronto, Canada, Route1 is listed on the TSX Venture Exchange.
For more information, visit our website at: www.route1.com.
For More Information Contact:
Tony Busseri, CEO
+1 416 814-2635
This news release, required by applicable Canadian laws, does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.
© Route1 Inc., 2015. All rights reserved. Route1, the Route1 and shield design Logo, SECURING THE DIGITAL WORLD, Mobi, MobiSecure, MobiLINK, Route1 MobiKEY, Route1 MobiVDI, MobiKEY, MobiKEY IBAD, DEFIMNET, MobiNET, Route1 MobiNET, TruOFFICE, TruFLASH, TruOFFICE VDI, MobiKEY Fusion, MobiNET Aggregation Gateway, MobiNET Switching Array, MobiNET Secure Gateway, EnterpriseLIVE, EnterpriseLIVE Virtualization Orchestrator, MobiNET Agent, MobiKEY Classic and MobiKEY Classic 2, are either registered trademarks or trademarks of Route1 Inc. in the United States and/or Canada. All other trademarks and trade names are the property of their respective owners.
The DEFIMNET and MobiNET platforms, the MobiKEY, MobiKEY Classic, MobiKEY Classic 2 and MobiKEY Fusion devices, and MobiLINK are protected by U.S. Patents 7,814,216, 7,739,726, 9,059,962 and 9,059,997, Canadian Patent 2,578,053, and other patents pending. The MobiKEY Classic 2 is also protected by U.S. Patents 6,748,541 and 6,763,399, and European Patent 1001329 of Aladdin Knowledge Systems Ltd. and used under license. Other patents are registered or pending in various countries around the world.
Other product and company names mentioned herein may be trademarks of their respective companies.