BSM Technologies Inc (3) (TSX-V:GPS)
Shares Issued 227,500,562
Last Close 5/25/2011 $0.035
Thursday May 26 2011 - News Release

Mr. Aly Rahemtulla reports

BSM TECHNOLOGIES REPORTS RECORD QUARTERLY REVENUES OF $3.9 MILLION AND NET PROFIT OF $107,991 FOR Q2 2011 AND YTD NET PROFIT OF $20,136

BSM Technologies Inc. has provided its financial and operating results for the three- and six-month periods ended March 31, 2011.

Q2 fiscal 2011 Highlights

Revenue was $3.9 million in Q2 2011, the highest quarterly revenue in BSM's history, up $0.6 million or 18% from $3.3 million in Q2 2010.

EBITDA was $166,233 in Q2 2011, an improvement of $1.1 million compared to the second quarter of 2010, marking the fourth consecutive quarter of positive EBITDA results.

Net income was $107,991 in Q2 2011, compared to a net loss of $1.1 million a year earlier.

Generated $41,600 of net cash in the quarter, compared to net cash usage of $584,367 in Q2 2010.

Significant sales wins included contracts with the Ontario Federation of Snowmobile Clubs, the FAcopyrightdAcopyrightration des clubs de motoneigistes du QuAcopyrightbec, and a major U.S.-based service fleet.

"We continue to see positive momentum across every segment of our business - services, hardware, and software are all performing well. This led to record revenue, positive EBITDA and net earnings in the second quarter," said Aly Rahemtulla, President and CEO. "With the scalability of our model, we expect to see further improvements in our profitability as we grow the business."