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Blackline Safety Posts Third Quarter Results, G7 Product Line Now Ready for Market
Blackline Safety Corp. (TSX Venture: BLN), a leading manufacturer of connected worker safety monitoring solutions, announced record third quarter revenue for the period ended July 31, 2017.
“Having completed the initial G7 product line development and acquired international certifi cations during the quarter, we have shifted our focus to end-customer cultivation, further building-out our distribution channels and preparing for the full launch of the revolutionary G7 connected safety system in Q4,” said Blackline Safety CEO and Chairman, Cody Slater. “We are already seeing the initial success with G7 solutions driving contracted future revenue up by $1M compared to the second quarter and overall up $2.3M compared to the prior year quarter. To support customer interest, we have increased our sales teams in Canada, the United States and in the United Kingdom by 130% compared to the same period last year.” He added, “With much of the work behind us we can now look forward to seeing the true impact of our new G7 product line as Blackline Safety emerges to become a leading wireless gas detection player on the global stage.”
Highlights: Total revenue of $2.3M, a 21% increase over the prior year’s third quarter, Contracted future service revenue grew to $3.7M, a 170% increase over $1.4M in the prior year’s third quarter, Service revenue of $1.8M, a 15% increase over the $1.6M in the prior year’s third quarter, Completed both G7c and G7x international intrinsic safety certifi cations, G7 Dock product development completed, Developing improvements to core web-based safety monitoring infrastructure and Blackline Live user portal to better support organisations and their structure, grouping and user permissions
The following values in this release are in thousands, except for percentages and per share data
Third quarter revenue was $2,302, an increase of $393 from $1,909 in same three- month period of the prior fi scal year. Service revenue increased 15% to $1,788 from $1,553 in the same period last year, attributed to new service activations by end customers. While service revenue grew, reduced staffi ng levels in the oil and gas industry negatively impacted service by approximately $100 as several customers decreased the number of overall devices renewed. Blackline believes the impacts of a reduced energy sector workforce for our customers have stabilised and expects to see this sector return to growth for Blackline with the introduction of our gas detection product line.
Product revenue was $514, an increase of 45% compared to $355 in the third quarter of the prior fi scal year. This increase was driven by initial shipments of Blackline’s newly certifi ed G7c and G7x products. Although the G7 product line experienced some certifi cation delays, with an expanding distribution network and record number of fi eld trials underway, we expect to see strong results in the upcoming quarters.
Contracted future service revenue, representing the discounted present value of future lease revenue commitments from the Blackline Complete program, was $3,673 as at July 31, 2017, up from $1,360 at Q3 FY2016. This increase was driven by customers adopting the Blackline Complete leasing program that eliminates upfront capital costs and provides customers with a comprehensive safety monitoring program for a monthly fee during a 36-month term.
Gross margin for the quarter was $1,018 compared to $1,024 in the comparable three-month period of the prior year. The resulting gross margin of 44% was higher than the 39% during the second quarter of this year but lower than the 54% level achieved in the same quarter of FY2016. Similar temporary factors impacted both the second and third quarter gross margin this year, including:
Initial costs associated with setting up the G7c, G7x and G7 Dock manufacturing line. A higher volume of heavily-discounted G7c and G7x sales kits sold through to reseller partners to facilitate fi eld demonstrations
Adjusted EBITDA was $(905) for the period ended July 31, 2017 compared to $(167) in the comparable period of the prior year. The reduction in the Adjusted EBITDA in the period is a result of an increase in selling, general and administrative expenses in the period offset by increased revenues and decreased product development costs quarter-over-quarter.
Blackline’s unaudited condensed consolidated interim fi nancial statements and management’s discussion and analysis on fi nancial condition and results of operations for the period ended July 31, 2017 are available at
www.sedar.com. All results are reported in Canadian dollars.
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Shimadzu Scientifi c Instruments and Restek Corporation Announce Distribution Agreement
Shimadzu Scientifi c Instruments (SSI) and Restek Corporation have entered a partnership that enables the sales of Restek consumables by SSI. Under the terms of this agreement, SSI will promote and sell Restek consumables throughout its geographic territory, which includes the United States, Latin America, and the Caribbean.
Through this partnership, SSI will sell Restek’s extensive line of chromatography supplies and accessories. These include HPLC and GC columns and column hardware, valves, syringes, septa, and vials, as well as reference standards. This will allow customers to simplify their purchasing logistics by being able to source a wide range of consumable items from one vendor.
“Restek is one of the industry’s leaders in providing high-end, trusted consumables to customers, including Shimadzu, throughout the world,” said Jonathan Edwardsen, Consumables Product Manager at Shimadzu Scientifi c Instruments. “Their level of service and attention to detail mirrors that of Shimadzu, which makes this partnership a win for our customers. We are very pleased to be part of the Restek distributor network and excited about the opportunities this will present us.”
“Shimadzu and Restek have developed a strong working relationship over the years based on both mutual respect and a customer-fi rst focus,” said Rob Freeman at Restek. “Entering this agreement signifi es our shared values and will further enhance the valued relationship we have built with Shimadzu, one of the leading brands in the analytical instruments industry.”
Ion Science Completes Move into New Purpose-built £4.5 Million Facility
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Ion Science have completed their move into a new ultra-modern state-of-the-art £4.5 million, 1500m² facility geared to meet their ambitious global growth plans for advanced VOC monitors.
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Located in Fowlmere in Cambridgeshire, the fl exible new plant has been purpose-built to meet current and short-term needs, as well as refl ect the on-going ambitions of the business, which continues to achieve 30% year-on-year growth.
Featuring a technologically advanced yet sympathetic design, which provides the effect of a cluster of smaller, low level agricultural type buildings, the facility has been specially constructed to achieve the highest possible hygiene, quality and environmental standards.
Duncan Johns, Managing Director at Ion Science comments: “Ion Science is excited to declare our new facility open and fully operational. This is a massive milestone in the company’s 27-year history and we’re looking forward to having the administration, sales and production capacity to achieve further expansion in both new and previously untapped markets and territories.”
“We like to play hard as well as work hard at Ion Science so the building has been designed to offer a fantastic working environment with well-equipped break-out
spaces, lovely landscaped gardens and other outside recreational areas for staff and visitors to enjoy.
Duncan adds: “I would also like to take this opportunity to thank employees for their patience, dedication and hard work in helping get the plant operational within the allotted timeframe.
“The future for Ion Science and its staff, distributor network and offi ces in the USA, France and Italy looks extremely bright. With the new facility, we’re now ideally positioned to focus on further expanding our presence in global occupational health and environmental monitoring applications,” Duncan concludes.
As well as investment in the building itself, Ion Science has installed the latest cutting-edge production equipment including a Weiss Technik fl oor-standing temperature and climatic control chamber to ensure the on-going quality and safety of its handheld and fi xed photoionisation detectors (PIDs).
To facilitate the in-house production of printed circuit boards (PCB), Ion Science has also installed an advanced iineo Europlacer SMT pick and place complete production line system. Offering a high level of fl exibility and feeder count, it is widely confi gurable without the need to compromise on placement speed or component capability and delivers complete manufactured items without human intervention.
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