Posera Announces First Quarter 2018 Financial Results

TORONTO, May 14, 2018 /CNW/ – Posera Ltd. (TSX : PAY) (“Posera” or the “Company”), a leading provider of hospitality software and payment solutions, today announced its financial results for the three-months and March 31st, 2018.

During the three-months ended March 31, 2018, total revenue(1) increased by $608,825 (28.5%) to $2,742,337 compared to the three-months ended March 31, 2017 but decreased by $585,528 (17.6%) compared to the three-months ended December 31, 2017.

Posera experienced a normalized EBITDA loss(2) for the three-months ended March 31, 2018 of $547,177, a 36.2% improvement over the three-months ended March 31, 2017 and a 56.4% increase in the loss compared to the three-months ended December 31, 2017. The decrease in the loss between the first quarter comparable periods was due to an increase in revenues and gross profit generated by the Company, led by the continued success of the KDS (“Kitchen Display System”). During the three-months ended March 31, 2018 the Company sold 267 KDS devises, which represents an increase of 178 (200.0%) devises compared to the three months- ended March 31, 2017. Additionally, operating expenses were relatively consistent between the comparable periods.

Posera recognized a net loss from continuing operations(2) for the three-months ended March 31, 2018 of $917,082, a decrease in the loss of $464,615 (33.6%) from the three-months ended March 31, 2017 and an increase in the loss of $354,735 (63.1%) from the three-months ended December 31, 2017.

(1) Total Revenue excludes the discontinued operations for the FingerPrints transaction as previously discussed on Page #4 of the Company’s Management Discussion and Analysis (MD&A) for the three-months ended March 31, 2018.
(2) Normalized EBITDA adjusted to exclude discontinued operations: Posera’s management defines Normalized EBITDA adjusted for discontinued operations as EBITDA adjusted for discontinued operations above less certain one-time non- recurring expenditures, and non-cash stock-based compensation expense.

Conference call

The Company will hold a conference call at 11:00 AM Eastern Daylight Time on Wednesday, May 16th, 2018, to discuss the financial results for the three-months March 31st, 2018. The call will be hosted by Dan Poirier, Chief Executive Officer; and Kevin Mills, Chief Financial Officer. A question and answer session will follow the corporate update.

CONFERENCE CALL DETAILS
Date: Wednesday, May 16th, 2018
Time: 11:00 AM Eastern Daylight Time

Participant Dial-in Numbers:
Local – Toronto (+1) 647-427-7450
Toll Free – North America (+1) 888-231-8191
Conference ID: 7994586

Please connect at least 10 minutes prior to the conference call to ensure time for any software download that may be needed to hear the webcast.

Quarterly Highlights

  • Total revenue(1) for the three-months ended March 31, 2018 increased by $608,825 (28.5%) to $2,742,337 compared to the three-months ended March 31, 2017 but decreased by $585,528 (17.6%) compared to the three-months ended December 31, 2017;
  • Recurring revenues(1) for the three-months ended March 31, 2018 were $675,559, an increase of 5.8% compared to the three-months ended March 31, 2017, but a decrease of 1.7% compared to the three-months ended December 31, 2017; and
  • Normalized EBITDA(2) loss for the three-months ended March 31, 2018 was a loss of $547,177, a 36.2% improvement over the three-months ended March 31, 2017, and a 56.4% increase in the loss compared to the three-months ended December 31, 2017;
(1) Amount presented applies the retrospective presentation for discontinued operations for the FingerPrints transaction as discussed in the Company’s MD&A on Page #4 for the three-months ended March 31, 2018.
(2) Presentation of these amounts include the results from discontinued operations as discussed on Page #4 of the Company’s MD&A for the three-months ended March 31, 2018.

 

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About POSERA

Posera has been a leading provider of hospitality technology for more than 30 years. It manages merchant transactions with consumers and facilitates all aspects of the payment transaction.

Posera’s full service solutions include: SecureTablePay®, an EMV compliant pay-at-the-table application; Maitre’D®, a point of sale system which offers a robust and comprehensive solution including hardware integration services, merchant staff training, system installation services, post- sale software and hardware customer support; and KDS, a Kitchen Display System that is now available as a standalone product. Posera’s solutions are deployed globally across the full spectrum of restaurants, from large chains and independent table service restaurants to international quick service chains and its products have been translated into eight languages.

Posera Ltd.’s shares are traded on the Toronto Stock Exchange under the symbol “PAY”.

More information about Posera can be found on the Company’s website at www.posera.com or under the Company’s profile on SEDAR at www.sedar.com.

Forward-Looking Statements

This discussion includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect Posera’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under “Risks and Uncertainties” in the Annual Information Form to be filed on March 28th, 2018 with the regulatory authorities. Posera assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless required by law.

For more information:
Kevin Mills, Chief Financial Officer
Posera Ltd.
1.519.434.8017
kmills@posera.com
www.posera.com