Posera Announces Second Quarter of 2019 Financial Results
TORONTO, Aug. 14, 2019 /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 and six months ended June 30th, 2019.
During the three-months ended June 30, 2019, Posera reported total revenues of $2.00 million compared to total revenues of $2.01 million and $2.35 million for the three-months ended March 31, 2019 and June 30, 2018 respectively. Revenues between the three-months ended June 30, 2019 and March 31, 2019 were relatively unchanged, with a reduction in revenue of $0.35 million or 15% compared to the same period last year driven by a reduction in new installations of Maitre’D and KDS in the US.
Posera increased its recurring revenue by 7.0% to $0.87 million during the second quarter of 2019, compared to $0.80 million and $0.81 million of recurring revenue during the three-months ended March 31, 2019 and June 30, 2018 respectively. The increase resulted from growth in recurring revenues across all product lines and partnership programs.
Posera incurred a normalized EBITDA loss of $0.70 million for the three-months ended June 30, 2019 compared to a normalized EBITDA loss of $0.57 and $0.51 million for the three-months ended March 31, 2019 and June 30, 2018 respectively. Although the Company made further reductions in its controllable operating costs relating to technology and general and administrative expenses, the lower quarterly revenues led to the increase in the normalized EBITDA loss.
In June 2019, Posera completed the release of an all-new user interface (“UI”) for its Maitre’D point-of-sale (“POS”) system. The new UI, specifically designed for Maitre’D version 7.08, features a contemporary design that optimizes screen real estate with an emphasis on sleeker aesthetics and personalized menu images allowing for more efficient user navigation. New operational highlights include interactive maps for the delivery module and per-guest detailed table order itemization for faster, error-free payment reconciliations. The Maitre’D Back-Office UI has also received a refresh, with employee management, cost-tracking, and comprehensive insights all currently available in a new, intuitive graphic user interface.
Also, during the second quarter of 2019 Posera completed a new release of its Kitchen Display System (“KDS”) solution. Posera’s KDS is capable of 3rd-party API integrations with virtually any POS system, rendering it POS-agnostic and even allowing for its use as a white-labeled product. This enables KDS customers to integrate the KDS solution as part of their kitchen technology, regardless of POS, while generating valuable real-time reporting and operational insights.
Posera’s SecureTablePay achieved a significant milestone in the second quarter, with the first installations of its new Android app based pay-at-the-table solution. Posera earlier announced the integration of its new app based solution with the PAX A920 device, the world’s first tablet mobile terminal; and SecureTablePay is now available in the US market through the PAXSTORE, PAX’s open software distribution platform. SecureTablePay’s new Android app, now available on the latest generation of devices, delivers the ideal pay-at-the-table solution for restaurants with integrations to most leading POSs on sleek, glass-front, touch-screen mobile payment terminals.
The Company will hold a conference call to discuss the financial results for the second quarter of 2019 in the coming month of September; the timing being driven by the summer vacation season. The call will be hosted by Tom McCole, Chairman of the Board of Directors, Dan Poirier, Chief Executive Officer and Kevin Mills, Chief Financial Officer. A question and answer session will follow the corporate update. The Company will provide specifics regarding the call at a later date.
Posera has been a leading provider of hospitality technology for more than 20 years. It manages merchant transactions with consumers and facilitates all aspects of the payment transaction.
Posera’s full service solutions include: 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; KDS, a Kitchen Display System that is now available as a standalone product; and SecureTablePay®, an EMV compliant pay-at-the-table solution. 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“.
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 April 1st, 2019 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.