CORRECTION -- Route1 Reports 2017 Fourth Quarter and Full Year Financial Results
April 26 2018 - 11:10AM
Route1 Inc. (OTCQB:ROIUF) and (TSXV:ROI) (the “Company” or
“Route1”), a leader in secure data protection technologies and user
authentication for government and enterprise, earlier today
announced fourth quarter (Q4) and fiscal year (FY) financial
results for the period ended December 31, 2017. In the Q4
2017 condensed Statement of Operations, the “Recurring revenue and
services” and “Devices and appliances” revenue figures were
incorrectly presented in the original release. The corrected
table is as follows:
Fourth Quarter (Q4) 2017
In 000s
of CAD dollars |
Q4 2017 |
|
Q3 2017 |
|
Q2 2017 |
|
Q1 2017 |
Q4 2016 |
Q3 2016 |
Revenue |
|
|
|
|
|
|
Recurring revenue and services |
1,263 |
|
1,177 |
|
1,347 |
|
1,911 |
1,865 |
1,808 |
Devices and appliances |
109 |
|
159 |
|
24 |
|
30 |
21 |
221 |
Other |
48 |
|
2 |
|
0 |
|
0 |
0 |
2 |
Total
revenue |
1,420 |
|
1,338 |
|
1,371 |
|
1,941 |
1,886 |
2,031 |
Cost of
revenue |
331 |
|
362 |
|
298 |
|
335 |
338 |
448 |
Gross
profit |
1,089 |
|
976 |
|
1,073 |
|
1,606 |
1,548 |
1,583 |
Operating expenses |
1,164 |
|
1,131 |
|
1,151 |
|
1,289 |
1,356 |
1,243 |
Operating (loss) profit 1 |
(75 |
) |
(155 |
) |
(78 |
) |
317 |
192 |
340 |
Total
other expenses 2 |
170 |
|
183 |
|
157 |
|
109 |
101 |
34 |
Comprehensive net (loss) gain |
(245 |
) |
(338 |
) |
(235 |
) |
208 |
91 |
306 |
1 Before stock based compensation and patent
litigation2 Includes AirWatch litigation expenses
About Route1 Inc.Route1 Inc. is
a world-leader in secure data protection technologies and user
authentication for government and enterprise. Route1
solutions enable the workforce to be more productive and more
flexible without compromising system access, data-at-rest, or
data-in-use. The Company’s suite of patented enterprise
security solutions combines best-in-class authentication, data
security and secure communications with streamlined administration
tools, running on a proven, trusted infrastructure. From
mobile access to business continuity to best-in-class full system
encryption, Route1 offers the most effective, affordable methods to
secure the digital fortress, while meeting or exceeding the highest
standards for government and industry. Route1 has Full
Authority to Operate from the U.S. Department of Defense, the U.S.
Department of the Navy, the U.S. Department of the Interior, and
other government agencies. The Company is also trusted by
enterprise security teams in the banking, healthcare, legal and
education sectors, among others. With offices in Washington, D.C.,
Boca Raton, FL and Toronto, Canada, Route1 serves public and
private sector clients around the world. Route1 is listed on
the OTCQB in the United States under the symbol ROIUF and in Canada
on the TSX Venture Exchange under the symbol ROI. For more
information, visit: www.route1.com.
For More Information Contact:
Tony BusseriCEO, Route1 Inc.+1 416
814-2635tony.busseri@route1.com
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.
This news release contains certain
forward-looking statements within the meaning of applicable
securities laws, including statements regarding Route1’s investment
plans, financial outlook and future financial performance. Words
such as “expects”, “anticipates” and “intends” or similar
expressions are intended to identify forward-looking
statements.
These forward-looking statements are based on
Route1’s current projections and expectations about future events
and financial trends that management believes might affect its
financial condition, operations, results of operations, business
strategy, prospects and financial needs, and on certain assumptions
and analysis made by Route1 in light of the experience and
perception of historical trends, current conditions and expected
future developments and other factors management believes are
appropriate. These projections, expectations, assumptions and
analyses are subject to known and unknown risks, uncertainties,
assumptions and other factors that could cause actual results,
performance, events and achievements to differ materially from
those anticipated in these forward-looking statements. Although
Route1 believes that the assumptions underlying these
forward-looking statements are reasonable, they may prove to be
incorrect, and readers cannot be assured that actual results will
be consistent with these forward-looking statements. Actual results
could differ materially from historical results and from those
projected in the forward-looking statements as a result of numerous
factors, including certain risk factors, many of which are beyond
Route1’s control, including but not limited to: (i) expected cash
position; (ii) integration of acquisitions; (iii) timing of
hardware based sales and related payments; (iv) ability to fulfil
orders; (v) ability to capitalize on opportunities and to realize
synergies across product lines; (vi) the costs and expected results
of the patent litigation process initiated by Route1; (vii)
exchange rate fluctuations; (ix) historical results not being
indicative of future results, (x) expected profit margins, and
(xii) other one-time events and other important factors disclosed
previously and from time to time in Route1’s public filings with
the securities commissions or similar securities regulatory
authorities in each of the provinces or territories of Canada. The
forward-looking statements contained in this news release represent
Route1’s expectations as of the date of this news release, or as of
the date they are otherwise stated to be made, and subsequent
events may cause these expectations to change. Route1 undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by law.
© 2018 Route1 Inc. All rights reserved. No part
of this document may be reproduced, transmitted or otherwise used
in whole or in part or by any means without prior written consent
of Route1 Inc. See
https://www.route1.com/terms-of-use/ for notice of Route1’s
intellectual property.
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