GINSMS Announces Financial Results for the Three and Six Months Ended June 30, 2024

CALGARY, Alberta, Aug. 12, 2024 (GLOBE NEWSWIRE) — GINSMS Inc. (TSXV: GOK) (the “Corporation”) has announced its financial results for the second quarter ended June 30, 2024.

The complete financial results for GINSMS are available at www.sedar.com. Highlights include:

  • Revenue of $815,190 for the three-month period ended June 30, 2024 as compared of $840,372 for the three-month period ended June 30, 2023.
  • Gross Profit of $428,725 for the three-month period ended June 30, 2024 as compared to gross profit of $306,419 for the three-month period ended June 30, 2023.
  • Operating expenses and finance costs of $232,918 for the three-month period ended June 30, 2024 increased from $211,157 for the three-month period ended June 30, 2023 .
  • Net profit of $203,164 for three-month period ended June 30, 2024 as compared to a net profit of $102,437 for three-month period ended June 30, 2023.

Selected Profit and Loss Information

Financial Highlights Three-month
period ended
June 30,
2024
(Unaudited)
  Three-month
period ended
June 30,
2023
(Unaudited)
  Six-month
period ended
June 30,
2024
(Unaudited)
  Six-month
period ended
June 30,
2023
(Unaudited)
 

Revenues $

       
A2P Messaging Service 275,248   314,359   424,208   602,736  
Software Products & Services 539,942   526,013   1,101,287   1,058,293  
  815,190   840,372   1,525,495   1,661,029  
         
Cost of sales $        
A2P Messaging Service 106,119   242,131   201,269   421,889  
Software Products & Services 280,346   291,822   594,383   588,265  
  386,465   533,953   795,652   1,010,154  
         
Gross profit $        
A2P Messaging Service 169,129   72,228   222,939   180,847  
Software Products & Services 259,596   234,191   506,904   470,028  
  428,725   306,419   729,843   650,875  
         
Gross margin %        
A2P Messaging Service 61.4%   23.0%   52.6%   30.0%  
Software Products & Services 48.1%   44.5%   46.0%   44.4%  
  52.6%   36.5%   47.8%   39.2%  
         
Adjusted EBITDA(1) $ 218,861   118,828   248,050   213,611  
Adjusted EBITDA margin 26.8%   14.1%   16.3%   12.9%  
Net profit/(loss) $ 203,164   102,437   205,078   174,105  
Net profit/(loss) margin 24.9%   12.2%   13.4%   10.5%  
Net earnings/(loss) per share $                 
Basic and Diluted (in Canadian cents) 0.108   0.054   0.109   0.093  
                 
(1) Adjusted EBITDA is a non-IFRS measure which does not have any standardized meaning under IFRS. Adjusted EBITDA is related to cash earnings and is defined for these purposes as earnings before income taxes, depreciation and amortization (in both cost of sales and general and administration expenses), interest expenses, and also excludes certain non-recurring or non-cash expenditure and income. This non-IFRS measure is not recognized under IFRS and accordingly, shareholders are cautioned that this measure should not be construed as an alternative to net income determined in accordance with IFRS. The non-IFRS measure presented is unlikely to be comparable to similar measure presented by other issuers. The Corporation believes that Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Corporation can use to fund working capital requirements, service interest and principal debt repayment and fund future growth initiatives.
   

About GINSMS

Certain information included in this press release may contain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, ”could”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, or “continue” or the negative thereof or variations thereon or similar terminology. These statements are not historical facts, but reflect management’s current beliefs and are based on information currently available to management regarding future results and events. Particularly, these forward-looking statements are based on management’s estimate of future events based on technological advances relating to the Corporation’s services, current market conditions and past experiences of management in relation to how certain contracts will affect revenues. Forward-looking statements, by their very nature, involve significant risks, uncertainties and assumptions.

A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to dependence on major customers, system failures, delays and other problems, increasing competition, security and privacy breaches, dependence on third-party software and equipment, adequacy of network reliance, network diversity and backup systems, loss of significant information, insurance coverage, capacity limits, rapid technology changes, market acceptance, decline in volume of attractions, retention of key members of the management team, success of expansion into Chinese and other Asian markets, credit risk, consolidation of existing customers, dependence on required licenses, economy and politics in countries where the Corporation operates, conflicts of interest and residency of directors and officers. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Corporation cannot assure the reader that actual results will be consistent with these forward-looking statements.

These forward-looking statements are made as of the date of this press release and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances except as may be required by law. Accordingly, readers should not place undue reliance on the forward-looking statements. All forward-looking statements contained in this press release are qualified by this cautionary statement.

For further information, please contact:

GINSMS Inc.
Joel Chin, CEO
Tel: +65-6441-1029
Email: [email protected]

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.


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