SuperCom Reports Record 2014 Full-Year Results
Full-Year Revenues of $30 Million; EBITDA of $11 Million; Non-GAAP EPS of $0.81
$6.3 million net cash provided by operating activities in full-year 2014
Reaffirms 2015 Outlook for at least 40% Revenue Growth and Non-GAAP EPS of $1.20
HERZLIYA, Israel, March 26, 2015 /PRNewswire/ -- SuperCom (SPCB), a global provider of secured Solutions for e-Government, Public Safety, HealthCare, and Finance sectors, announced today its results for the three and 12 month periods ended December 31, 2014.
Financial Highlights of Full-Year 2014 compared to full-year 2013
Revenue increased to $29.7 million compared to $8.8 million last year
GAAP operating income increased to $8.0 million compared to $1.5 million last year
Non-GAAP operating income increased to $10.7 million compared to $1.9 million last year
EBITDA increased $11 million (37.1% margin) compared to $2 million (22% margin) last year
Non-GAAP earnings per share of $0.81 compared to $0.21 last year
Record net cash provided by operating activities of $6.3 million
Financial Highlights of the Fourth Quarter of 2014 compared to the fourth quarter of 2013
Revenue increased by 183% to $8.2 million compared to $2.9 million last year
GAAP operating income increased to $0.7 million compared to a loss of $0.1 million last year
Non-GAAP operating income was $2.1 million compared to $0.2 million last year
EBITDA was $2.3 million (28.4% margin) compared to $0.2 million (8.8% margin) last year
Non-GAAP earnings per share of $0.17 compared to $0.03 last year
Record net cash provided by operating activities of $4.7 million
"2014 was truly a transformative year for SuperCom, highlighted by significant year-over-year growth, strong cash flows and an expanding base of recurring revenue," commented Arie Trabelsi, SuperCom's President and CEO. "We completed the integration of the SmartID division that we acquired in December 2013 into SuperCom and strengthened our position in the E-ID market. We enter 2015 with a strong backlog, enhanced visibility for the future, and growing confidence that we have the right solutions, at the right time, in the right markets. We are well positioned for the future."
Full-Year 2014 Operational Highlights
New contracts totaling $60 million in size
Seamless integration of the SmartID division into SuperCom;
Introduction of the enhanced PureSecurity Electronic Monitoring Suite, giving SuperCom a strong position in the M2M and IOT (Internet of Things) space;
Introduction of the new secure mobile payments suite, SuperPay, including the SuperPOS, PureWallet, SuperTap, and SafeMoney solutions;
New implementation of Biometric e-Visa, e-Gate, e-Passport, and Resident Identification Systems to enhance national security while stimulating economic growth;
"During the year, we received $60 million of new contracts including two significant contracts with new customers," Mr. Trabelsi added. "We strengthened our pipeline of opportunities for fast growing vertical markets and in new countries around the globes. During the year we also made significant progress towards transitioning our legacy RFID components business into a solutions-focused provider of products aimed at very specific targeted market verticals. In addition, we introduced a full suite of secure mobile payment solutions that we will initially look to cross-sell to our existing customer base and that we believe will ultimately appeal to a much larger addressable market."
2015 Outlook
The company reiterated its expectations of revenue growth for the full year ended December 31, 2015 to exceed 40% on a year-over-year basis and anticipated non-GAAP EPS in 2015 to exceed $1.20 per share.
Results Conference Call
The Company will host a conference call today, Thursday, March 26, 2015 at 11 a.m. ET. Company management will host the call and will be available to answer investors' questions after presenting the results of the third quarter.
