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Posted November 23, 2012

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RDM Corporation Reports Fourth Quarter and Year End Financial Results

Strong performance in Payment Processing Drives Increased Profitability

WATERLOO - RDM Corporation reported its financial results for the year and three-month period ended September 30, 2012. All figures are reported in U.S. dollars unless otherwise stated.

Q4 2012 Highlights

Total revenue was $5.7 million in the fourth quarter of fiscal 2012, an increase of 16% from $4.9 million in Q4 2011, and up 9% from $5.2 million in the previous quarter.
Payment Processing Services revenue was $3.1 million, up 17% from $2.7 million in Q4 2011, and a 6% increase over the prior quarter.
Revenue for Digital Imaging Products increased by 13% to $2.6 million, as compared to $2.3 million for Q4 of 2011. Compared to Q3 2012, revenues for Digital Imaging were up by 18% from $2.2 million.
Gross profit was $2.9 million or 54% of revenues in Q4 2012, compared to $2.2 million or 46% of revenues in Q4 2011, and $2.7 million or 53% of revenues in the prior quarter.
The Company ended the year with over 28,500 seats on its ITMS network, an increase of 30% from one year earlier and 4% compared to the prior quarter.
EBITDA was $983,000 in the fourth quarter of 2012, compared to negative EBITDA of $854,000 a year earlier.
Net income was $616,000 or $0.03 per share in Q4 2012, compared to a $1.5 million loss in the fourth quarter of 2011.
Operating Income was $462,000, as compared to $76,000 for the same period last year.
The Company generated $2.3 million in cash from operations during the quarter and ended the period with a cash balance of $18.9 million.

2012 Annual Highlights

Total revenue in 2012 was $20.4, down 4.7% from $21.4 million in 2011
Payment Processing Services revenue grew by 14% from $10.2 million in 2011 to $11.6 million in 2012. Digital Imaging revenue was $8.8 million in 2012 compared to $11.2 million in 2011.
Gross profit increased from $8.4 million in 2011 to $10.4 million in 2012 and as a percentage of revenue grew from 39% to 51%.
The Company added over 6,500 new end user seats during the year, an increase of 30% over 2011.
Net income for 2012 was $1.7 million, compared to a net loss of $230,000 in 2011.
EBITDA for 2012 was $3.1 million, up 138% from $1.3 million in 2011.
The Company generated $4.2 million in cash from operations during the year. The Company ended the year with $18.9 million in cash and cash equivalents.

"I am very pleased with our performance for 2012," stated Randy Fowlie, President and CEO of RDM, "We continue to see strong customer adoption of our Payment Processing Services, as evidenced by the 30% growth in seats. We won major new accounts within the small business groups of our existing customer base. In addition, we are seeing a strong pipeline of mobile pilots with our existing financial institutions."

"We reported a $1.9 million improvement in our bottom line, and generated $4.2 million in cash from operations. While our Digital Imaging revenue was down year over year, our gross margins improved. We ended the year with $18.9 million in cash. This strong cash position provides us the opportunity to make investments where necessary to grow our business"

"We feel we have accomplished a lot this past year, both in terms of profitability and sales momentum, and we look forward to building on this progress throughout fiscal 2013."

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