Attached files
| file | filename |
|---|---|
| 8-K - REMOTEMDX, INC. FORM 8-K JANUARY 13, 2010 - Track Group, Inc. | rmdx8k20100113.htm |
| EX-3.1 - AMENDMENT TO ARTICLES OF INCORPORATION, DESIGNATION OF RIGHTS AND PRIVILEGES OF SERIES D CONVERTIBLE PREFERRED STOCK - Track Group, Inc. | rmdx8k20100113ex3-1.htm |
| EX-10.1 - FORM OF SERIES D CONVERTIBLE PREFERRED STOCK PURCHASE AGREEMENT - Track Group, Inc. | rmdx8k20100113ex10-1.htm |
| EX-10.2 - FORM OF SERIES D CONVERTIBLE PREFERRED STOCK EXCHANGE AGREEMENT - Track Group, Inc. | rmdx8k20100113ex10-2.htm |
Exhibit 99-1
RemoteMDX,
Inc. Announces Annual Recurring Revenue Growth of 23% for Fiscal Year Ended
September 30, 2009
Sandy, UT
– (Marketwire 1/14/10) – RemoteMDx Inc. (OTCBB: RMDX), a national leader in
interactive offender tracking technologies widely utilized by more than 600
public safety agencies across 35 states, reported improved operating results on
a year-over-year basis for its fiscal year ended September 30,
2009.
Recurring
revenue is generated by contracts providing for fixed payments over a period of
time. In fiscal year 2008, the company focused its business model away from
product sales towards monitoring services contracts which provide a more
predictable source of recurring revenues. Total consolidated recurring revenues
from monitoring services grew from $9,826,077 in the fiscal year ended September
30 2008 to $12,055,159 for the same reporting period in 2009, an increase of
$2,229,082 or 23%. Importantly, over a two year period, recurring revenues from
monitoring services have grown from $5,082,109 in the fiscal year ended
September 30, 2007 to $12,055,159 for the same reporting period in 2009, an
increase of $6,973,050 or 137%.
The
company reported a gross margin of $167,765 for the fiscal year ended September
30, 2009 compared to a negative gross margin of $705,313 for the fiscal year
ended September 30, 2008, an improvement of $873,078. The reported
gross margins reflect impairment costs of $2,319,530 and $570,948 for fiscal
years ended September 30, 2009 and 2008, respectively. These
impairment costs resulted from the disposal of obsolete monitoring equipment and
parts in connection with TrackerPAL I devices. These costs are not
expected to continue in future periods. Excluding impairment costs,
adjusted gross margin for the fiscal year ended September 30, 2009 was
$2,487,295, compared to an adjusted negative gross margin of $134,365 for the
same reporting period in 2008, an improvement of $2,621,660.
“Strong
recurring revenue growth was achieved through the deployment and expansion of
TrackerPAL II initiatives, while gross margin improvements were realized through
a continued emphasis on the reduction of communication, monitoring center and
manufacturing costs,” said Mr. Hastings, President and Chief Operating Officer
of RemoteMDx. “The company will continue to focus vigorously on
delivering profitable top line growth and bottom line results in the next fiscal
year, realized through continuous quality initiatives, prudent cost management,
superior service levels and aggressive market development programs,” continued
Mr. Hastings, in response to the company’s recent filing of its annual report on
Form 10-K with the Securities and Exchange Commission. A more complete
discussion of operating results for the fiscal year ended September 30, 2009 is
included in the annual report, filed on January 13, 2010.
About
RemoteMDx
RemoteMDx
is a leading edge, patented intervention monitoring, case management and
advanced communications technology company, widely utilized by approximately
15,000 Offenders in over 600 law enforcement agencies, judicial districts and
county jurisdictions across 35 states, with applications targeted for offender
tracking and homeland security. Through its SecureAlert subsidiary,
RemoteMDx observes and tracks offenders no matter where they may be -- in their
car, home or office. SecureAlert can intervene in real-time with direct voice
communication when an offender is in violation of probation or parole, such as
sex offenders who are prohibited from entering school areas, parks, etc. Highly
trained monitoring center personnel monitor the offender's activities 24/7
through GPS satellite mapping and computer systems. The SecureAlert programs
allow convicted criminals to re-enter society by keeping them accountable 24
hours a day, every day, supporting rehabilitation initiatives and providing for
enhanced public safety, while reducing the overall burdens and costs carried by
the criminal justice and corrections systems. To learn more about RemoteMDx,
visit www.remotemdx.com.
Safe
Harbor Statement
This
press release contains forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Securities Exchange Act,
including future growth and earnings opportunities of the
company. Actual results could differ materially from those projected
in these forward-looking statements, which involve a number of risks and
uncertainties, including the company's ability to retain and to promptly satisfy
current backorders and other economic, competitive, governmental, technological,
regulatory, manufacturing and marketing risks associated with the company's
business and financial plans. The contents of this release should be considered
in conjunction with the risk factors, warnings, and cautionary statements that
are contained in the company's most recent filings with the Securities and
Exchange Commission.
Contact:
Jeffrey
Peterson
Investor/Media
Relations
866-451-6141
ir@remotemdx.com