Sierra Monitor Corporation Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2014
Company Delivers Record Annual Revenue with Fourth Quarter Sales up 20% and Fourth Quarter Non-GAAP Net Income up 38% Year over Year
Milpitas, California –Â Sierra Monitor Corporation (OTCQB: SRMC), a provider of Industrial Internet of Things (IIoT) solutions that connect and protect high-value infrastructure assets, today announced financial results for the fourth quarter and year ended December 31, 2014.
Financial Highlights
Delivered annual sales of approximately $19.3 million for the year ended December 31, 2014, an increase of approximately 5%, compared to approximately $18.3 million reported for the prior year.
Achieved Q4 2014 net sales of approximately $5.1 million, compared to approximately $4.3M million in the same prior year period, an increase of approximately 20%.
Achieved annual GAAP net income of $0.03 per share (basic and diluted) for the year ended December 31, 2014, compared to GAAP net income of $0.13 per share (basic and diluted) for the prior year.
Reported Q4 2014 GAAP net income per share of $0.00 (basic and diluted), compared to GAAP net income of $0.02 per share (basic and diluted) for the prior year period.
Achieved annual Non-GAAP net income of $0.12 per share (basic and diluted) for the year ended December 31, 2014, compared to Non-GAAP net income of $0.17 per share (basic and diluted) for the prior year.
Reported Q4 2014 Non-GAAP net income per share of $0.04 (basic and diluted), compared to $0.03 per share (basic and diluted) in the same prior year period.
Ended Q4 2014 with a cash balance of approximately $3.3 million and no bank debt compared to a cash balance of $3.4 million at end of 2013.
Declared tenth consecutive quarterly dividend of $0.01 per share, paid on February 17, 2015
Business Highlights
Sierra Monitor continued to expand its customer base for its FieldServer protocol gateway products with design wins across a variety of applications, and added new distribution channels outside the United States, further extending Sierra Monitor’s global reach. A number of such wins are highlighted below.
Network Thermostat, a manufacturer of wired and wireless thermostats, is including the FieldServer protocol gateway with their solution for campus and multi-site new constructions and retrofits. Building owners and integrators are looking to connect thermostats to centralized Building Management Systems (BMS), and the inclusion ofthe multi-protocol FieldServer protocol gateway enables Network Thermostat to quote such projects, regardless of the BMS or BMS protocol in use. The company selected Sierra Monitor’s FieldServer products because of the gateway’s multi-protocol support, the ability to connect up to forty thermostats per gateway, ease of installation, and support for the BBMD feature that allows thermostats in different sites to be controlled remotely by a centralized BACnet BMS from a corporate location.
IPCOM Fisher, a North American integrator, is using FieldServer protocol gateways to connect multiple properties managed by a facilities manager to a centralized cloud based monitoring system. The cloud based dashboard will initially consolidate and display data from a Siemens’ fire alarm system at each property, but is expected to encompass other building systems such as security, lighting, and HVAC, providing a unified management interface to the facilities manager.
Buckeye Power, a reseller of Kohler power generator sets, is using FieldServer protocol gateways to connect the generator sets at multiple customer sites to the facility’s BACnet-based BMS. The gateway’s one-page configuration ability simplifies integration and allows Buckeye Power to focus on their core mission of representing and installing world-class back-up power generator sets at facilities.
Oya Solar, an installer of commercial grade solar power generation, used the FieldServer protocol gateway products to integrate on-site inverters and revenue meters to the utility’s SCADA system to enable the utility to provide appropriate revenue credits to the solar plant owner. The gateway converts the Modbus RTU protocol to Modbus TCP for local management, and also converts and routes a relevant subset of data points over DNP3 Ethernet to the utility’s central site.
Kuwaiti integrator, Al Kulaib Universal, used high capacity FieldServer protocol gateways to extract and integrate nearly 30,000 data points from a Siemens Fire Alarm system.
Futurasmus KNX Group, a leading distributor and training services provider for KNX based building automation systems focusing on specific Europe, Middle East, and Africa (EMEA) markets, will begin offering the FieldServer KNX gateway product as part of their catalog. The multi-protocol gateway will enable integrators to tie KNX based systems to other automation networks such as BACnet.
Additionally, Sierra Monitor’s Sentry IT line of fire and gas solutions continues to be selected to protect high-value assets and facilities around the world for various applications including the growing use of alternative fuels for transportation.
Retailer giant Kroger, whose Fred Meyer’s Clackamas Distribution Center in Oregon has been designed and engineered by Clean Energy Fuels Corporation, will be using the Sentry IT controller and gas detectors in the facility used to maintain forty trucks that run on liquefied natural gas (LNG). This project, Kroger’s first use of LNG vehicles, represents the company’s commitment to alternate fuels and clean energy. The Sentry IT solution was selected because of its Modbus capability, low power requirements, and UL 2075 approval. The system was commissioned by Christiansen Electric on behalf of Clean Energy Fuels, and approved by the local Authority Having Jurisdiction (AFJ) in November 2014
Tioga Air Heater, a company that designs, manufactures, and leases industrial air heaters for various applications including oil and gas drilling and exploration in cold regions, is trialing the Sentry IT system to detect the leakage of natural gases and the presence of hydrogen sulfide (H2S), a toxic byproduct. The FM approval carried by the Sentry IT system and a successful track record in alternative fuels detection were key criteria for selection.
The Stotlhaven Tembusu Terminal, a $350M petrochemical tank farm on Singapore’s Jurong Island, has selected integrator Access Professional to install Sierra Monitor’s combustible gas detection system to identify potential leaks at their truck loading and tank storage areas. When fully operational, the terminal will provide 300,000 cubic meters of storage for oil, chemicals and liquefied petroleum gases.
PT MaxPower Group of Indonesia, supplier of turnkey power systems to large facilities, has selected Sierra Monitor’s combustible gas detection system to protect facilities and personnel from any leaks from the natural gas powered turbines used in the turnkey power systems.
About Sierra Monitor Corporation
Sierra Monitor Corporation addresses the industrial and commercial facilities management market with Industrial Internet of Things (IIoT) solutions that connect and protect high-value infrastructure assets.
The company’s FieldServer brand of protocol gateways is used by system integrators and OEMs to enable local and remote monitoring and control of assets and facilities. With more than 100,000 products, supporting over 140 protocols, installed in commercial and industrial facilities, FieldServer is the industry’s leading multi-protocol gateway.
Sierra Monitor’s Sentry IT fire and gas detection solutions are used by industrial and commercial facilities managers to protect their personnel and assets. Sentry IT branded controllers, sensor modules, and software are installed at thousands of facilities such as natural gas vehicle fueling and maintenance stations, wastewater treatment plants, oil and gas refineries and pipelines, parking garages, US Navy ships, and underground telephone vaults.
Headquartered in the heart of Silicon Valley in Milpitas, California, Sierra Monitor was founded in 1979 and has been a public company since 1989. By combining its distinguished track record in industrial sensing and automation with emerging IoT technologies such as cloud connectivity, big data, and analytics, Sierra Monitor is at the forefront of the emerging IIoT trend.
For more information visit: http://www.sierramonitor.com/
Sierra Monitor Investor Relations Contact
Varun Nagaraj
CEO, Sierra Monitor Corporation
vnagaraj@sierramonitor.com
