ALARMFORCE INDUSTRIES $10.08 (Toronto symbol AF; TSINetwork Rating: Speculative) (1-800- 267-2001; www.alarmforce.com; Shares outstanding: 11.7 million; Market cap: $121.1 million; Dividend yield: 1.2%) sells twoway voice-alarm systems and monitoring services in Canada and increasingly in the U.S.
In the three months ended October 31, 2014, the company’s sales rose 5.2%, to $13.3 million from $12.6 million a year earlier. It earned $0.17 a share, down 19.0% from $0.21.
AlarmForce’s revenue rose along with its subscriber base and higher monthly revenue per customer. Earnings declined because it spent more on product development and marketing.
In August 2014, the company launched AlarmForce Connect, an add-on service that lets subscribers control their home security systems with a smartphone or tablet computer. About 34% of AlarmForce’s subscribers have added AlarmForce Connect.
The company also offers VideoRelay, which lets subscribers watch their homes through mobile devices. This service now has 8,700 subscribers, with 5,300 in Canada and 3,400 in the U.S.
AlarmForce’s U.S. customer base grew 6.8% in the latest quarter, to 35,900 from 33,600 a year ago. In Canada, it now has 108,800 users, up just 1.1% from 107,600. That’s partly because new competitors have entered the Canadian market, including Rogers Communications’ Smart Home Monitoring service.
The company’s outlook is positive, and the rising U.S. dollar should boost the amount that its U.S. operations contribute to its earnings. However, it will still have to spend heavily to market its new services and further expand in the U.S.
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