ALARMFORCE INDUSTRIES $10.55 (Toronto symbol AF; TSINetwork Rating: Speculative) (1-800- 267-2001; www.alarmforce.com; Shares outstanding: 11.6 million; Market cap: $122.7 million; Dividend yield: 1.7%) sells twoway voice-alarm systems and monitoring services in Canada and increasingly in the U.S.
In the three months ended April 30, 2015, Alarm- Force’s sales rose 6.5%, to $14.0 million from $13.2 million a year earlier. Earnings per share were unchanged at $0.15. Sales gained along with the company’s subscriber base and higher monthly revenue per subscriber. Earnings were flat 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. About 40% of its subscribers have since added AlarmForce Connect.
AlarmForce also sells VideoRelay, which lets users watch their homes through mobile devices. This service now has 9,200 subscribers, with 5,600 in Canada and 3,600 in the U.S.
The company’s U.S. customer base grew 4.5% over the last year, to 36,800 from 35,200. In Canada, it now has 109,900 users, up just 1.2% from 108,600. That’s partly because there are new competitors in the Canadian market, including Rogers Communications’ Smart Home Monitoring service.
AlarmForce’s outlook is positive, and the high U.S. dollar is boosting the amount its U.S. operations contribute to its earnings. However, it will still have to keep spending heavily to market its new services and further expand in the U.S.
The company raised its quarterly dividend by 50.0% with the May 2015 payment, to $0.045 a share from $0.03. The stock now yields 1.7%.
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