Data Deposit Box: FY14 Financial Results

Data Deposit Box Inc., provider of SMB backup, recovery and disaster readiness cloud services, announced the results of its business operations for the year ended December 31, 2014.

These operations were carried out under the previous corporate name, Acpana Business Systems Inc. which amalgamated with Data Deposit Box Inc. on March 18, 2015 to become a public reporting issuer. The amalgamation occurred in conjunction with a series of private placements resulting in the combined entity raising a total of $2,880,869 CAD.

“2014 was a pivotal year for the company. We streamlined and revitalized our infrastructure and successfully delivered our disaster readiness and backup and recovery cloud service to one of the largest private computer manufacturers in the world, proving our product to be as robust and scalable as any in the marketplace. We are very proud of our successes in 2014 and believe that they along with our financing and go public transaction have poised us for considerable growth and milestones moving forward,” said Tim Jewell, CEO and founder, Data Deposit Box.

2014 Highlights
Revenue for the year ended December 31, 2014 was $5,009,764 and the company had an Adjusted EBITDA (earnings before interest and non-cash expenses – depreciation, amortization and share based payments) which showed the company generated positive cash flow from operations of $886,112 in 2014 versus a cash loss from operations in 2013 of $(1,246,978).

2013-2014 Comparison
While the current year’s revenue of $5,009,764 was slightly lower than the 2013 revenue of $5,279,454, there was a significant improvement in gross margin percentage from 44% in 2013 to 50% in 2014. In addition, operating expenses declined 28.8% from $5,188,432 to $3,696,127. This resulted in an overall turnaround of $1,648,318 such that the loss in 2014 was $1,171,683, down from the loss in 2013 of $2,836,420.

The positive cash flow from operations, Adjusted EBITDA, shows that based on the number of shares currently issued and outstanding after the recent amalgamation, the company’s cash flow per common share was $0.031 in 2014 while the loss per common share in the previous year was $(0.044).

Data Deposit Box technologies and solutions are currently used daily by over 200,000 customers, 1,000 resellers, 25 MSPs and private label partners for online backup and recovery, archiving, disaster readiness, secure file sharing and remote access.