IRVINE, Calif.--(BUSINESS WIRE)--Location Based Technologies, Inc. (OTCBB: LBAS), maker of the consumer focused PocketFinder personal GPS device and several commercial GPS tracking devices, announced today that the Company achieved positive gross margins in its first fiscal quarter of 2014. The gross margin improvement represents the first time in the Company’s history in which gross revenue exceeded the cost of revenue.
During the first fiscal quarter of 2014, the Company generated $408,804 in gross revenue with a $381,807 cost of revenue.
“We believe that our gross margins will continue to improve as we move closer to profitability,” said Location Based Technologies’ CEO, Dave Morse. “As our customer base grows our embedded costs become a smaller percentage of our cost of operations and that is the growth direction we have been seeking,” he added.
About Location Based Technologies
A publicly traded company, Location Based Technologies (LBAS) designs and builds dedicated GPS products and services that are affordable and easy to use. The Company’s consumer products are sold under the PocketFinder brand, and its commercial products are sold under the LBT brand. For more information, visit: www.pocketfinder.com or www.locationbasedtech.com.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, outcomes of legal proceedings and claims, fulfillment and data center optimization, seasonality, commercial agreements, acquisitions and strategic transactions, system interruption, inventory, government regulation and taxation and payments. More information about factors that potentially could affect Location Based Technologies’ financial results is included in Location Based Technologies’ filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.
PocketFinder and Location Based Technologies, Inc. are trademarks of Location Based Technologies, Inc. registered in the U.S. and other countries.