July 5, 2001 by Canadian Underwriter
Boomerang Tracking Inc. (TSE: BMG) notes that during the past 12 months, through agreements with 32 insurance companies in Quebec and 14 in Ontario, the company’s vehicle tracking device has led to the recovery of over 1,000 vehicles valued at more than $50 million. In announcing its year-end financial results, the company also says that more than 39,000 new Boomerang units were activated between April 2000 and April 2001, up 182% from the year prior.
Popularity of the units, which allow stolen vehicles to be tracked via cellular networks, led to tremendous growth for the company, currently in the process of expanding its reach across the country. The company’s revenues were $12 million for the year, up from $4.5 million the year prior and net earnings reached $2.1 million, up from $0.3 million. Earnings per share increased to $ 0.094, up from $ 0.012, representing a 683% jump.
According to Boomerang Tracking, last year over 20,000 stolen vehicles were exported from Canada and insurers lost over $1 billion to vehicle theft.