Texada Software Inc. Announces Results for the Year Ended December 31, 2008
29 April 2009 - 11:11PM
Marketwired
Texada Software Inc. ("Texada") (TSX VENTURE: TXS), the premier
provider of equipment rental and mobile asset management software,
announces today its audited financial results for 2008.
For the year ended December 31, 2008, the Company generated
total revenues of $4.28 Ml. and a net loss of $1.68 Ml. Adjusted
EBITDA (defined as income (loss) for the year adjusted for
amortization, accretion on convertible debt, interest expense,
foreign exchange losses, severance payments, stock based
compensation expense, lease closure expenses and gain on sale of
asset) was a loss of $0.71 Ml. These results compare to total
revenues of $4.0 Ml., a net loss of $3.3 Ml. and an Adjusted EBITDA
loss of $1.41 Ml. for fiscal 2007.
Revenue for 2008 was 6.1% higher than revenue recorded for
fiscal 2007. The split between license and service revenue remained
virtually unchanged in 2008 compared to 2007. Gross profit in 2008
was consistent with 2007 at $3.56 Ml. while operating expenses
declined by more than $0.70 Ml. resulting in an improvement in
Adjusted EBITDA loss of an equal amount during 2008. A larger
reduction in the expense for accretion on convertible debentures
and the gain on sale of a domain name in the year resulted in a
decline in non operating expenses of more than $0.90 Ml., resulting
in a decline in the net loss for the year to $1.68 Ml. from $3.3
Ml. in 2007.
The quarter ending December 31, 2008 saw Texada close a
convertible debenture financing which provided significant
additional working capital and make a number of changes to its
senior management team, including the appointment of Brian Spilak
as President & Chief Executive Officer. As the year came to a
close, several important steps were taken to further align the
Company's cost structure to its revenue streams and the new
management team instituted a renewed focus on revitalizing
relationships with key customers. Coupled with these actions, a
detailed review of the Company's entire business model and
processes was commenced late in the quarter in order to properly
position Texada for 2009.
"While the fourth quarter of 2008 may have been disappointing
for Texada from a financial results perspective", notes Brian
Spilak, "we enter 2009 with a very healthy customer base, a strong
slate of products and services, exceptional partnerships and a
Texada team with renewed focus on Meeting and Exceeding our
Customer's Expectations. It is with this re-energized customer
focus that we look forward to building momentum and further
extending our feature rich product set into a growing market
leadership position".
The Company's financial results are presented below:
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Thousands of Canadian Dollars Three Months Year Ended
(except per share amounts) Ended December 31 December 31
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2008 2007 2008 2007
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Revenue $612 $ 689 $ 4,283 $ 4,036
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Operating Loss (Adjusted EBITDA) (684) (473) (712) (1,407)
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Net Loss for the Period (1,280) (1,316) (1,680) (3,300)
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Loss per share $ (0.15) $ (0.20) $ (0.20) $ (0.63)
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More information may be found at www.sedar.com.
About Texada Software Inc. (TSX VENTURE: TXS)
Texada Software Inc. is the premier provider of enterprise
software solutions for equipment rental and mobile equipment.
Texada's solutions are fully flexible and scalable to meet the
unique needs of any sized operation and are backed by proven
implementation, services and support.
Texada's market-driven software products combine knowledge and
best practices from over 5,000 users worldwide, resulting in
solutions that manage the complete asset life-cycle from
acquisition through to disposal. The Company's customers enjoy the
many benefits of this enhanced efficiency through better asset
utilization, effective location tracking, and optimized
scheduling.
Texada can be reached at 1-800-361-1233 or 1-519-836-7073, or on
the internet at www.texadasoftware.com.
This news release may contain forward-looking statements which
reflect the Company's current expectations regarding future events.
The forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate", "plan,
"estimate", "expect", "intend" and statements that an event or
result "may", "will", "should", "could" or "might" occur or be
achieved and other similar expressions. These forward-looking
statements involve risk and uncertainties, including the difficulty
in predicting acceptance of and demands for new products, the
impact of the products and pricing strategies of competitors,
delays in developing and launching new products, fluctuations in
operating results and other risks, any of which could cause
results, performance, or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
Many risks are inherent in the industry; others are more specific
to the Company. Investors Texada's ongoing quarterly filings should
be consulted for additional information on risks and uncertainties
relating to these forward-looking statements. Investors should not
place undue reliance on any forward-looking statements. Management
assumes no obligation to update or alter any forward-looking
statements whether as a result of new information, further events
or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Corporate communications contact: Texada Software Inc.
Brian Spilak President & CEO 1-800-361-1233 x - 2123 Email:
bspilak@texadasoftware.com
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