Texada Software Inc. Announces Results for the Quarter Ended March 31, 2009
28 May 2009 - 12:00AM
Marketwired
Texada Software Inc. ("Texada") (TSX VENTURE: TXS), the premier
provider of equipment rental and mobile asset management software,
announces today its unaudited interim financial results for the
three months ended March 31, 2009.
For the quarter ended March 31, 2009, the Company generated
total revenues of $1.19 Ml. and a net income of $0.03 Ml. Adjusted
EBITDA (defined as income (loss) for the period 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 $0.10 Ml. These results compare to total revenues of
$1.34 Ml., a net loss of $0.07 Ml. and an Adjusted EBITDA of $0.19
Ml. in 2008.
Revenue for 2009 was 11.5% lower than revenue recorded in the
first quarter of 2008 reflecting a reduction in the sale of new
licenses in the quarter compared to 2008. Operating expenses
declined by more than $0.17 Ml. during the quarter. A reduction in
interest expense and accretion on convertible debentures of some
$0.57 Ml. in 2009 offset by a gain on sale of a domain name
realized in 2008 of $0.40 Ml. resulted in an overall decline in
non-operating expenses of $0.19 Ml. in the quarter compared to Q1
2008.
The three month period ended March 31, 2009 was the first full
quarter for Texada's new senior management team, led by President
& Chief Executive Officer Brian Spilak. During the quarter,
management completed a detailed review of the Company's entire
business model, spent considerable time reconnecting with key
customers and focused on expense and cash management.
"We are pleased with our financial results for Q1 2009", noted
Brian Spilak. "In what we expect to be a challenging year, we are
excited to be able to get off with a positive start. We have
completed our review of the Company's operations and developed a
sound plan for 2009. The Texada team remains focused on Meeting and
Exceeding Customer Expectations and we will continue to devote
substantial time on maintaining and enhancing our key customer
relationships for the balance of the year."
The Company's financial results for the quarter are presented
below:
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Thousands of Canadian Dollars
(except per share amounts) Three Months Ended March 31
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2009 2008
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Revenue $ 1,187 $ 1,341
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Operating Income (Adjusted EBITDA) 103 188
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Income (Loss) for the Period $ 28 $ (74)
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Income (Loss) per Share $ 0.003 $ (0.009)
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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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Texada Software Inc. Brian Spilak President & CEO
1-800-361-1233 x - 2123 bspilak@texadasoftware.com
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