Texada Software Inc. Announces Results for the Quarter Ended September 30, 2009
27 November 2009 - 10:07AM
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
third quarter ended September 30, 2009.
For the quarter ended September 30, 2009, the Company generated
total revenues of $1.12 Ml. and a net income of $0.08 Ml. Adjusted
EBITDA (defined as income (loss) for the period adjusted for
amortization, accretion on convertible debt, interest expense,
foreign exchange loss (gain), stock based compensation expense,
gain on lease settlement and gain on sale of intangible asset) was
$0.19 Ml. These results compare to total revenues of $1.22 Ml., a
net loss of $0.11 Ml. and an Adjusted EBITDA loss of $0.03 Ml. in
2008.
Revenue for 2009 was $1.12 Ml. compared to $1.22 Ml. recorded in
the second quarter of 2008. Operating expenses declined by more
than $0.30 Ml. during the quarter as a result of reductions in
support, sales and marketing and research and development expenses.
An increase in interest expense and interest on convertible
debentures in the quarter resulted in an increase in overall
non-operating expenses to $0.11 Ml. for the quarter compared to
$0.08 Ml. in the third quarter of 2008.
The three month period ended September 30, 2009 marked the third
consecutive quarter of profitability for Texada resulting in income
for the first nine months of 2009 of $0.21 Ml. compared a loss of
$0.40 Ml. in 2008, an improvement of more than $0.60 Ml. Results
for the first third quarters of 2008 included a one-time gain on
the sale of an intangible asset of $0.40 Ml.
"We are very pleased with Texada's operating performance in
2009, especially given current economic conditions", commented
President & CEO Brian Spilak. "We have now registered three
consecutive quarters of positive income and the Company's adjusted
EBITDA has increased with each passing quarter. The team remains
committed to ensuring that our customers are at the centre of
everything we do. Meeting and Exceeding Customer Expectations has
become entrenched in our everyday activities resulting in mutually
beneficial experiences with our customer base. We plan on continued
diligence with our cost control program while situating the
organization for what we anticipate further improvements in our
revenue performance as we head into the fourth quarter of 2009 and
fiscal 2010."
The Company's financial results are presented below:
----------------------------------------------------------------------------
Thousands of Canadian Three Months Ended Nine Months Ended
Dollars September 30 September 30
(except per share amounts)
----------------------------------------------------------------------------
2009 2008 2009 2008
----------------------------------------------------------------------------
Revenue $ 1,119 $ 1,216 $ 3,422 $ 3,671
----------------------------------------------------------------------------
Operating Income (Loss)
(Adjusted EBITDA) 188 (33) 402 (28)
----------------------------------------------------------------------------
Income (Loss) for the
Period 81 (112) 211 (400)
----------------------------------------------------------------------------
Income (Loss) per Share $ 0.009 $ (0.013) $ 0.024 $ (0.046)
----------------------------------------------------------------------------
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: Corporate communications contact: Texada Software Inc.
Brian Spilak, President & CEO 1-800-361-1233 x - 2123
bspilak@texadasoftware.com
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