Texada Software Inc. Announces Operating Results for the Quarter Ended September 30, 2010
25 November 2010 - 9:54AM
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 and nine month period ended September 30, 2010.
The three month period ended September 30, 2010 marked the
seventh consecutive quarter of profitability for Texada resulting
in net earnings for the first nine months of 2010 of $0.29 Ml.
compared to $0.21 Ml. in 2009, an improvement of 35%. The Company
achieved an improvement in net earnings year over year for the nine
month period of 93% after removing the effect of the lease
settlements gains realized in 2009 as outlined below.
For the quarter ended September 30, 2010, the Company generated
total revenues of $1.05 Ml. and net earnings of $0.04 Ml. Adjusted
EBITDA (defined as net earnings (loss) for the period adjusted for
amortization, accretion on convertible debt, interest expense,
foreign exchange loss (gain), stock based compensation expense and
gain on lease settlement) was $0.14 Ml.
Revenues declined by 6.0% in the quarter and 1.4% in the nine
month period compared to 2009. Operating expenses for the nine
month period were virtually the same as the prior year and up 5.6%
for the current quarter. An increase in the proportion of total
revenue from licenses versus services and a resulting decline in
cost of revenue in the nine month period resulted in an Adjusted
EBITDA improvement of $0.15 Ml. in 2010. Non-operating expenses
increased by $0.08 Ml. year to date due to an expense reduction of
$0.06 Ml. being recorded in 2009 for a gain on the settlement of
property leases which were not repeated in the current year.
"We continue to be pleased with our operating results which on
an Adjusted EBITDA basis are improved considerably compared to 2009
despite the ongoing difficult environment in the equipment rental
industry" commented Texada's President, Brian Spilak. "We see some
signs of some improvement in outlook in our key markets and are
hopeful that 2011 will show a more robust level of activity for
software expenditures in our marketplace."
Incoming Chief Executive Officer Willie Swisher commented, "I
look forward to working with Brian and his team in assisting them
in any way I can to expand our business. They are to be commended
for their efforts and results over the past seven quarters and we
look forward to the balance of 2010 and into 2011 with optimism for
our current business and the expansion initiatives recently
announced, for which I am excited to have rejoined the Company to
spearhead."
The Company's financial results are presented below:
----------------------------------------------------------------------------
Thousands of Canadian
Dollars (except per Three Months Ended Nine Months Ended
share amounts) September 30, September 30,
----------------------------------------------------------------------------
2010 2009 2010 2009
----------------------------------------------------------------------------
Revenue $ 1,052 $ 1,119 $ 3,373 $ 3,422
----------------------------------------------------------------------------
Operating Income
(Adjusted EBITDA) 138 188 553 402
----------------------------------------------------------------------------
Net Earnings for the
Period 44 81 286 211
----------------------------------------------------------------------------
Net Earnings per Share $ 0.005 $ 0.01 $ 0.033 $ 0.024
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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: Corporate communications contact: Texada Software Inc.
Jim McInnis Chief Financial Officer 1-800-361-1233 x - 2104
jmcinnis@texadasoftware.com
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