Texada Software Inc. Announces Operating Results for the Quarter Ended March 31, 2011:
15 June 2011 - 8:12AM
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, 2011. This is the Company's first
reporting period under International Financial Reporting Standards
("IFRS").
For the quarter ended March 31, 2011, the Company generated
total revenues of $1.1 Ml. and a net loss of $0.17 Ml. Adjusted
EBITDA (defined as net earnings (loss) for the period adjusted for
amortization, accretion on convertible debt, interest expense,
foreign exchange, and stock based compensation expense) was a loss
$0.06 Ml. These results compare to total revenues of $1.20 Ml., net
earnings of $0.15 Ml. and an Adjusted EBITDA of $0.23 Ml. in
2010.
Revenue in the current quarter was $0.10 Ml. below that attained
in 2010. This shortfall was attributable to a decline in license
revenue in 2011 from software version upgrades of $0.19 Ml.
partially offset by an increase in new license revenue of $0.08 Ml.
compared to fiscal 2010. This reduction in license revenue resulted
in a corresponding $0.10 Ml. decline in gross profit in the
quarter. Operating expenses increased by $0.18 Ml. in 2011, with
$0.11 Ml. of the increase relating to strategic initiative expenses
which did not commence until the fourth quarter of 2010. The
balance of the increase relates to other personnel expenses.
Non-operating expenses, which under IFRS are financing related,
increased to $0.09 Ml. form $0.06 Ml. due to an increase in foreign
exchange expense in the current year compared to the first quarter
of 2010.
"Our first quarter operating results were negatively affected by
a decline in licence revenue", said President Brian Spilak. "The
shortfall in profitable software upgrade revenue was offset to some
extent by revenue from new licences but on a combined basis had a
$0.10 Ml. effect on our Adjusted EBITDA and net earnings
performance in the quarter. We see new opportunities in the market
for the balance of 2011 and with our strong foundation of industry
leading technology, personnel and customers we look forward to
improving our operating results in future quarters."
"We continue to explore new opportunities to profitably expand
Texada's business" said William Swisher, the Company's CEO. He
continued, "We look forward continuing with this important
initiative in the second quarter and the balance of Texada's fiscal
2011."
The Company's financial results for the quarter are presented below:
----------------------------------------------------------------------------
Thousands of Canadian Dollars Three Months Ended March 31,
(except per share amounts)
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2011 2010
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Revenue $ 1,102 $ 1,204
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Operating Income (Adjusted EBITDA) (79) 210
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Net Earnings (Loss) for the Period $ (166) $ 143
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Net Earnings (Loss) per Share $ (0.013) $ 0.017
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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 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 CFO 1-800-361-1233 x - 2104
jmcinnis@texadasoftware.com
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