Inova Releases Fiscal Year End Financial Results: Revenue Increased 318% to $22.6 Million From $5.4 Million
18 August 2009 - 10:58AM
PR Newswire (US)
SANTA MONICA, Calif., Aug. 17 /PRNewswire/ -- Inova Technology
("INVA") released its fiscal year results. For the year ending in
April 30, 2009 revenue increased to $22.6 million from $5.4 million
during the year ended April 30, 2008. Earnings before income taxes,
depreciation and amortization, a non-GAAP measure, increased to
$2.6 million from $89,000 during the comparative year end periods.
This increase was primarily due to the successful integration of
the Desert Communications and Trakkers acquisitions during the
fiscal year ended April 30, 2009. Net loss for the years ended
April 30, 2009 and 2008 increased to $2.0 million from $1.0
million, respectively, primarily due to increased interest expense
and amortization. Net loss per share for the year ended April 30,
2009 increased to $.82 from $.65 for the year ended April 30, 2008.
Net cash provided by operating activities increased to $3.2 million
during the year ended April 30, 2009 from $.8 million during the
year ended April 30, 2008. Total assets increased 40% to $14.7
million as of April 30, 2009 from $10.5 million as of the year
ended April 30, 2008. Shareholder equity increased 178% to $3.9
million as of April 30, 2009 compared to $1.4 million as of April
30, 2008. We ended the fiscal year, April 30, 2009, with $1.1
million of cash in the bank. "We are very pleased with our
performance during such a challenging period. These results clearly
reflect the tremendous progress that our team has made as we
successfully execute our business plan under stressful recessionary
conditions," said CEO, Mr. Adam Radly. About Inova Technology Inova
Technology, Inc. (INVA) is an enterprise level Information
Technology solutions provider specializing in providing RFID
solutions, wireless networking, storage and security technology
solutions and IT professional services. Our objective is to
implement and optimize solutions for our clients with best of breed
technology and the best possible service. INVA has two
complementary business units, one providing RFID solutions and the
other providing network solutions. For more information please
visit the company website at: http://www.inovatechnology.com/ or
contact our Investor Relations Firm, Issuers Capital Advisors, LLC
at 480-366-5930 or . Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: Except for historical
information, the forward-looking matters discussed in this news
release are subject to certain risks and uncertainties which could
cause the Company's actual results and financial condition to
differ materially from those anticipated by the forward-looking
statements including, but not limited to, the Company's liquidity
and the ability to obtain financing, the timing of regulatory
approvals, uncertainties related to corporate partners or
third-parties, product liability, the dependence on third parties
for manufacturing and marketing, patent risk, copyright risk,
competition, and the early stage of products being marketed or
under development, as well as other risks indicated from time to
time in the Company's filings with the Securities and Exchange
Commission. The Company assumes no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events. DATASOURCE: Inova Technology, Inc. CONTACT:
Investors, Issuers Capital Advisors, LLC, +1-480-366-5930, , for
Inova Technology, Inc.
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