GUELPH, ONTARIO — (Marketwire) — 08/26/11 — 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 and six months ended June 30, 2011.
For the quarter ended June 30, 2011, the Company generated total revenues of $1.2 Ml. and a net loss of $0.11 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 $0.02 Ml. These results compare to total revenues of $1.12 Ml., net earnings of $0.14 Ml. and an Adjusted EBITDA of $0.19 Ml. in 2010.
Revenue for the quarter increased by $0.08 Ml. or 7.3% compared to 2010. The proportion of total revenue from licenses increased in the current year resulting in an improvement in gross profit of $0.11 Ml. compared to 2010. Operating expenses increased by $0.29 Ml. in 2011 with strategic initiative expenses comprising $0.23 Ml. of this increase.
For the six month period, the Company incurred a net loss of $0.27 Ml. compared with net earnings of $0.29 Ml. in 2010. Revenue and gross profit in the period were consistent with the same period in 2010. Operating expenses increased by $0.48 Ml. with strategic initiative expenses accounting for $0.34 Ml. of this change from 2010.
“Excluding the effect of the Company-s strategic initiative, our operating performance during the first six months of 2011 was relatively consistent with 2010”, said President Brian Spilak. “We did see some increases in support and research development expenses which we had envisaged in our plan for the current year. We continue to see 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 are very excited by the opportunities identified in our August 2, 2011 press release and look forward to closing those transactions over the balance of the current quarter” said William Swisher, the Company-s CEO. He continued, “we look forward to continuing to working with our existing customer base and to the mutually beneficial results we anticipate from our vertical integration into the equipment rental and dealership businesses.”
The Company-s financial results for the period are presented below:
More information may be found at .
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 .
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
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