GUELPH, ONTARIO — (Marketwire) — 11/29/11 —
Texada Software Inc. (“Texada”) (TSX VENTURE: TXS), announces today its unaudited interim financial results for the three and nine months ended September 30, 2011.
For the quarter ended September 30, 2011, the Company generated total revenues of $1.9 Ml. and net earnings of $4.4 Ml. Adjusted EBITDA (defined as net earnings (loss) for the period adjusted for amortization, gain on acquisition fair value, acquisition expenses, accretion on convertible debt, interest expense, foreign exchange, and stock based compensation expense) was $0.10 Ml. including $0.18 Ml. relating to the Rolls acquisition. These results compare to total revenues of $1.05 Ml., a net loss of $0.002 Ml. and an Adjusted EBITDA of $0.14 Ml. in 2010.
Revenue for the current quarter increased by $0.80 Ml. or 79% compared to 2010. Rolls contributed $0.80 Ml. of revenue in the quarter. Operating expenses (excluding the effect of gain on fair value increment on acquisition and business acquisition expenses) increased by $0.93 Ml. in 2011 to $1.7 Ml. compared to $0.79 Ml. in 2010 due to the addition of Rolls and strategic initiative expenses of $0.19 Ml. in the quarter compared to nil in 2010.
For the nine month period, the Company had net earnings of $4.1 Ml. including the $5.20 Ml. gain on fair value increment on the Rolls acquisition. This compared with net earnings of $0.29 Ml. in 2010. Adjusted EBITDA was $0.02 Ml. after strategic initiative expenses of $0.53 Ml. and including $0.17 Ml. relating to the Rolls business. These results compare to Adjusted EBITDA of $0.55 Ml. in 2010, during which period strategic initiative expenses were nil.
“We are very excited to have completed the Rolls acquisition in the third quarter and are actively pursuing other opportunities to continue to develop and grow the Company-s equipment rental platform” said William Swisher, Texada-s CEO. He continued, “We are pleased with the one month of operating results for Rolls which are included in our third quarter and are actively working on enhancing the equipment rental business strategy and processes for Texada. At the same time, we are working diligently to identify the next transaction to enable us to continue to execute on our growth strategy.”
“We are pleased with Texada-s enterprise software operating performance during the first nine months of 2011, said President Brian Spilak. “Our extension of the Company-s relationship with PROIV was an important milestone for our business and provides us with unique operating leverage to continue to profitably grow our user base worldwide. Our strong foundation of industry leading technology, personnel and customers will benefit from this initiative for years to come.”
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. operates in two complementary businesses, enterprise asset management software and equipment rental.
Texada-s enterprise software business continues as the premier provider of 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 enterprise software-s customers enjoy the many benefits of this enhanced efficiency through better asset utilization, effective location tracking, and optimized scheduling.
The Company, through its wholly owned US equipment rental subsidiary, conducts business as Rolls High Reach at four locations in Southern California with a wide range of over 1,000 aerial and forklift fleet rental units.
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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