Monexa Technologies Corp. Reports Q3 2011 Results
November 28 2011 - 5:12PM
PR Newswire (Canada)
VANCOUVER, Nov. 29, 2011 /CNW/ - Monexa Technologies Corp.
(TSX-Venture: MXA) today announced its quarterly results for the
nine month period ended September 30, 2011. The financial
statements were prepared in accordance with International Financial
Reporting Standards. For the three months ended September 30, 2011,
revenue totaled $809K, a 1% decrease from $817K in the
corresponding quarter in 2010 as a result of a decline in ISP
revenue of $80K, or 13%, offset by a $72K, or 39%, increase in SaaS
revenue. The net loss for the quarter was $314K, a 19%
improvement from the $390K loss incurred in Q2 2010. Adjusted
EBITDA loss for the quarter ($193K) was down from the ($287K) loss
in the corresponding quarter in 2010. John Jacobson, President and
CEO said "Through the third quarter, we continued working toward an
infusion of growth capital, but progress has been challenging with
the ongoing turmoil in financial markets around the world. In
spite of the challenges we've been able to continue to improve the
margin performance and invest in our technology and markets." Garth
Albright, CFO said "Monexa continues to successfully roll out its
business model with increased SaaS sales and product wide overall
gross margin improvement. The company has also reinvested in
its future growth with a 50% increase is the size of our
development group in Q3 and a further two developers were hired in
Q4. Milestones in Q3 2011: -- SaaS higher margin recurring
revenue increased by $72K, or 39% as compared to Q3 2010, while ISP
traditional revenue declined by $79K or 13% as compared to the
prior year comparable quarter. Overall revenue declined quarter
over quarter by $8K. -- Direct cost of sales dropped by $80k to
$297K for Q3 2011 as compared to $377K for the prior year's
comparable quarter. -- Gross margin percentage increased to 63% in
Q3 2011 vs. 54% in Q3 2010 as the higher margin SaaS revenue
increased quarter over prior year quarter. -- Operating expenses
decreased by $16K or 2% to $730K in the third quarter of 2011, as
compared to $746K in 2010. This decrease reflects the streamlining
of the operations. -- Net loss of $314K for the quarter represents
a 19% reduction from the net loss of $390K incurred in the third
quarter in 2010. The quarterly and year-end results, including the
audited Consolidated Financial Statements and Management Discussion
and Analysis, are available at www.sedar.com under Monexa
Technologies Corp. Monexa Technologies Corp. confirms that the
Company has terminated their June 27, 2011 agreements with
MPartners Inc and Versant Partners Inc to raise funding for the
Company. About Monexa Technologies Corp Monexa offers a flexible
on-demand subscription billing solution that provides a scalable
environment for expediting the launch of products, services and
applications online. This accelerates our customers' time to
market and revenue return. Monexa pioneered the on-demand
subscription billing space and has worked with hundreds of
businesses to help monetize their services. Having the most capable
and open subscription billing solution in the cloud, combined with
proven billing industry expertise, sets Monexa apart from other
service providers. Monexa's customers range in size from high
growth SaaS and Cloud Infrastructure companies like Untangle and
ActiveState to large household name companies like Pitney Bowes
Business Insight, AOL Canada, Sprint, Amway and Bell Mobility. For
more information visit http://www.monexa.com. Forward-Looking
Statements This news release contains forward-looking statements.
Actual events or results may differ materially from those described
in the forward-looking statements due to a number of risks and
uncertainties, including changes in financial and product market
conditions. Forward-looking statements are based on management's
estimates, beliefs, and opinions. The Company assumes no obligation
to update forward-looking statements, other than as may be required
by applicable law. 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. Monexa Technologies Corp. CONTACT:
Investor Contact: Garth Albright CFO D: 604.630.5657E:ir@monexa.com
Copyright
Monexa Technologies Corp (TSXV:MXA)
Historical Stock Chart
From May 2024 to Jun 2024
Monexa Technologies Corp (TSXV:MXA)
Historical Stock Chart
From Jun 2023 to Jun 2024