Texada Software Inc. Announces Significantly Improved Results for the Year Ended December 31, 2009
April 13 2010 - 6:04PM
Marketwired Canada
Texada Software Inc. ("Texada") (TSX VENTURE:TXS), the premier provider of
equipment rental and mobile asset management software, announces today its
audited financial results for the year ended December 31, 2009.
For the year ended December 31, 2009, the Company generated total revenues of
$4.44 Ml. and income of $0.32 Ml. Adjusted EBITDA (defined as income (loss) for
the year adjusted for amortization, accretion on convertible debt, interest
expense, foreign exchange losses, severance payments, stock based compensation
expense, lease closure expenses and gain on sale of asset) was $0.56 Ml. These
results compare to total revenues of $4.28 Ml., a net loss of $1.68 Ml. and an
Adjusted EBITDA loss of $0.71 Ml. for fiscal 2008.
Revenue for 2009 was 3.7% higher than revenue recorded in 2008. The split
between license and service revenue remained virtually unchanged in 2009
compared to 2008. Gross profit in 2009 was improved to $3.72 Ml. compared to
$3.56 Ml. in 2008 and operating expenses declined by more than $1.1 Ml.
resulting in an improvement in Adjusted EBITDA to $0.56 Ml. from a loss of $0.71
Ml. in 2008.
A reduction in interest expense and the expense for accretion on convertible
debentures totaling $0.58 Ml. combined with declines in other non-operating
expense areas including lease closure, foreign exchange and severance expenses
resulted in an overall reduction in non-operating expenses of more than $0.72
Ml., or 75% in 2009. The overall decline in non-operating expenses during the
year was achieved despite the non-recurrence of a $0.40 Ml. gain on sale of
asset which had been recorded in 2008.
The improved gross profit performance in 2009 combined with the reduction in
operating expenses and the decline in non-operating expenses compared to 2008
resulted in Texada achieving net income in all four quarters in the current year
and a full year net income of $0.32 Ml. compared to a loss of $1.68 Ml. in 2008.
"We are very proud of Texada's accomplishments in 2009", noted President & Chief
Executive Officer Brian Spilak. "The Company achieved record operating results
while maintaining a passionate focus on meeting the needs of our customers and
employees. The past year was about a concerted focus on the areas that we could
influence and control while preparing for the expected economic recovery in
2010. With recent new partnerships into the construction asset management sector
and positive changes to the organization and product set, we are optimistic that
we will continue to leverage our new operating model to facilitate further
profitable growth in the upcoming year. We look forward to many exciting new
opportunities, facing new challenges and continuing to enhance the relationships
that have served us well in the past year and solidified our business model for
the future".
The Company's financial results for 2009 are presented below:
----------------------------------------------------------------------------
Thousands of Canadian
Dollars (except per share Three Months Ended Year Ended
amounts) December 31 December 31
----------------------------------------------------------------------------
2009 2008 2009 2008
----------------------------------------------------------------------------
Revenue $ 1,019 $ 612 $ 4,441 $ 4,283
----------------------------------------------------------------------------
Operating Income (Loss)
(Adjusted EBITDA) 160 (684) 562 (712)
----------------------------------------------------------------------------
Net Earnings (Loss) for the
Period $ 105 $ (1,280) $ 316 $ (1,680)
----------------------------------------------------------------------------
Net Earnings (Loss) per
Share $ 0.01 $ (0.15) $ 0.04 $ (0.20)
----------------------------------------------------------------------------
More information may be found at www.sedar.com.
About Texada Software Inc. (TXS: TSX Venture Exchange)
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 on the internet 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.
Texada Software Inc. (TSXV:TXS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Texada Software Inc. (TSXV:TXS)
Historical Stock Chart
From Jul 2023 to Jul 2024
