Texada Software Inc. Announces Improved Operating Results for the Quarter Ended March 31, 2010
May 25 2010 - 7:39PM
Marketwired
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 months ended March 31, 2010.
For the quarter ended March 31, 2010, the Company generated
total revenues of $1.20 Ml. and net earnings of $0.14 Ml. Adjusted
EBITDA (defined as net earnings for the period adjusted for
amortization, accretion on convertible debt, interest expense,
foreign exchange, and stock based compensation expense) was $0.23
Ml. These results compare to total revenues of $1.19 Ml., net
earnings of $0.03 Ml. and an Adjusted EBITDA of $0.10 Ml. in
2009.
Revenue in the current quarter was consistent with 2009 with a
higher proportion of license revenue achieved than service revenue
compared to last year contributing to a $0.08 Ml. improvement in
gross profit in 2010. Operating expenses declined by $0.05 Ml.
during the quarter reflecting primarily personnel cost savings.
Non-operating expenses were $0.09 Ml. in the quarter compared to
$0.07 Ml. Q1 2009.
"We are quite pleased with our financial results for Q1 2010",
noted President & CEO Brian Spilak. "We are excited to be able
to get off with a good start from an operational results
perspective. Considerable time and effort was expended in 2009 to
rebuild Texada's business and are pleased with the ongoing
relationships we have built with all our customers. Our strong
foundation of industry leading technology, personnel and customers
bodes well for our future. The Texada team remains focused on
Meeting and Exceeding Customer Expectations and we are actively
looking at areas to expand our product offerings while continuing
to focus on our existing business."
The Company's financial results for the quarter are presented
below:
----------------------------------------------------------------------------
Thousands of Canadian Dollars
(except per share amounts) Three Months Ended March 31,
----------------------------------------------------------------------------
2010 2009
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Revenue $ 1,204 $ 1,187
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Operating Income (Adjusted EBITDA) 227 103
----------------------------------------------------------------------------
Net Earnings for the Period $ 139 $ 28
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Net Earnings per Share $ 0.016 $ 0.003
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More information may be found at www.sedar.com.
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
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.
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.
Brian Spilak, President & CEO 1-800-361-1233 x - 2123
bspilak@texadasoftware.com
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