TEXADA Software Inc. Announces 2007 Year End Results
May 01 2008 - 10:08AM
Marketwired
TORONTO, ONTARIO , the premier provider of equipment rental and
mobile asset management software, announces today its audited
financial results for the full year ending December 31, 2007.
The Company for the year ended December 31, 2007 generated total
revenues of $4,036,444 and a loss for the year of $3,299,906.
Adjusted EBITDA (defined as loss for the year adjusted for
amortization, accretion on convertible debt, interest expense,
foreign exchange losses, stock based compensation expense, and
severance expense) was a loss of $1,406,845. These results compare
to total revenues of $4,003,390, a loss for the year of $3,174,391
and an Adjusted EBITDA loss of $1,299,155 for 2006.
Revenue for 2007 was marginally higher than revenue recorded for
fiscal 2006. Growth in revenue year-over-year was hampered by
unfavourable exchange rates, selected customer installations and
deliveries deferred from Q4 of 2007 to Q1 of 2008 and a number of
corporate changes, including refinancing of convertible debt that
consumed management's time in Q4.
During the fourth quarter, Texada took a number of steps towards
improving its balance sheet, steps towards becoming cash flow
positive from operations and refocusing on customers. These steps
included converting the majority of its $1,100,000 of existing debt
to equity, raising and additional $500,000 of capital through the
issuance of new convertible debentures and in March 2008 selling
one of its internet domain names for $400,000 in cash. Refocusing
software development activities on customer requirements and
requests has resulted in staff reductions in research and
development and a more focused development of cost-effective
enhancements to the Company's technology.
"A significant portion of management's efforts in fourth quarter
of 2007 were spent making Texada a better and more focused company
for 2008. Balancing the needs of our key stakeholders - customers,
investors and staff - is the best way for us to improve our balance
sheet and become cash flow positive." said Nigel Miller, CEO of
Texada. "Much of what we accomplished in late 2007 is helping us to
move forward in a more fiscally responsible way and deliver value
to all of our key stakeholders."
The Company's financial results are presented below:
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Thousands of Canadian Dollars Three Months Ended Year Ended
(except per share amounts) December 31 December 31
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2007 2006 2007 2006
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Revenue $ 689 $ 1,005 $ 4,036 $ 4,003
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Operating Loss (473) (213) (1,407) (1,299)
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Loss for the Period (1,316) (646) (3,300) (3,174)
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Loss per share $ (0.02) $ (0.02) $ (0.06) $ (0.11)
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More information may be found at www.sedar.com.
About Texada Software (TSX VENTURE: TXS)
Texada Software Inc. is the premier provider of enterprise
software solutions for mobile equipment and rental management.
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 400 customers worldwide, resulting in
solutions that manage the complete asset life-cycle from
acquisition through to disposal. Our customers enjoy the benefits
of 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Corporate communications contact: TEXADA Software Inc.
Nigel Miller, CEO 1-800-361-1233 x 2120 or (519) 840-2120 Email:
nmiller@TEXADAsoftware.com Website: www.texadasoftware.com
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