TEXADA Software Inc. Announces Improved Financial Results for First Quarter 2008
May 30 2008 - 3:01PM
Marketwired
TORONTO, ONTARIO , the premier provider of equipment rental and
mobile asset management software, announces today its unaudited
interim financial results for the first quarter ending March 31,
2008.
For the first quarter ended March 31, 2008, Texada generated
total revenues of $1,341,021 and a loss for the period of $74,300.
Adjusted EBITDA (defined as loss for the period adjusted for
amortization, accretion on convertible debt, interest expense,
foreign exchange losses, stock based compensation expense, and gain
on sale on intangible assets) was $187,813. These results were a
significant improvement as compared to Q1 2007 total revenues of
$1,027,424, a loss for the period of $457,412 and an Adjusted
EBITDA loss of $328,339.
Revenue in Q1 2008 was 31% higher than revenue recorded in Q1
2007. The reason for the substantial increase in revenue included
the deferral of implementation and delivery on one large contract
and four smaller contracts from Q4 of 2007, the addition of a
number of new customer contracts and upgrades completed in the
quarter, and increases in implementation and recurring support
revenues.
A number of accomplishments during the first three months of
2008 contributed to Texada Software's improving balance sheet,
operating results and cash flow. These 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.
"Significant cost reductions and increased revenues for the
quarter combined with a strong focus on customer requirements and
efficient installations have resulted in greatly improved operating
results," said Nigel Miller, CEO of Texada. "We expect to continue
to improve our financial position and operating results while we
continue to develop and deliver cost-effective enhancements to our
software technology in a fiscally responsible way."
The Company's financial results are presented below:
----------------------------------------------------------------------
Thousands of Canadian Dollars Three Months Ended March 31
(except per share amounts)
----------------------------------------------------------------------
2008 2007
----------------------------------------------------------------------
Revenue $ 1,341 $ 1,027
----------------------------------------------------------------------
Operating Income (Loss) 188 (328)
----------------------------------------------------------------------
Loss for the Period (74) (457)
----------------------------------------------------------------------
Loss per share $ (0.001) $ (0.01)
----------------------------------------------------------------------
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. 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. Other than
as required by applicable law, 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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