Texada Software Inc. Announces Significantly Improved Results for the Year Ended December 31, 2009
April 13 2010 - 5:04PM
Marketwired
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.
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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