Texada Software Inc. Announces Results for the Quarter Ended June 30, 2010
August 26 2010 - 4:53PM
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
second quarter and six month period ended June 30, 2010.
For the quarter ended June 30, 2010, the Company generated total
revenues of $1.12 Ml. and net earnings of $0.10 Ml. Adjusted EBITDA
(defined as net earnings (loss) for the period adjusted for
amortization, accretion on convertible debt, interest expense,
foreign exchange loss (gain), stock based compensation expense and
gain on lease settlement) was $0.19 Ml. These results compare to
total revenues of $1.11 Ml., net earnings of $0.10 Ml. and Adjusted
EBITDA of $0.11 Ml. in 2009.
Revenue and operating expenses for 2010 were virtually the same
as in the second quarter of 2009. An increase in the proportion of
total revenue from licenses and a resulting decline in cost of
revenue in the current quarter combined to generate the Adjusted
EBITDA improvement of $0.08 Ml. in 2010. Non-operating expenses
increased by $0.08 Ml. in Q2 2010 due to an expense reduction being
recorded in 2009 for a gain on the settlement of a lease which was
not repeated in the current year.
The three month period ended June 30, 2010 marked the six
consecutive quarter of profitability for Texada resulting in net
earnings for the first six months of 2010 of $0.24 Ml. compared
$0.13 Ml. in 2009.
"Our operating results for the quarter ended June 30, 2010 were
consistent with 2009 despite the continuing malaise which is
evident in the market for new software installations and the
difficult environment in the equipment rental industry. Given these
marketplace factors, we continue to be pleased with our operating
performance", commented President & CEO Brian Spilak. "Our
focus is to ready the organization for what we anticipate will be
improved macro business conditions during 2011."
The Company's financial results are presented below:
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Thousands of Canadian Dollars Three Months Ended Six Months Ended
(except per share amounts) June 30, June 30,
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2010 2009 2010 2009
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Revenue $ 1,117 $ 1,116 $ 2,321 $ 2,303
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Operating Income (Loss) (Adjusted
EBITDA) 189 112 416 214
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Net Earnings for the Period 104 102 242 131
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Income (Loss) per Share $ 0.01 $ 0.01 $ 0.03 $ 0.015
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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 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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