Texada Software Inc. Announces Strong Operating Results for the Year Ended December 31, 2010
April 26 2011 - 6:15PM
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, 2010.
For the year ended December 31, 2010, the Company generated
total revenues of $4.45 Ml. and net earnings of $0.30 Ml. Adjusted
EBITDA (defined as net earnings for the year adjusted for
amortization, accretion on convertible debt, interest expense,
foreign exchange, stock based compensation expense and lease
closure settlements) was $0.69 Ml. These results compare to total
revenues of $4.44 Ml., net earnings of $0.32 Ml. and Adjusted
EBITDA of $0.56 Ml. for fiscal 2009.
Revenue for 2010 was consistent with that recorded in fiscal
2009. The split of license revenue as a percentage of total revenue
increased marginally in 2010 compared to 2009. Gross profit in 2010
improved to $4.0 Ml. compared to $3.7 Ml. in 2009 and operating
expenses increased by $0.16 Ml. or 5.0% in the year.
A reduction in amortization expense of $0.04 Ml. was offset by a
foreign exchange loss of $0.02 Ml. compared to a gain in 2009 of
$0.03 Ml., an increase in stock-based compensation expense of $0.03
Ml. and the non recurrence of a lease settlement gain of $0.09 Ml.
which resulted in an overall increase $0.15 Ml. in non-operating
expenses during the current year.
The improved gross profit performance in 2010 combined with the
increase in operating expenses of $0.16 Ml. and the increase in
non-operating expenses compared to 2009 resulted in Texada
achieving a small decline in net earnings in the current year of
$0.015 Ml.
"Our 2010 operating results, achieved during a very challenging
twelve months for our key customer base of equipment rental and
software expenditures in general, are a testament to our
outstanding contingent of dedicated staff and service providers",
commented Brian Spilak, Texada's President. He added, "We are proud
of these results which build on our operating turnaround commenced
in 2009, with Adjusted EBITDA improving by more than 23% in the
current year".
Chief Executive Officer Willie Swisher added, "Texada's
management team delivered another strong year in 2010 and we thank
everyone for their efforts and our customers for their ongoing
support. We look forward to expanding the Company's platform in
2011 as economic conditions improve throughout our
marketplace."
The Company's financial results for 2010 are presented
below:
----------------------------------------------------------------------------
Thousands of Canadian Dollars Three Months Ended Year Ended
(except per share amounts) December 31 December 31
----------------------------------------------------------------------------
2010 2009 2010 2009
----------------------------------------------------------------------------
Revenue $ 1,074 $ 1,019 $ 4,447 $ 4,441
----------------------------------------------------------------------------
Operating Income
(Adjusted EBITDA) 140 160 693 562
----------------------------------------------------------------------------
Net Earnings for the Period $ 16 $ 105 $ 301 $ 316
----------------------------------------------------------------------------
Net Earnings per Share $ 0.002 $ 0.01 $ 0.03 $ 0.04
----------------------------------------------------------------------------
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.
Jim McInnis Chief Financial Officer 1-800-361-1233 x - 2104
jmcinnis@texadasoftware.com
Texada Software Inc. (TSXV:TXS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Texada Software Inc. (TSXV:TXS)
Historical Stock Chart
From Jul 2023 to Jul 2024