Codima Inc. (CDMA.PK),global provider of integrated network management software products for companies scaling from the small enterprise to the Fortune 100's, today announced financial results concluding FY 2007, 2008 and 2009. Following the 2008 acquisition of Codima Technologies Ltd, a UK-based development company founded in 2003, Codima Inc. has completed the development stage and continues its global roll outand accelerating market share.
In 2009 the company rapidly implemented an aggressive roll out and presently operates in 11 markets covering over 40 countries with a fully operational global sales and support organization. During the implementation period, investment funds have been diverted from product development into building sales and support channels, transforming test markets into revenue generating markets.
Codima Inc. has concluded its annual accounts for fiscal years 2007, 2008 and 2009. Reaffirming the business model based on locally operated organizations, business grew 7% in 2009. The company expects significant growth in second half of 2010 as revenue generated by its 11 markets expands. Operating loss was down 9% in 2009 from 2008 indicating increased operational efficiency. Adjusted EBITDA decreased in 2009 to $(917)k from $(1,231)k.
"Concluding the accounts for FY 2007, 2008 and 2009 marks the completion of the development phase of the company," says Codima's Trevor Roberts, CFO. "With the operating loss decreasing and revenue streams expanding, the company is in a good position to capitalize on the major investment it has made in product development and operational structure."
"With the global platform in place and new products launching over the upcoming months broadening the product portfolio, we will expand our addressable market. Driven primarily by high growth in the IT inventory sector, where Codima is a front runner, we expect the momentum to continue in 2010 and 2011," comments Christer Mattsson, CEO of Codima Inc.
Financial Highlights for Fiscal Years 2008 and 2009:
- Adjusted EBITDA loss decreased from $(1,231)k in 2008 to $(917)k in 2009
- In fiscal year 2009 revenue increased from $327k in 2008 to $351k
- Operating loss decreased from (1,475)k in 2008 to (1,337)k in 2009
- Net loss before taxation decreased from $(1,754)k in 2008 to $(1,662)k in 2009
Management has presented adjusted EBITDA as a measure of operating performance because it does not include the impact of items not directly resulting from the company's core operations. The GAAP operating loss of $(1,337)k in FY2009 included the effects of depreciation, amortization and share based compensation expense totaling $165k along with a one off development cost of $255k, leaving an adjusted EBITDA of $(917)k. In FY2008, the GAAP operating loss of $(1,475)k included depreciation, amortization and share based compensation expense totaling $244k, leaving an adjusted EBITDA of (1,231)k.
Business Highlights
- Sales and support organizations now serve customers in the following regions; US, Australia, Benelux, Denmark, France, Germany, Ireland, Japan, Latin America, Sweden, and UK.
- Executive appointments in the US including new board member and CFO Trevor Roberts as well as expansion in Latin America and France.
- During the development phase the company sold to more than 2,500 users worldwide and today Codima Toolbox is used by service providers, system integrators and carriers as well as all vertical industries globally
- Codima has been accepted as Avaya Gold Partner and Microsoft Certified Partner as well as Microsoft Visio Toolbox partner. Codima products are tested by Avaya and approved compliant.
- Recent product releases include major enhancements including a common interface for the report system across Codima Toolbox.
Copies of the consolidated accounts of the group for FY 2007, 2008 and 2009 can be downloaded from www.otcmarkets.com/pink/ using the ticker symbol CDMA, by email at ir@codimatech.com, or by post from Investor Relations, Codima Inc, 240 Main Street, Denver, PA, 17517.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including but not limited to statements regarding the Company's beliefs and expectations about the performance and benefits of its technology; marketing and commercialization activities; and our beliefs regarding research and development efforts. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ. All forward-looking statements herein are based on information available to us as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after this date.
ABOUT CODIMA Inc.
Codima Inc. (CDMA), headquartered in Philadelphia, PA with global reach supported by eleven offices across North America, EMEA, Latin America, Asia and Australia, provides best practice software tools to help organizations manage their IT networks. Fully automated and fully integrated, Codima Toolbox delivers tools for network inventory, mapping, pinging and monitoring using Microsoft® Office Visio®as well as pre- and post-deployment VoIP network management. Codima Toolbox serves financial institutions, governmental agencies, service providers and large organizations in addition to medium and large companies. The company is a Microsoft Certified Partner and an Avaya DevConnect Gold Partner reselling online and through partners globally.
www.codimatech.com
Contacts:
Codima Inc.
Christer Mattsson, CEO, 610-678-6900
pressinfo@codimatech.com
