MONTREAL, May 28 /PRNewswire-FirstCall/ -- Aptilon Corporation ("Aptilon" or the "Company") (TSX-V: APZ), a leader in online marketing to physicians and healthcare professionals, today announced its financial results for the three months ended March 31, 2010. Financial references are in CDN dollars unless otherwise indicated. Complete financial statements and MD&A are available on SEDAR at http://www.sedar.com/.
Q1 2010 Summary - Revenues totaled $7.67 million, compared to $2.80 million in Q1 2009 - Gross profit reached $4.29 million compared to $1.95 million in Q1 2008 - Net income of $56,327 for the quarter compared to a loss of ($473,767) in Q1 2009 - Generated positive net cash flow from operations of $1,053,644 (before net change in non cash working capital item of ($1,595,004)) Financial Review
For the first quarter of 2010 revenues increased to $7,674,536 compared to $2,801,920 for the same period a year ago, an increase of 174%. Revenue in the period reflects a broader base of customers, growth in the size of enterprise customer initiatives and contribution from assets purchased in fiscal 2009.
Gross profit for the three-month period ended March 31, 2010 was $4,288,339 compared to $1,946,892 for the three months ended March 31, 2009.
Net income for the three months ended March 31, 2010 reached $56,237 or ($0.0003) per share reversing a net loss of $473,767 or ($0.0024) per share for the comparable period a year ago.
Sales and marketing expenses for the third quarter of 2009 totaled $1,691,709 compared to $1,259,636 for the first quarter of 2009. General and administrative ("G&A") expenses for the first quarter of 2010 increased to $943,588 compared to $636,251 in the first quarter of 2009. Increases in expenditures were primarily driven by the integration of the purchased assets.
In the first quarter ended March 31, 2010, the Company generated positive cash-flow from operations of $1,053,644, before net change in non cash working capital item of ($1,595,644). In the year prior period, cash flows used in operating activities totaled ($146,177), before net change in non cash working capital item of $230,846.
As at March 31, 2010, the Company's working capital position includes the short-term portion of a promissory note payable in connection to the previously announced business acquisition. Working capital totaled ($3,351,441) including cash and cash equivalents and restricted cash of $2,429,571 compared to ($3,501,970) in working capital, which included cash and cash equivalents and restricted cash of $2,056,741, at December 31, 2009.
The Company had 208,510,865 common shares outstanding (fully diluted) at March 31, 2010.
AxcelRx(SM) and ReachNet(SM) are service marks of Aptilon Corporation. About Aptilon Corporation
Aptilon enables pharmaceutical, biotech and medical device companies to effectively reach, advertise to and interact with more than 500,000 US physicians via the Internet through its innovative AxcelRx(SM) service offering including video detailing, ReachNet(SM) Physician Access Channel and the DMD database and permission-based email services. Top ten US pharmaceutical companies and respected healthcare organizations have adopted Aptilon's solutions to market to and engage leading physicians. For more information, visit http://www.aptilon.com/.
Forward-looking statements
This news release contains forward-looking information. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management of Aptilon. A number of factors could cause actual events, performance or results to differ materially from the events performance and results discussed in the forward-looking statements. These forward-looking statements are made as of the date hereof and Aptilon does not assume any obligation to update or revise them to reflect new events or circumstances.
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.
Aptilon Corporation
CONTACT: Denis Martineau, President, Aptilon Corporation,
1-888-544-8866, investors@aptilon.com
