GUELPH, ONTARIO -- (Marketwire) -- 08/26/10 -- 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
