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
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 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.
SOURCE Aptilon Corporation