Texada Software Inc. Announces Operating Results for the Three and Nine Months Ended September 30, 2011
2011年11月30日 - 7:15AM
Marketwired
-- The quarter was highlighted by the successful closing of the acquisition
of the operating assets of Rolls High Reach ("Rolls"), a four location,
Southern California based aerial equipment rental operation and the
closing of a $4.0 Ml. private placement.
-- Net earnings for the quarter were $4.4 Ml., including a gain on fair
value increment on acquisition of $5.2 Ml. relating to Rolls. This
compared to a net loss of $0.002 Ml. in the third quarter of 2010.
Adjusted EBITDA (as defined below) was $0.10 Ml. compared to Adjusted
EBITDA of $0.14 Ml. in 2010. Strategic initiative related expenses were
$0.19 Ml. in 2011 compared to nil in 2010.
-- Subsequent to the quarter end, Texada entered into a multi-year
extension of its licensing arrangement with PROIV Technology Inc., its
long standing software development tools provider, further demonstrating
the Company's strategic intent to remain as a premier provider of
enterprise asset management software.
-- Management has commenced its post acquisition work on the Rolls
operation. The business generated an Adjusted EBITDA of $0.18 Ml. during
the one month period from the date of acquisition of August 30, 2011 to
the end of the quarter compared to $0.13 Ml. in 2010 when Texada did not
own the business.
Texada Software Inc. ("Texada") (TSX VENTURE:TXS), announces
today its unaudited interim financial results for the three and
nine months ended September 30, 2011.
For the quarter ended September 30, 2011, the Company generated
total revenues of $1.9 Ml. and net earnings of $4.4 Ml. Adjusted
EBITDA (defined as net earnings (loss) for the period adjusted for
amortization, gain on acquisition fair value, acquisition expenses,
accretion on convertible debt, interest expense, foreign exchange,
and stock based compensation expense) was $0.10 Ml. including $0.18
Ml. relating to the Rolls acquisition. These results compare to
total revenues of $1.05 Ml., a net loss of $0.002 Ml. and an
Adjusted EBITDA of $0.14 Ml. in 2010.
Revenue for the current quarter increased by $0.80 Ml. or 79%
compared to 2010. Rolls contributed $0.80 Ml. of revenue in the
quarter. Operating expenses (excluding the effect of gain on fair
value increment on acquisition and business acquisition expenses)
increased by $0.93 Ml. in 2011 to $1.7 Ml. compared to $0.79 Ml. in
2010 due to the addition of Rolls and strategic initiative expenses
of $0.19 Ml. in the quarter compared to nil in 2010.
For the nine month period, the Company had net earnings of $4.1
Ml. including the $5.20 Ml. gain on fair value increment on the
Rolls acquisition. This compared with net earnings of $0.29 Ml. in
2010. Adjusted EBITDA was $0.02 Ml. after strategic initiative
expenses of $0.53 Ml. and including $0.17 Ml. relating to the Rolls
business. These results compare to Adjusted EBITDA of $0.55 Ml. in
2010, during which period strategic initiative expenses were
nil.
"We are very excited to have completed the Rolls acquisition in
the third quarter and are actively pursuing other opportunities to
continue to develop and grow the Company's equipment rental
platform" said William Swisher, Texada's CEO. He continued, "We are
pleased with the one month of operating results for Rolls which are
included in our third quarter and are actively working on enhancing
the equipment rental business strategy and processes for Texada. At
the same time, we are working diligently to identify the next
transaction to enable us to continue to execute on our growth
strategy."
"We are pleased with Texada's enterprise software operating
performance during the first nine months of 2011, said President
Brian Spilak. "Our extension of the Company's relationship with
PROIV was an important milestone for our business and provides us
with unique operating leverage to continue to profitably grow our
user base worldwide. Our strong foundation of industry leading
technology, personnel and customers will benefit from this
initiative for years to come."
The Company's financial results for the period are presented
below:
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Thousands of Canadian Dollars Three Months Ended Nine Months Ended
(except per share amounts) September 30, September 30,
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2011 2010 2011 2010
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Revenue $ 1,883 $ 1,052 $ 4,183$ 3,373
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Operating Income (Adjusted
EBITDA) 96 138 20 554
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Net Earnings (Loss) for the
Period $ 4,358 $ (2) $ 4,084$ 286
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Net Earnings (Loss) per Share $ 0.17 $ (0.01) $ 0.24$ 0.03
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More information may be found at www.sedar.com
About Texada Software Inc. (TSX VENTURE:TXS)
Texada Software Inc. operates in two complementary businesses,
enterprise asset management software and equipment rental.
Texada's enterprise software business continues as the premier
provider of 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
enterprise software's customers enjoy the many benefits of this
enhanced efficiency through better asset utilization, effective
location tracking, and optimized scheduling.
The Company, through its wholly owned US equipment rental
subsidiary, conducts business as Rolls High Reach at four locations
in Southern California with a wide range of over 1,000 aerial and
forklift fleet rental units.
Texada can be reached at 1-800-361-1233 or 1-519-836-7073, or 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 CFO 1-800-361-1233 x -
2104jmcinnis@texadasoftware.com
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