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TMCNet: Texada Software Releases Results for 3 and 6 Months Ended June 30

[September 09, 2010]

Texada Software Releases Results for 3 and 6 Months Ended June 30

Sep 03, 2010 (Close-Up Media via COMTEX) -- Texada Software Inc., a supplier of equipment rental and mobile asset management software, has announced its unaudited interim financial results for the second quarter and six month period ended June 30.


In a release on August 26, the company noted that for the quarter ended June 30, 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, 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, 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." ((Comments on this story may be sent to health@closeupmedia.com))

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