SOURCE: Mobiform Software, Inc.
CRYSTAL RIVER, FL--(Marketwire - Sep 10, 2012) - Mobiform Software Inc. (OTCBB: MOBS), a technology company producing exceptional data visualization solutions for manufacturing, power & utilities, automation, facilities management and other fields of business making use of HMI (Human Machine Interface) and SCADA (Supervisory Control and Data Acquisition) software products, announced today financial results for the Third Quarter 2012.
Highlights from the Third Quarter of fiscal 2012 include a jump of 72% in quarterly revenue from $104,000 in 2011 to $179,000 in 2012. Revenue increases were primarily due to increases in sales of 'Status,' Mobiform's SCADA system for the monitoring of real time industrial data (www.StatusVision.com).
Revenue for the nine months ending July 31, 2012 was $659,000. Net income rose by $102,000 from a loss of $86,000 in 2011 to a net income of $16,000 in 2012 for the same period. At July 31, 2012 we had cash and cash equivalents of $172,000 compared to $14,000 at October 31, 2011.
We believe that our cash on hand at July 31, 2012 will be sufficient to fund our operations for at least the next 12 months. We have signed significant licensing agreements and continue to market our products and services in accordance with our strategic business plan.
We are very confident in the company's prospects and expect growth over the next 12 months. We base this on three key factors: (1) the increase in licensing revenue from long term agreements signed with key Fortune 500 clients over the past three years, (2) the commercial acceptance and growth of 'Status' in the industrial automation marketplace and (3) the execution of additional technology license agreements that are currently in the early stages of development and negotiation. For the fiscal year 2013, Mobiform has set a target for revenue in the range of $1.3 million to $1.5 million.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, even if new information becomes available in the future.