Texada Software Inc.

Texada Software Inc.

August 26, 2009 17:30 ET

Texada Software Inc. Announces Results for the Quarter Ended June 30, 2009

- Income of $0.10 Ml. for the quarter compared to a loss of $0.21 Ml. in 2008 - Adjusted EBITDA (as defined below) of $0.11 Ml. compared to virtually nil in 2008 - Settlement of lease litigation resulting in gain of $0.06 Ml. during the quarter

GUELPH, ONTARIO--(Marketwire - Aug. 26, 2009) - 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 ended June 30, 2009.

For the quarter ended June 30, 2009, the Company generated total revenues of $1.12 Ml. and a net income of $0.10 Ml. Adjusted EBITDA (defined as income (loss) for the period adjusted for amortization, accretion on convertible debt, interest expense, foreign exchange loss (gain), stock based compensation expense, gain on lease settlement and gain on sale of intangible asset) was $0.11 Ml. These results compare to total revenues of $1.11 Ml., a net loss of $0.21 Ml. and an Adjusted EBITDA loss of $0.18 Ml. in 2008.

Revenue for 2009 was consistent with revenue recorded in the second quarter of 2008. Operating expenses declined by more than $0.33 Ml. during the quarter primarily due to reductions in support and sales and marketing expenses. A gain on the settlement of a lease obligation on vacated office space of $0.06 Ml. in the quarter reduced overall non-operating expenses to $0.03 Ml. for the period compared to $0.31 Ml. in the second quarter in 2008.

The three month period ended June 30, 2009 marked the second consecutive quarter of profitability for Texada resulting in income for the first six months of 2009 of $0.13 Ml. compared a loss of $0.29 Ml. in 2008, with the prior year's results including a gain on the sale of an intangible asset of $0.40 Ml.

"We continue to be pleased with our operating performance", commented President & CEO Brian Spilak. "The positive start to the year which we saw in the first quarter continued into the second quarter and we are cautiously optimistic that this positive trend will continue for the balance of 2009. Our stated plan of nurturing key customer relationships continues to bear fruit and we will carry on with our endeavours to streamline our operations while at the same time readying the organization for what we anticipate will be improved macro business conditions in future quarters."

The Company's financial results are presented below:

Thousands of Canadian Dollars Three Months Ended Six Months Ended
(except per share amounts) June 30 June 30
2009 2008 2009 2008
Revenue $ 1,116 $ 1,114 $ 2,303 $ 2,455
Operating Income (Loss) (Adjusted
EBITDA) 112 (183) 214 5
Income (Loss) for the Period 102 (214) 131 (288)
Income (Loss) per Share $ 0.012 $ (0.024) $ 0.015 $ (0.033)

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.

Contact Information

  • Corporate communications contact:
    Texada Software Inc.
    Brian Spilak, President & CEO
    1-800-361-1233 x - 2123