Texada Software Inc.

Texada Software Inc.

November 26, 2009 18:07 ET

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

- Income of $0.08 Ml. for the quarter compared to a loss of $0.11 Ml. in 2008

- Adjusted EBITDA (as defined below) of $0.19 Ml. compared to a loss of $0.03 Ml. in 2008

- Third consecutive quarter of positive Adjusted EBITDA and net income

GUELPH, ONTARIO--(Marketwire - Nov. 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 third quarter ended September 30, 2009.

For the quarter ended September 30, 2009, the Company generated total revenues of $1.12 Ml. and a net income of $0.08 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 $0.19 Ml. These results compare to total revenues of $1.22 Ml., a net loss of $0.11 Ml. and an Adjusted EBITDA loss of $0.03 Ml. in 2008.

Revenue for 2009 was $1.12 Ml. compared to $1.22 Ml. recorded in the second quarter of 2008. Operating expenses declined by more than $0.30 Ml. during the quarter as a result of reductions in support, sales and marketing and research and development expenses. An increase in interest expense and interest on convertible debentures in the quarter resulted in an increase in overall non-operating expenses to $0.11 Ml. for the quarter compared to $0.08 Ml. in the third quarter of 2008.

The three month period ended September 30, 2009 marked the third consecutive quarter of profitability for Texada resulting in income for the first nine months of 2009 of $0.21 Ml. compared a loss of $0.40 Ml. in 2008, an improvement of more than $0.60 Ml. Results for the first third quarters of 2008 included a one-time gain on the sale of an intangible asset of $0.40 Ml.

"We are very pleased with Texada's operating performance in 2009, especially given current economic conditions", commented President & CEO Brian Spilak. "We have now registered three consecutive quarters of positive income and the Company's adjusted EBITDA has increased with each passing quarter. The team remains committed to ensuring that our customers are at the centre of everything we do. Meeting and Exceeding Customer Expectations has become entrenched in our everyday activities resulting in mutually beneficial experiences with our customer base. We plan on continued diligence with our cost control program while situating the organization for what we anticipate further improvements in our revenue performance as we head into the fourth quarter of 2009 and fiscal 2010."

The Company's financial results are presented below:

Thousands of Canadian Dollars
(except per share amounts)
Three Months Ended September 30  Nine Months Ended September 30  
 20092008 20092008 
Revenue$ 1,119$ 1,216 $ 3,422$ 3,671 
Operating Income (Loss) (Adjusted EBITDA)188(33402(28
Income (Loss) for the Period81(112211(400
Income (Loss) per Share$ 0.009$ (0.013$ 0.024$ (0.046

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