Business
SolutionInc Limited announces quarterly results
SolutionInc Limited announces quarterly results
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nNov. 26, 2009 (Canada NewsWire Group) -- HALIFAX, Nov. 26 /CNW/ -- SolutionInc Limited, a wholly owned subsidiary of SolutionInc Technologies Limited, (TSX-VEN:STL) and the maker of the patented Internet gateway software, SolutionIP(TM), announced today its unaudited financial results for the three and six months ended September 30, 2009 in addition to the appointment of a new Chief Financial Officer.The continued global economic uncertainty negatively impacted new capital and operating expenditures for both hospitality and service provider customers. Total revenue for the three month period was $947,506 compared to $952,475 in the same period one year ago. \"While we are disappointed about the slight decrease in revenue, we are pleased with our team's success in securing new business,\" said Glen Lavigne, President and CEO of SolutionInc Technologies Limited. \"Our proven ability to deliver world-class products and excellent services enabled us to add new customers in the quarter. We would like to thank those new customers including GBCblue, Clearview Networks, Sigma.3 and Conventive K.K. for their support,\" Lavigne added.The company's net loss during the second quarter totaled $270,953 compared to $161,872 one year ago for the same period. This loss included $374,000 of operating costs invested in the company's new HDTV product segment. \"While the planned investment in the HDTV product segment aligned with the economic downturn, it was imperative to continue with the product roadmap to ensure long term success for the company. It is important to point out that excluding these costs, the company would have reported positive net income in the quarter and positive EBITDA for the fiscal year to date,\" said Lavigne.Effective November 9, 2009, SolutionInc Technologies Limited has appointed Mr. Tim Gillis as Chief Financial Officer. Mr. Gillis has over 15 years of financial management experience and was most recently Director of Finance for the Jacques Whitford Group of Companies. At Jacques Whitford, a 1700 employee owned, multi-national company, Mr. Gillis was responsible for financial reporting, special projects and taxation.In addition, Mr. Gillis was formally a Vice President and Controller at Clarke Inc., a publicly traded Investment Holding Company, the Chief Financial Officer of Clear Picture Corporation, a profess...