Business
In-Touch Survey Systems Ltd. announces 13% increase in revenue and Q2 2008 financial results
OTTAWA, Aug. 29 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch" TSX-Venture: INX) is plea...
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n\n\n\nOTTAWA, Aug. 29 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch"\nTSX-Venture: INX) is pleased to announce that revenue increased 13% to\n$1,313,120 in Q2 2008 compared to $1,231,836 in Q2 2007. Net loss increased to\n$86,263 compared to a net loss of $25,202 in Q2 2007. Cash flow from\noperations (adjusted EBITDA - see detailed financials) decreased to $30,000 in\nQ2 2008 compared to $90,000 in Q2 2007. The Q2 FY 2008 gross margin was 64%\ncompared to 57% for Q2 2007.\n\n\n"We continued our revenue growth in Q2 2008 over Q2 2007 and we expect\nQ3 2008 to meet or exceed Q2 2008 in percentage revenue growth with even\nstronger positive cash flows in terms of adjusted EBITDA. I am pleased with\nour margin improvement - a positive reflection on our significant investment\nin software development over the past three years. Several of our Fortune\n1000 customers have told us that 'In-Touch has the best technology for data\ncollection and data integration' of all their electronic data collection\nsuppliers," said Michael Gaffney, Chief Executive Officer.\n\n\n"Thursday's announcement of the planned acquisition of NCI Mobility of\nChicago also bodes well for future revenue growth and operational scalability.\nWe expect NCI to add over $1.25 million in annual revenues with no additional\noperational staff. We acquired their sales staff and assets and eliminated all\nother operational costs", said Gaffney.\n\n\n(000,s) 2008 2008 2007 2007 2007 2007 2006 2006\n Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3\nSales\n revenue $1,313 $1,160 $1,455 $1,413 $1,232 $961 $863 $956\nCost of\n services 474 499 591 579 529 391 418 349\nGross\n profit 839 661 864 834 703 570 445 607\nTotal\n operating\n expenses 913 895 760 634 694 617 544 579\nEarnings\n (loss)\n before\n under-\n noted\n items $(74) $(234) $104 $200 $9 $(47) ($99) $28\nNet\n earnings\n (loss) $(86) $(241) $(269) $165 $(25) $(96) ($153) $1\nCalculation\n of\n non-GAAP\n earnings\n from\n operations.\n To net\n earnings\n add:\nInterest\n expense 20 26 33 28 22 30 47 11\nAmorti-\n zation 105 86 150 79 70 58 55 61\nChange in\n fair\n value of\n derivative (44) 4 60 - - - - -\nStock-based\n compen-\n sation and\n shares\n released\n from\n escrow 35 45 27 23 23 47 81 21\nAdjusted\n EBITDA $30 $(80) $1 $295 $90 $39 $30 $94\n\n\nCertain statements included in this n...