Business
In-Touch Survey Systems Ltd. announces 1st quarter 2006 revenue up 173% over 1st quarter 2005 and positive net income
In-Touch Survey Systems Ltd. announces 1st quarter 2006 revenue up 173% over 1st quarter 2005 and positive net income.
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n\n\n\n\nOTTAWA, May 23 /CNW Telbec/ - In-Touch Survey Systems Ltd. (\"In-Touch\"\nTSX-Venture: INX) is pleased to announce that revenue increased 173% to\n$887,322 in Q1 2006 compared to $324,491 in Q1 2001. Net income was slightly\npositive at $1,274 compared to a net lost of $59,682 in Q1 2005. Cash flow\nfrom operations in Q1 2006 was positive at $65,281 compared to negative cash\nflows from operations in Q1 2005 of $133,523.\n\"In-Touch was close to bankruptcy in August 2004. We began the turnaround\nof In-Touch in Q4 2004 with a new cost structure and a new product strategy\nthat were developed and implemented throughout 2005\" said Michael Gaffney,\nChief Executive Officer.\n\"Our focus for 2006 is to significantly increase revenue compared to\n2005. We are very pleased with the 173% increase for Q1 and we also expect\nsignificant revenue growth in Q2 2006 compared to the same period in 2005.\nWhile we expect strong revenue growth in 2006 compared to 2005, the quarterly\nnumbers will be variable - reflecting normal variability in the selling cycle\nand the size and mix of orders,\" said Gaffney.\n\"We anticipate closing the previously announced $1,000,000 in financing\nin the next few months. The effective share price for this transaction is\n$0.36 - conditional upon In-Touch increasing its revenue by approximate 110%\nover 2005 to revenues of $3,500,000 in 2006. If 2006 revenues do not reach the\n$3,500,000 target, then the effective share price for the investment may be\ndecreased, to no lower than $0.22 per share. This investment by the Madison\nGrant Fund Inc. will greatly strengthen our balance sheet,\" said Gaffney.\n\n>\n\nCertain statements included in this news release contain forward looking\nstatements, which by their nature are necessarily subject to risks and\nuncertainties and other factors that may cause actual results, performance or\nachievements of the Company to be materially different from any future\nresults, performance or achievements expressed or implied by such forward-\nlooking statements. Such statements reflect the Company's current views with\nrespect to future events, and are based on information currently available to\nthe Company and on hypotheses which it considers to be reasonable; however,\nmanagement warns the reader that hypotheses relative to future events which\nare beyond the contr...