Business
In-Touch Survey Systems Ltd. announces annual financial results with 17% revenue growth
OTTAWA, May 28 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch" TSX-Venture: INX) is pleas...
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n\n\n\nOTTAWA, May 28 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch"\nTSX-Venture: INX) is pleased to announce that revenue grew by 17% to\n$5,914,814 in FY 2008 compared to $5,060,576 in FY 2007. Net loss for 2008 was\n$177,206 compared to a net loss of $225,797 in 2007. The company-defined\nadjusted EBITDA was $351,000 in FY 2008, compared to an EBITDA of $425,000 in\nFY 2007.\n\n\n"The economic downturn in the third and fourth quarter provided\nsignificant challenges to the Company as revenues from its auto industry\ncustomers and others were put under pressure. Coincident with the downturn, we\nalso made two acquisitions; NCI Mobility of Chicago and MarketLine Research of\nMinneapolis. The cost of completing these acquisitions resulted in additional\npressure on our balance sheet", said Michael Gaffney, Chief Executive Officer.\n\n\n"Given the current economic environment, forecasting is challenging at\nbest. However, we do expect continued growth this year. Our revenue backlog\nfor 2009 is currently higher than the same period in 2008", said Gaffney.\n\n\nConsolidated Statements of Operations 2008 2007\n ---------------- ---------------\n\nRevenue $ 5,914,814 $ 5,060,576\n\nCost of services and goods sold 2,321,746 2,089,878\n ---------------- ---------------\n\nGross profit 3,593,068 2,970,698\n\nTotal operating expenses 3,812,551 2,704,516\n ---------------- ---------------\n ---------------- ---------------\nEarnings (loss) before undernoted items (219,483) 266,182\n\nInterest expense on short term debt (20,658) (68,603)\nInterest expense on long term debt (94,803) (44,636)\nAmortization of financing costs (18,581) (23,273)\nAmortization of discount on promissory note (55,019) (51,735)\nAmortization of intangible asset (34,123) (19,044)\nChange in fair value of derivative 94,096 (60,212)\nGain (loss) on foreign exchange 119,055 (23,486)\nGain on disposal of property and equipment 50,311 32,098\nOther income 22,000 -\nImpairment of property and equipment - (233,088)\n ---------------- ---------------\nNet loss $ (177,206) $ (225,797)\n ---------------- ---------------\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 ...