Business
In-Touch Survey Systems Ltd. announces annual financial results with 39% growth in sales and operating earnings of $266,182
OTTAWA, April 29 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch" TSX-Venture: INX) is ple...
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n\n\n\nOTTAWA, April 29 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch"\nTSX-Venture: INX) is pleased to announce that revenue grew by 39% to\n$5,060,576 in FY 2007 compared to $3,632,304 in FY 2006. Operating income\nsignificantly improved to $266,182 in FY 2007 compare to an operating lost of\n$13,068 in FY 2006. The Company's defined adjusted EBITDAS improved to\n$425,000 in FY 2007, compared to EBITDAS of $292,000 in FY 2006. Net Income\nwas negative only because of a one-time write down of $233,088 due to obsolete\nequipment. Net loss after the write-down for 2007 was $225,797 compared to a\nnet loss of $145,542 in 2006.\n\n\n"2007 was a great year for In-Touch with significant improvements in all\nfacets of our business. We generated significant cash from operations, raised\n$550,000 in debt from the Business Development Bank of Canada and with a new\nchartered bank, and banking agreement, we have a much stronger balance sheet",\nsaid Michael Gaffney, Chief Executive Officer.\n\n\n"We also expect to close the asset acquisition of MarketLine Research\nInc. of Minneapolis Minnesota in the next few days. This acquisition will\nexpand our data collection products with the addition of their call centre and\ncall centre technology along with their strength in market research. The\nacquisition will have an immediate positive impact on revenue", said Gaffney.\n\n\nConsolidated Statements\n of comprehensive loss 2007 2006\n ------------- -------------\n\nRevenue $ 5,060,576 $ 3,632,304\n\nCost of services 2,089,878 1,499,682\n ------------- -------------\n\nGross profit 2,970,698 2,132,622\n\nTotal operating expenses 2,704,516 2,145,690\n ------------- -------------\nEarnings (loss) before\n undernoted items 266,182 (13,068)\nInterest expense on short term debt (68,603) (65,281)\nInterest expense on long term debt (44,636) (14,968)\nAmortization of financing costs (23,273) -\nAmortization of discount on\n promissory note (51,735) (38,044)\nAmortization of intangible asset (19,044) (18,940)\nChange in fair value\n of derivative (Note 6) (60,212) -\nLoss on foreign exchange (23,486) (1,299)\nGain on disposal of property\n and equipment 32,098 6,058\nImpairment of property\n and equipment (Note 3) (233,088) -\n -------------- -------------\nNet loss and comprehensive loss $ (225,797) $ (145,542)\...