Business
IN-TOUCH SURVEY SYSTEMS LTD. ANNOUNCES PROFITABLE Q2 2010 FINANCIAL RESULTS
IN-TOUCH SURVEY SYSTEMS LTD. ANNOUNCES PROFITABLE Q2 2010 FINANCIAL RESULTS
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n\n\n\n Aug. 24, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nOTTAWA, Aug. 24 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch" TSX-Venture: INX) announces revenue of $1,300,599 in Q2 2010 compared to $1,414,500 in Q2 2009. Net Income for Q2 2010 increased 178% to $70,418 compared to a net loss of $89,267 in Q2 2009. The Company-defined adjusted EBITDA increased 563% to $181,000 in Q2 2010, compared to an EBITDA of $27,000 in Q2 2009.\n"In-Touch is still adjusting to the effects from the 2009 recession as revenues return to pre-recession levels. The company has now enjoyed four consecutive quarters of positive income from operations; has an increasingly diversified revenue base; and encouraging financial performance in terms of net income and cash flow because of our continued investment in software tools for product development and operations", said Michael Gaffney, Chief Executive Officer.\n"Looking forward, revenues for Q3 2010 will exceed revenues for the same period of 2009. Currently, Q4 2010 bookings exceed 66% of target but it is still too early to accurately forecast final Q4 2010 revenues. However, we are predicting that FY 2010 will be net income positive with a significant amount of positive cash flow (EBITDA)", said Gaffney.\n\n\n >\n\n\nCertain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future eve...