In-Touch Survey Systems Ltd. Announces Q2 2011 Financial Results with 33% Increase in Sales

About this update from Intouch Insight Ltd.

[{"type":"text","content":"\n\n\n\n\n\nOTTAWA, Aug. 29, 2011 /CNW/ - In-Touch Survey Systems Ltd. (\"In-Touch\")\n (TSXV: INX) announces revenues increased 33% to $1,722,998 in Q2 2011\n compared to $1,300,599 in Q2 2010. Net earnings for Q2 2011 increased\n 53% to $121,195 compared to net earnings of $79,097 in Q2 2010. The\n Company-defined adjusted EBITDA increased 41% to $255,000 in Q2 2011,\n compared to an EBITDA of $181,000 in Q2 2010.\n\n\nIn-Touch will open a new office in Charlotte, North Carolina the first\n week of September to support its growing revenue base in the United\n States with eight employees in sales and operations.\n\n\n\"Q2 2011 was our sixth consecutive quarter of growth and profit.\n Investment in Marketing and Product Development increased significantly\n during the first two quarters with the corresponding objectives of\n revenue growth and technology enhancement of our In-Touch Apps software\n platform,\" said Michael Gaffney, Chief Executive Officer.\n\n\n\"Looking forward, revenues for Q3 Q4 2011 will exceed revenues for the\n same period of 2010 by more than 40%. I am very excited about our\n revenue growth and our increased capabilities due to our investment in\n mobile software technology. There is no doubt that we are a leader in\n the field of managed mobile data capture applications,\" said Gaffney.\n\n\n\n\n\nConsolidated Statements of Operations\n\n\n \n\n\nQ2 2011\n\n\n \n\n\n \n\n\nQ2 2010\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nRevenue\n\n\n$\n\n\n1,722,998\n\n\n \n\n\n$\n\n\n1,300,599\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nCost of services and goods sold\n\n\n \n\n\n685,482\n\n\n \n\n\n \n\n\n536,921\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nGross profit\n\n\n \n\n\n1,037,516\n\n\n \n\n\n \n\n\n763,678\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nTotal operating expenses\n\n\n \n\n\n(921,533)\n\n\n \n\n\n \n\n\n(676,419)\n\n\nResults from operating activities\n\n\n \n\n\n115,983\n\n\n \n\n\n \n\n\n87,259\n\n\nInterest expense\n\n\n \n\n\n(13,676)\n\n\n \n\n\n \n\n\n(25,973)\n\n\nLoss on fair value of derivative\n\n\n \n\n\n(45,712)\n\n\n \n\n\n \n\n\n(9,605)\n\n\n...

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