Business
In-Touch Survey Systems Ltd. announces Q3 2008 financial results with 20% increase in revenue
OTTAWA, Nov. 26 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch" TSX-Venture: INX) is plea...
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n\n\n\nOTTAWA, Nov. 26 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch"\nTSX-Venture: INX) is pleased to announce that revenue increased 20% to\n$1,695,019 in Q3 2008 compared to $1,413,081 in Q3 2007. Net income was\n$149,536 compared to a net income of $164,749 in Q3 2007. Cash flow from\noperations (adjusted EBITDA - see chart below) increased to $296,347 in Q3\n2008 compared to $295,000 in Q3 2007. Gross margin increased significantly to\n68.5% compared to 59% for Q3 2007.\n\n\n"Given the current economic environment, we are pleased with our sales\nand financial performance in Q3. The acquisitions of MarketLine of Minneapolis\nand NCI Mobility of Chicago have added significant market presence and core\ncompetence in key US markets and have contributed to this revenue growth. ",\nsaid Michael Gaffney, Chief Executive Officer.\n\n\n"Our financial performance should be viewed in the context of our\ninvestments in Chicago and Minneapolis for sales growth and operational\ncapacity. Our continued goal is to increase our overall revenue through\nacquisition and internal growth while at the same time maintaining positive\nnet income and EBITDA. We expect revenue in Q4 2008 to exceed Q3 2008", said\nGaffney\n\n\n2008 revenues are expected to be in the range of $5.95-$6.1 million -\napproximately a 19% increase over 2007 revenues of $5,060,576.\n\n\nThe global economic environment may challenge the company to maintain\nrevenue growth in 2009 even though In-Touch continues to see strong demand for\nits products with requests for proposals. The company signed two large new\ncustomers in the months of September and October - a large European automaker\nand a major Canadian retailer. These two new customers will add approximately\n$800,000 in revenue over the next twelve months. However, the Company cautions\nthat over 30% of its 2008 revenues came from major automobile manufacturers in\nthe US and Canada. While these automakers have indicated their satisfaction\nwith In-Touch and the value that In-Touch products and services bring to their\noperations, and have indicated that they plan to continue purchasing from\nIn-Touch, the company believes that it is prudent to forecast a decrease in\nrevenue from these automakers in fiscal year 2009 and is planning accordingly.\n\n\nThe following chart shows hi...