Business
In-Touch Survey Systems Ltd. announces record annual revenue
OTTAWA, Jan. 31 /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, Jan. 31 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch"\nTSX-Venture: INX) is pleased to provide shareholders and investors guidance on\nits 2007 financial performance - a record year. These unaudited numbers are\napproximate, and intended to provide general guidance on our 2007 results.\nConsistent with prior years, In-Touch will release audited financial\nstatements later in Spring 2008.\n\n\nAided by strong fourth quarter sales, annual revenues are expected to be\nin the range of $5.05-$5.1 million - approximately a 40% increase over 2006\nrevenues of $3,632,304. Operating income increased roughly 200% to $140,000 in\n2007 compared to net loss of $145,542 in 2006. Since 2004 the Company has been\ndeveloping new survey hardware and late in 2007 it has decided to no longer\nuse the older technology which has been in the field since 1997. The result of\nthis decision as well as a general house cleaning of other impaired assets is\na one-time extraordinary $260,000 write-down of assets. After combining\noperating income with the one-time write-down of end-of-life assets the\ncompany expects a net loss of roughly $120,000 for 2007.\n\n\n"2007 saw sales growth in all areas of our product portfolio - especially\nin the United States. Growth is coming from large Fortune 1000 customers who\nneed mobile data collection technology that can be rapidly deployed with near\nreal-time uploading and reporting capabilities. In-Touch is the leading\nprovider in this market. Real-time data integration with our Fortune\n1000 customers is a burgeoning area of core competence for In-Touch. Our\ncustomers want to collect feedback from their customers anywhere, anytime and\nin many cases In-Touch is trusted to connect and deliver that information\ndirectly into their corporate CRM system," said Michael Gaffney, Chief\nExecutive Officer.\n\n\nIn-Touch has also received approval from the TSX and has closed the\nprivate placement previously announced on January 17. These shares are subject\nto a four month hold period, which expires on May 17, 2008. "This small\nplacement from employees was warmly received by the company as a message of\nconfidence," said Gaffney.\n\n\nCertain statements included in this news release contain forward looking\nstatements, which by their nature are necessarily subject t...