Business
In-Touch Survey Systems Ltd. announces significantly improved year end financial results
In-Touch Survey Systems Ltd. announces significantly improved year end financial results.
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n\n\n\n\n OTTAWA, May 1 /CNW Telbec/ - In-Touch Survey Systems Ltd. (\"In-Touch\" TSX-\nVenture: INX) is pleased to announce that revenue increased more than 16% to\n$1,684,290 in FY 2005 compared to $1,449,023 in FY 2004. The net loss\ndecreased to $234,050 in FY 2005 compared to a net loss of $1,088,325 in\nFY 2004. The negative cash flow from operations in FY 2005 was $83,756,\nsignificantly lower than the negative cash flows from operations in FY 2004 of\n$652,274. In-Touch was cash flow positive in FY 2005 after subtracting non\ncash expenses for the amortization of capital assets and stock based\ncompensation. Detailed financial information of In-Touch can be found on\nwww.sedar.com.\n\"In-Touch was close to bankruptcy in August 2004. We began the turnaround\nof In-Touch in Q4 2004. I congratulate the team for increasing revenue by 16%\nand reducing expenses by 78% to make In-Touch cash flow positive in FY 2005,\"\nsaid Michael Gaffney, Chief Executive Officer.\n\"Revenue for Fiscal Year 2006 continues to be encouraging. In Q4 2004,\nwhen we began the turnaround, In-Touch quarterly revenues had dropped to\n$162,143. Six quarters later, in Q1 2006 we expect a five fold increase in\nrevenue compared to Q4 2004. We also expect revenues for FY 2006 to increase\nby at least 60% over FY 2005. However, despite the improved performance of In-\nTouch, the company continues to have limited operating capital and is\nsearching for investment and acquisition opportunities that will improve our\nbalance sheet,\" said Gaffney.\n>\n\nThe TSX Venture Exchange has not reviewed the foregoing and has neither\napproved or disapproved the contents of this press release.\n%SEDAR: 00007687E\n\n\n","length":2947,"tagName":"div"}]