Business
OneMove Posts Second Profitable Month in Row
OneMove Posts Second Profitable Month in Row
About this update from Osisko Metals Incorporated
[{"type":"text","content":"\nOneMove Posts Second Profitable Month in Row\n\n\n Jun. 1, 2009 (Baystreet.ca) -- - Revenue growth continues a rising trend up 18% over April -\n\nVancouver, BC -- OneMove Technologies Inc. (TSX-V: OM), which provides a leading web-based real estate transaction platform, announced today that it experienced continued growth and recovery with May revenues up 18% from April. \n\nAmidst the international economic downturn, OneMove reported monthly revenues have grown by over 115% since January. They reported over 5,000 transactions in May on revenues of $147,000.\n \nOneMove said that their monthly breakeven-mark for transactions is about 4,500. “This figure has been lowered through a series of cost-cutting and reorganization measures undertaken over the previous year,” said Martin Johnson, President and CEO of OneMove. “We made a strategic decision a little over a year ago to focus on the operations in British Columbia and on profitability here. We are now getting the results we wanted from those decisions. In April, we announced that our revenues exceeded expenses for the first time. Now in May, we have another month in the black. We are delighted” said Johnson.\nOneMove’s carefully planned change in direction a year ago is paying off. OneMove has taken unprecedented cost-cutting measures to dramatically reduce expenses. This included divesting its UK subsidiary in March 2008, salary and expense reductions, and a decision not to renew its BC Online agreement in May 2009. This last decision will save OneMove a 27% fee on every transaction.\nMartin Johnson said, “Our planning is paying off and OneMove is moving to break-even and beyond. We have been extremely focused on our objectives and the results are now showing us in the black in April and May for the first time. The recent recovery in transaction volume is a contributing factor in driving our improved revenues. This, along with increased users and significant expense reductions has resulted not only in growth, but also our second profitable month in a row.”\n \nFor OneMove, the fourth quarter is typically their strongest quarter in their fiscal year. “We are optimistic that we will see continued improvements in results.” said Johnson. “We are excited about the much anticipated release of our next generatio...