Medworxx Solutions Inc. Files First Quarter Financial Statements and Management Discussion and Analysis; Announces Record Quarter

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[{"type":"text","content":"\n\n\n\nTORONTO, June 1 /CNW/ - Medworxx Solutions Inc (the "Company")(TSX\nVENTURE:MWX) announced today it has filed with the Canadian securities\nauthorities its interim consolidated financial statements and management\ndiscussion & analysis report for the three month period ended March 31, 2009.\nThese documents may be viewed under the Company's profile at www.sedar.com.\n\n\nMedworxx posts quarterly results with record revenue, narrowing losses,\nand growth in recurring revenue. Highlights include:\n\n - Revenue for the quarter ended March 31, 2009 was $957,175 a 6%\n increase over revenue of $904,968 in the previous quarter and a\n 14% increase over revenue of $842,650 in the same quarter last\n year.\n\n - Total expenses for the quarter ended March 31, 2009 before gain on\n foreign exchange, SR&ED expense, and interest on long-term debt\n were $1,198,585, representing an 8% decrease from expenses of\n $1,300,126 in the prior quarter and a 13% decrease from expenses\n of $1,382,089 in the same quarter last year. This decrease\n reflects the planned control in expenses as Medworxx drives to\n profitability.\n\n - The Company incurred losses of $260,866 on revenue of $957,175 for\n the quarter ended March 31, 2009 vs. losses of $530,391 incurred\n for the same quarter in the prior year on revenue of $842,650,\n representing a 51% decrease in quarterly loss. In the prior\n quarter, the Company incurred losses of $356,720 on revenue of\n $904,968. This improvement in results of operations is due to the\n Company's ability to grow revenue while maintaining expenses at a\n fairly consistent level. This is the lowest quarterly loss for the\n Company since becoming a publicly traded company May of 2007.\n\n - Deferred revenue at March 31, 2009 was $1,784,114 as compared to\n $1,706,658 at December 31, 2008, representing a 5% increase. All\n annual renewable license software agreements are sold with a 12\n month maintenance contract. The Company defers and amortizes the\n revenue over the next 12 months. Deferred revenue is defined as\n advance billings or payments received for customer contracts where\n the Company does not have vendor-specific objective evidence of\n fair market value of each contract element necessary to recognize\n the revenue; payments received in advance of delivery of services;\n or advance ...

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