Medworxx Solutions Inc. Files Second Quarter Financial Statements and Management Discussion and Analysis; Announces Quarterly Revenue of Greater than $1 Million for the first time

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[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 31 /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 and six month periods ended June\n30, 2009. These documents may be viewed under the Company's profile at\nwww.sedar.com.\n\n\nMedworxx posts quarterly results with record revenue, surpassing $1\nMillion in quarterly revenue for the first time. Highlights include:\n\n\n- Revenue for the quarter ended June 30, 2009 was $1,055,893, a\n significant milestone for the Company as it is the first quarter with\n revenue greater than $1 million. Revenue for the second quarter\n represents a 10% increase over revenue of $957,175 in the previous\n quarter and a 17% increase over revenue of $903,909 in the same\n quarter last year.\n\n- Total expenses for the quarter ended June 30, 2009 before gain on\n foreign exchange, SR&ED expense, and interest on long-term debt were\n $1,247,468, representing an increase of 4% from expenses of $1,198,585\n in the prior quarter and a nominal decrease from expenses of\n $1,241,858 in the same quarter last year. The slight increase is due\n to higher than normal non-cash expense related to stock options.\n Overall these numbers reflect Management's planned control in expenses\n as Medworxx drives to profitability.\n\n- Deferred revenue at June 30, 2009 was $1,515,452 as compared to\n $1,784,114 at March 31, 2009, representing a 15% decrease. This\n decrease is attributable to timing of contract renewals. Management\n accordingly expects to see deferred revenue increase in the upcoming\n quarters. All annual renewable license software agreements are sold\n with a 12 month maintenance contract. The Company defers and amortizes\n the revenue over the next 12 months. Deferred revenue is defined as\n advance billings or payments received for customer contracts where the\n Company does not have vendor-specific objective evidence of fair\n market value of each contract element necessary to recognize the\n revenue; payments received in advance of delivery of services; or\n advance payments received for post contract support (maintenance)\n services.\n\n- Contract value of recurring revenue at June 30, 2009 with existing\n customers wa...

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