Medworxx Solutions Inc. files third quarter financial statements and management discussion and analysis

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[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 1 /CNW/ - Medworxx Solutions Inc ("Medworxx", or the\n"Company") (TSX VENTURE: MWX) announced today it has filed with the Canadian\nsecurities authorities its interim consolidated financial statements and\nmanagement discussion & analysis report for the three and nine month periods\nended September 30, 2008. These documents may be viewed under the Company's\nprofile at www.sedar.com.\n\n\nMedworxx posts quarterly results with strong growth in new transactions\nand new recurring revenue growth. Highlights include:\n\n\n- Deferred revenue at September 30, 2008 was $1,608,975 as compared to\n $1,190,410 at June 30, 2008, an increase of 35%. This is due to\n contracts being closed in the quarter, but not yet recognized as\n revenue, and reflects strong sales performance in the quarter. All\n annual renewable license software agreements are sold with a 12 month\n maintenance contract. The Company defers and amortizes all revenue\n associated with annual agreements over 12 months.\n\n- Contract value of recurring revenue at September 30, 2008 increased\n to $2,592,000 from $2,127,839 at June 30, 2008, representing a 22%\n increase. This represents contracts of a recurring nature which\n management believes will renew in the next 12 months.\n\n- Revenue for the quarter ended September 30, 2008 was $697,315 as\n compared to $903,909 in the previous quarter and $682,810 in the same\n quarter last year. Historically, the third quarter is the weakest\n revenue quarter for the Company. Recurring revenue comprised more\n than 75% of total revenue for the quarter; this is the highest\n percentage of recurring revenue to date for the Company, and reflects\n the Company's continued successful drive to a recurring revenue and\n ultimately a "Software as a Service" model.\n\n- The Company has been successful with a planned reduction in expenses.\n Expenses for the quarter ended September 30, 2008 were $1,112,865,\n representing a 10% decrease in expenses as compared to the prior\n quarter and a 16% decrease in expenses from the same quarter last\n year.\n\n- The Company generated positive cash flow from operations of $97,752\n in the quarter, despite this historically being the slowest revenue\n quarter of the year. The continued increase in recurring billings as\n well as the Company's focu...

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