Business
Route1 Reports 2006 Fiscal Year Results
Route1 Reports 2006 Fiscal Year Results.
About this update from Route1 Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, April 26 /CNW/ - Route1 Inc.(TM) (TSX-V:ROI), the trusted\nprovider of security and identity management network solutions, today\nannounced its 2006 Fiscal Year and Fourth Quarter financial results for the\nperiod ended December 31, 2006.\n\n\nRevenue for fiscal 2006 was $0.535 million, an increase of\n$0.465 million, from the preceding fiscal year. Deferred revenues, which\nreflect the sales of future MobiNET services increased to $0.18 million, from\n$0.016 million in the preceding fiscal year.\n\n\nThe Company's losses from continuing operations were $9.4 million, or\n$0.05 per share, up from $6.3 million for the same period last year. Operating\nexpenses totalled $8.54 million, which consisted primarily of G&A (35%),\nSelling and Marketing (35%) and R&D (26%). Net loss for fiscal 2006 amounted\nto $8.9 million or $0.05 per share, up from a loss of $6.4 million in the\npreceding fiscal year.\n\n\nTotal Assets grew 33% to $3.6 million from $2.7 million a year earlier.\nThis includes cash and cash equivalents of $1.49 million. As at April 19,\n2007, the share capital consisted of 279,545,709 common shares outstanding.\n\n\n"2006 was a very exciting year for Route1. We continued to make\nsignificant strides from an operational standpoint, and began to develop\nrelationships that will position Route1 to recognize significant results in\n2007 and beyond," said Andrew White, President and CEO of Route1. "In addition\nto seeding MobiKEYs into the market, we have enhanced our go-to-market\nstrategy to better serve customer requirements. We unbundled the hardware and\nsoftware components of MobiKEY, introduced the TruOFFICE service, and continue\nto market the MobiNET platform."\n\n\nSelected Financial Information Year ended December 31\n($000s, except per share amounts) 2006 2005\n\nRevenues 535 71\nLoss from continuing operations 9,331 6,250\nNet loss 8,874 6,406\nCash used by operating activities 8,686 5,601\nNet loss per common share 0.05 0.05\n\n\nSelected Financial Information Three months ended December 31\n($000s, except per share amounts) 2006 2005\n\nRevenues 83 19\nLoss from continuing operations 2,802 2,063\nNet loss 2,802 2,211\nCash used by operating activities 2,410 873\nNet loss per common share 0.01 0.01\n\n\nConference Call and Webcast\n\n\nThe Company will host an investo...