Business
Route1 Reports 2007 First Quarter Results
Route1 Reports 2007 First Quarter Results.
About this update from Route1 Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, May 24 /CNW/ - Route1 Inc.(TM) (TSX-V:ROI), the trusted provider\nof security and identity management network solutions, today announced its\n2007 First Quarter financial results as at and for the three months ended\nMarch 31, 2007.\n\n\nRevenues for the three months ended March 31, 2007 was $408,000, an\nincrease of $281,000 or 221%, from $127,000 for the comparable period in the\npreceding year. Gross margin for the quarter was $41,000, an increase of\n$302,000, from a $261,000 loss for the comparable period in the preceding\nyear.\n\n\nThe Company's losses from continuing operations for the quarter were\n$1.709 million, or $0.01 per share, which is an improvement of $194,000, from\na $1.903 million loss for the same period last year. Operating expenses\ntotalled $1.759 million, which consisted primarily of G&A (27%), Selling and\nMarketing (42%) and R&D (27%). Net loss for the quarter amounted to\n$1.709 million or $0.01 per share, up from a loss of $1.446 million for the\ncomparable period in the preceding year which included non-recurring income of\n$457,000 from discontinued operations.\n\n\nTotal Assets grew 68% to $6.031 million from $3.589 million a year\nearlier. This includes cash and cash equivalents of $3.835 million. As at\nMay 24, 2007, the share capital consisted of 280,817,382 common shares\noutstanding.\n\n\n"We have set demanding objectives for ourselves," said Andrew White,\nPresident and CEO of Route1. "From the talent we have on board, to the patents\npending and intellectual property we have developed, Route1 is being\nrecognized as the leader in identity and entitlement-based access to digital\nresources. 2007 started off on a high note, when we announced both the signing\nof Nerds on Site and IT Weapons for white-labeled MobiKEYs. Also, the\nimpending licenses of branded MobiNETs will solidify us as market leaders."\n\n\n As at and for the\nSelected Financial Information three months ended March 31\n\n($000s, except per share amounts) 2007 2006\n\nStatements of Operations\n------------------------\nRevenues 408 127\nLoss from continuing operations 1,709 1,912\nNet loss 1,709 1,446\nCash used by operating activities 1,568 1,622\nNet loss per common share 0.01 0.01\n\nCash flow statements\n--------------------\nOperations (including non-cash items) (1,568) (1,62...