Business
Route1 Reports 2nd Quarter 2006 Financial Results
Route1 Reports 2nd Quarter 2006 Financial Results.
About this update from Route1 Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Aug. 24 /CNW/ - Route1, Inc.(TM) (TSX-V:ROI), a market leader in\nproviding secure, identity-managed remote computing solutions, today announced\nits second quarter financial results for the period ended June 30, 2006.\nThe Company sold 1,025 MobiKEYs in the second quarter, an increase of\n533% over the previous quarter, resulting in a total number of subscribers of\n1,261. The Company also had 383 additional MobiKEYs placed with potential\ncustomers on a trial basis.\nThe Company had revenues of $153,746 for the quarter ended March\n31, 2006. Deferred revenues, which reflect the cash received for the sales of\nfuture MobiNET services increased to $172,793. The Company's losses from\noperations were $2,409,530 or $0.01 per share for the same period. Current\nassets were $2,194,848 which included $1,520,129 in cash, cash equivalents and\nshort term investments. Current liabilities were $972,678. The Company had\n176,397,999 common shares outstanding as at June 30, 2006. For the complete\nfinancial statements please visit www.sedar.com.\n\"The results of the second full quarter since the release of MobiKEY\nvalidates the Company's go-to-market strategy and are reflective of this early\nselling stage\", said Andrew White, CEO, Route1. \"A number of the units sold in\nthe second quarter were within large corporate accounts with the anticipation\nof significant growth to the MobiNET subscriber base. As we continue to grow\nour sales and distribution channels and gain exposure into more and more\naccounts, it is evident that MobiKEY, powered by MobiNET, gives Route1 a clear\ncompetitive advantage. By providing secure identity management, MobiKEY\ndelivers more than an easy-to-use remote computing solution; it supports\nemergency preparedness/disaster recovery, business continuity, and\nregulatory/corporate compliance needs.\"\n\nTeleconference Webcast\n\nThe Company will host an investor teleconference webcast today at 4:30 pm\nEST. Andrew White, CEO, John Denham, CFO and Mike Larkin, VP Sales will lead a\npresentation and answer questions about the Company's progress. Investors and\nanalysts are invited to call 416-644-3421 or visit\nhttp://www.route1.com/investors/investor_webcasts.htm at least 5 minutes prior\nto the start of the call. The audio webcast will be archived and available for\nreplay for 90 days.\n\nA...