Business
IP Applications Corp. narrows loss in the 2006 fiscal year
IP Applications Corp. narrows loss in the 2006 fiscal year.
About this update from Santa Rosa Resources Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, April 30 /CNW/ - IP Applications Corp. (TSX-Venture: IPX)\ntoday announced its quarterly and financial year end results for the periods\nended December 31, 2006.\n\n\nFor the year ended December 31, 2006 revenue was $9.3 million, an 18%\nincrease compared to $7.9 million for the twelve-month period ended\nDecember 31, 2005, and the net loss decreased 10% to $(2.9) million from\n$(3.5) million. Significantly, the EBITDA loss was $(0.6) million, a 58%\ndecrease from the previous period.\n\n\nFor the quarter ended December 31, 2006 revenue was $2.1 million compared\nto $2.3 in the corresponding period in 2005. The net loss decreased 14% to\n$(1.4) million from $(1.6) million. EBITDA loss was $(0.3), a 37% decrease\nfrom $(0.5) million in the corresponding quarter in 2005.\n\n\nJohn Jacobson, President and CEO said, "We are building IP Applications\ninto a platform for future growth, based on products that use our broad base\nof technology and services, to capitalize on emerging market opportunities.\nThe first stage was getting the base business of the Company operating\nefficiently and delivering a level of performance that would limit the need\nfor cash injections to sustain operations. To achieve this, we concentrated\ntime and resources on growing profitable segments of the business, we reduced\ncosts and we ended unprofitable contracts whenever we could. These efforts had\na dramatic impact on the Company's EBITDA loss, cutting it by more than half\nfrom $(1.4) million in 2005 to $(0.6) million.\n\n\nThis was all achieved in an environment that was very challenging. The\nexchange rate continued to move against us, and customer attrition and a few\nunplanned departures meant that we were unable to achieve complete operating\ncash self-sufficiency. Nevertheless, we're much closer and we're continuing to\nwork toward it. Meanwhile, we've begun the second stage of IP Applications'\nevolution: developing and marketing new products in 2007, and investigating a\nnumber of exciting new growth opportunities.\n\n\nThe first of the three new 2007 products is Voyager\nSoftware-as-a-Service, the company's internal trouble-ticketing and customer\nsupport software application modified and delivered to outside customers as a\nweb-based service. The second is MyHelpDesk(TM), a service product to solve\ncustomer computer...