Business
IP Applications Corp. Reports Q1 2009 Results
VANCOUVER, May 27 /CNW/ - IP Applications Corp. (TSX-Venture: IPX) today announced its quarterly ...
About this update from Santa Rosa Resources Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, May 27 /CNW/ - IP Applications Corp. (TSX-Venture: IPX) today\nannounced its quarterly results for the three-month period ended March 31,\n2009.\n\n\nFor the quarter ended March 31, 2009 revenue was $1.3M, a decrease of 23%\nfrom $1.7M in the corresponding period in 2008. The net loss increased 78% to\n$(245)K from $(138)K. EBITDA loss was $(213)K as compared to an EBITDA loss of\n(99)K in the corresponding quarter in 2008.\n\n\nOverview of the three months ended March 31, 2009:\n\n\n- Added five new SaaS subscription billing and recurring payments\n customers in the quarter\n- Gross margin improved to 47% in the current quarter as compared to\n 39% in 2008\n- Operating expenses increased to $0.9M in the first quarter of 2009 as\n compared to $0.8M in 2008\n- Realized the cost savings from the completed shutdown of the\n Vancouver call center and the migration of all technical support\n calls to our offshore call center partner in Q4 2008\n\n\nJohn Jacobson, President and CEO said "In the first quarter we won five\nnew online billing customers in competition with other recurring billing and\nsubscription payment solutions. Signing five new Software as a Service\n("SaaS") billing customers in the quarter demonstrates the competitive\nstrengths of our recurring payments solution and the demand for our\nsubscription billing software.\n\n\nOur ongoing operations received the benefits of our major cost management\nefforts last year and we continued to increase the sales and marketing costs\nto win new customers for our SaaS and Cloud Computing recurring payment and\nsubscription billing solution. In terms of long-term value to IP Applications,\nthe lifetime value of a client's recurring revenue grows as our customer's\nrecurring payments' volume grows. We're making solid progress in establishing\nour SaaS billing business as the dominant driver of future shareholder value."\n\n\nNon-GAAP measures\n\n\nEBITDA is a key measure used by management to evaluate the Company's\nperformance. Management believes that EBITDA is useful as it provides an\nindication of the results generated by the Company's business activities prior\nto taking into consideration how those activities are financed and taxed and\nalso prior to taking into consideration asset depreciation and other non-cash\nexpenditures. EBITDA...