Business
IP Applications Corp. Reports Q2 2008 Results
VANCOUVER, Aug. 29 /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, Aug. 29 /CNW/ - IP Applications Corp. (TSX-Venture: IPX) today\nannounced its quarterly results for the three and six-month periods ended\nJune 30, 2008.\n\n\nFor the quarter ended June 30, 2008 revenue was $1.3M, a decrease of 30%\nfrom $1.9M in the corresponding period in 2007. The net loss increased 51% to\n$(374)K from $(247)K. EBITDA loss was $(313)K as compared to an EBITDA loss of\n(13)K in the corresponding quarter in 2007.\n\n\nFor the six-months ended June 30, 2008 revenue was $3.0M, a decrease of\n25% from $4.0M in the corresponding period in 2007. The net loss increased 18%\nto $(512)K from $(433)K. EBITDA loss was $(412)K as compared to EBITDA of 12K\nin the corresponding period in 2007.\n\n\nJohn Jacobson, President and CEO said "Despite a challenging quarter in\nthe technical support and Internet Service segment of our business, we're\nmaking solid progress establishing our Software as a Service ("SaaS") business\nas the dominant driver of future shareholder value. Multiples and valuations\nof successful SaaS companies are many times greater than conventional help\ndesk and hosted applications providers.\n\n\nIn the second quarter we committed significant staff and cash resources\nto begin marketing our billing and subscriber management services into the\nfast growing SaaS and Cloud Computing markets. Early efforts yielded our first\ncontract for these services with Logistica Solutions Inc. of Anaheim,\nCalifornia. Our updated www.SaaSAutomation.com website and online marketing\ncampaigns are also generating new leads. Market research commissioned by the\nCompany shows that companies in the enterprise software space are searching\nfor technical solutions to billing and subscriber management problems. Our\nintention is to expand and focus IP Applications' business into this\nfast-growing high-value market."\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 is not a recognized measure under Canadian GAAP,...