Business
IP Applications Corp. Reports Q2 2009 Results
VANCOUVER, Aug. 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, Aug. 27 /CNW/ - IP Applications Corp. (TSX-Venture: IPX) today\nannounced its quarterly results for the three-month period ended June 30,\n2009. For the three months ended June 30, 2009, revenue was $1,061,000, a\ndecrease of 19% from $1,315,000 in the corresponding period in 2008. Although\nrevenue was lower than the same period in 2008, gross margin in the quarter\nincreased to $480,000 compared with $453,000 in the same quarter in 2008. The\nnet loss increased 11% to $415,000 from $374,000.\n\n\nJohn Jacobson, President and CEO said "We've increased our spending on\nmarketing, sales and product development for our Software-as-a-Service\n("SaaS") and Cloud billing services business because we believe that it is the\ndominant driver of future shareholder value. In terms of progress toward this\ngoal, most of the first quarter's new customers are live on our application\nand one SaaS billing customer that signed a contract with us in the second\nquarter is already live. We also added a European-based reseller to extend the\nreach of our SaaS and Cloud Computing product marketing. Sustaining our sales\nand marketing investment to win new SaaS and Cloud Computing customers is a\npriority."\n\n\n IP Applications Corp.\n\n Consolidated Statements of Operations,\n --------------------------------------\n Comprehensive Loss and Deficit (Unaudited)\n ------------------------------------------\n (prepared in accordance with Canadian\n generally accepted accounting principles)\n\n\n Six months ended Three months ended\n June 30 June 30\n 2009 2008 2009 2008\n\nRevenue $ 2,350,480 $ 3,000,178 $ 1,061,356 $ 1,315,172\nDirect costs 1,258,194 1,898,364 581,147 862,533\n --------------------------------------------------------\nGross Margin 1,092,286 1,101,814 480,209 452,639\n --------------------------------------------------------\n\nOperating expenses\nAmortization of\n property and\n equipment 56,962 90,745 25,278 45,623\nForeign exchange\n (gain)/loss 9,783 (5,264) 21,398 6,941\nGeneral and\n administration 686,348 695,191 342,515 346,825\nInterest on capital\n lease obligations 2,648 8,308 984 3,807\nSales and marketing 313,508 172,610 174,419 91,532\nStock-based\n compensation 37,908 60,580 13,530 40,692\nOperations and\n development 659,791 591,196 331,363 290,960\n -----------------------------...