Business
IP Applications Corp. Reports Q3 2008 Results
VANCOUVER, Nov. 28 /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, Nov. 28 /CNW/ - IP Applications Corp. (TSX-Venture: IPX) today\nannounced its quarterly results for the three-month period ended September 30,\n2008.\n\n\nFor the quarter ended September 30, 2008 revenue was $1.3M, a decrease of\n29% from $1.9M in the corresponding period in 2007. The net loss increased 3%\nto $(204)K from $(197)K. EBITDA loss was $(162)K as compared to an EBITDA loss\nof (7)K in the corresponding quarter in 2007.\n\n\nOverview of the three months ended September 30, 2008:\n\n- Implemented a complete redesign of its corporate website\n "www.IPApplications.com" and rolled out new marketing material\n describing its billing and subscriber management product suite.\n- During July 2008, the Company closed a non-brokered private placement\n of 3.9 million shares for total gross proceeds of $0.8 million\n- Revenues of $1.3 million for Q3-2008 represent a 29% decrease from the\n $1.9 million recognized in Q3-2007 but are essentially unchanged from\n revenues recognized during Q2-2008\n- Gross margin was 41% for Q3-2008, down from 44% in Q3-2007 but up from\n 34% in Q2-2008\n- Operating expenses were $0.7 million in Q3-2008, 22% less than Q3-2007\n and 10% less than Q2-2008. Marketing and sales was higher than both\n Q3-2007 and Q2-2008 which reflects the Company's move into billing\n services for SaaS and Cloud Computing\n\n\nJohn Jacobson, President and CEO said "In the third quarter we clarified\nour product positioning and value proposition for the SaaS and Cloud Computing\nbilling market and presented the new messaging on our new corporate website.\nFeedback on the site has been very favorable and the response to the marketing\nhas been a growing pipeline of new sales opportunities. We're making solid\nprogress establishing our Software as a Service ("SaaS") business as the\ndominant driver of future shareholder value.\n\n\nMultiples and valuations of successful SaaS companies have been and we\nexpect will continue to be many times greater than conventional help desk and\nhosted applications providers.\n\n\nIn Q3, we also cut costs and improved the performance of the technical\nsupport and Internet Service segment of our business. While revenue was\nrelatively unchanged from Q2, our gross margin and operating expenses both\nimproved even as we continued to increase the sa...