Business
Monexa Technologies Corp. Reports Q1 2010 Results
Monexa Technologies Corp. Reports Q1 2010 Results
About this update from Santa Rosa Resources Corp.
[{"type":"text","content":"\n\n\n\n May 27, 2010 (Canada NewsWire Group) -- Monexa Technologies Corp. (TSX-Venture: MXA) today announced its quarterly results for the three-month period ended March 31, 2010. The financial statements were prepared in accordance with Canadian generally accepted accounting principles.\nFor the three months ended March 31, 2010, revenue was $886K, a decrease of 31% from $1,289K in the corresponding quarter in 2009. As compared to the Company's most recent completed quarter, revenue was $18K higher in Q4 2009 than Q1 2010 revenue or 2% ($903K vs. $886K), The net loss for the quarter was ($433K) as compared to a ($245K) for Q1 2009, an increase of $165K or 68%. As compared to Q4 2009 the Company loss Q1 2010 loss was lower by $196K than Q4 2009 loss or 31% ($628K vs.$433K). EBITDA loss was ($399K), up from ($220K) loss in the corresponding quarter in 2009. EBITDA Q1 2010 loss as compared to EBITDA Q4 2009 loss was lower by $171K ($570K vs. $399K).\nJohn Jacobson, President and CEO said "We were very pleased to announce the Pitney Bowes Business Insight contract in Q1. We're pursuing more enterprise customers as well as numerous medium and small businesses."\nGarth Albright, CFO said, "The company has taken important strides to grow its SaaS Billing customer base while improving operational efficiencies in our traditional business that are generating higher gross margin percentages. The company continues to invest in our research and development SaaS Billing platform as we expand our technology leading SaaS platform offering to meet and exceed our customers' expectations."\n\nAchievements in Q1 2010:\n\n\n >\n\n\nNon-GAAP measures\n\nEBITDA is a key measure used by management to evaluate the Company's performance. Management believes that EBITDA is useful as it provides an indication of the results generated by the Company's business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset depreciation and other non-cash expenditures. EBITDA is not a recognized measure under Canadian GAAP, and accordingly, investors are cautioned that EBITDA should not be construed as an alternative to net earnings or loss determined in accordance with GAAP as an indicator of the financial performance of the Company or as a measure of the Compa...