Business
Monexa Technologies Corp. Reports Q2 2010 Results
Monexa Technologies Corp. Reports Q2 2010 Results
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[{"type":"text","content":"\n\n\n\n Aug. 20, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nVANCOUVER, Aug. 20 /CNW/ - Monexa Technologies Corp. (TSX-Venture: MXA) today announced its quarterly results for the three-month period ended June 30, 2010. The financial statements were prepared in accordance with Canadian generally accepted accounting principles.\nFor the three months ended June 30, 2010, revenue was $808K, a 31% decrease from $1,061K in the corresponding quarter in 2009. As compared to Q1 2010 revenue Q2 2010 revenue dropped by 9% or $78K ($886K vs. $808K).The net loss for the quarter was ($393K) a 5 % decrease from ($415K) for Q2 2009, As compared to Q1 2010 the Q2 2010 net loss dropped by $40K or 9% ($393K vs.$433K). EBITDA loss for the quarter was ($304K) down from ($390K) loss in the corresponding quarter in 2009. As compared to EBITDA Q1 2010 the Q2 EBITDA loss was lower by $58K ($304K vs. $362K).\nJohn Jacobson, President and CEO said "Our focus in the second quarter was on performance improvements across the entire Company. We maintained strong sales to new Software as a Service (SaaS) customers and introduced a significant number of new product features to the Monexa Subscription Billing solution along with an updated pricing model."\nGarth Albright, CFO said, "During the past quarter the Company has focused on increasing its Software as a Service (SaaS) customer sales and implementing new SaaS customers while reducing our operational cash flow. The company succeeded in all three goals. Operating expenses dropped by $212K or 23% quarter over quarter and during Q2, four new SaaS customers were closed and three new SaaS customers were fully implemented.\n\nAchievements in Q2 2010:\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...