Monexa Technologies Corp. Reports Q2 2011 Results

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[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Aug. 29, 2011 /CNW/ - Monexa Technologies Corp. (TSXV: MXA)\n today announced its quarterly results for the six-month period ended\n June 30, 2011. The financial statements were prepared in accordance\n with International Financial Reporting Standards.\n\n\nFor the three months ended June 30, 2011, revenue totaled $707K, a 12%\n decrease from $808K in the corresponding quarter in 2010 as a result of\n a decline in ISP revenue of $152K, or 23.6%, offset by a $52K, or\n 32.5%, increase in SaaS revenue.   The net loss for the quarter was\n $339K, a 14% improvement from the $392K loss incurred in Q2 2010. \n Adjusted EBITDA loss for the quarter ($173K) was down from the ($273K)\n loss in the corresponding quarter in 2010.\n\n\nJohn Jacobson, President and CEO said \"Our SaaS billing revenue and\n margin showed excellent growth in the second quarter as new clients\n went into production and existing customers expanded.  Recognizing the\n need for increased capacity in the future, we improved the performance\n and capacity of our servers and renewed our commitment to Payment Card\n Industry security standards and the latest standard for Controls at a\n Service Organization, SSAE 16.  New features, including enhanced\n taxation support, an expanded API and other new capabilities were\n released into production.\"\n\n\nGarth Albright, CFO said \" Monexa continues to roll out it's business\n plan while adjusting our operating and direct cost base and increasing\n our SaaS billing revenue.    In conjunction with our SaaS expansion\n plans Monexa has renewed our commitment to the Payment Card Industry\n security standards and has received PCI compliance certification at the\n highest level.   The Company during Q2 commenced the SSAE-16 Controls\n at a Service Organization level II audit and this audit was completed\n in Q3.\"\n\n\nMilestones in Q2 2011:  \n\n\nSaaS higher margin recurring revenue increased by $52K, or (33%), in Q2\n while ISP traditional revenue declined by $152K in Q2.  Overall revenue\n declined quarter over quarter by $101K.\n\n\nDirect cost of sales dropped by $121k to $292K for Q2 2011 as compared\n to $413K for the prior year's comparable quarter.\n\n\nGross margin percentage increased to 59% in Q2 2011 vs. 49% in Q2 in\n 2010 as the h...

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