OTTAWA, July 26 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch"
TSX-Venture: INX) is pleased to announce that revenue increased 170% to
$925,479 in Q2 2006 compared to $342,158 in Q2 2005. Net income was slightly
positive at $5,028 compared to a net lost of $56,644 in Q2 2005. EBITDA in Q2
2006 was positive at $65,281 compared to negative EBITDA in Q2 2005 of
$133,523.
"In-Touch continues to add new customers and diversify its product
offering," said Michael Gaffney, Chief Executive Officer.
"We are very pleased with the 170% increase for Q2 and we also expect
significant revenue growth in Q3 2006 compared to the same period in 2005. We
continue to expect strong revenue growth through to 2007. Also, the previously
announced $1,000,000 in financing is now expected to close later in the year"
said Gaffney.
<<
2nd Quarter 2nd Quarter $ %
2006 2005 Change Change
Sales Revenue $925,479 $342,158 $583,321 170.5%
Cost of Goods Sold 362,260 33,308 (328,952) 987.6%
Gross Profit 563,219 308,850 254,369 82.4%
Total Operating Expenses 529,155 352,855 (176,300) 50.0%
Earnings (loss) before
undernoted items $34,064 ($44,005) $78,069
Interest Expense (15,003) (12,058) (2,495)
Amortization of discount
on convertible debenture 0 (7,201) 7,201
Amortization of discount
on promissory note (9,551) 0 (9,551)
Amortization of
intangible asset (4,761) 0 (4,761)
Loss on foreign exchange 279 7,070 (6,791)
Net earnings $5,028 ($59,682) $61,672
>>
Certain statements included in this news release contain forward looking
statements, which by their nature are necessarily subject to risks and
uncertainties and other factors that may cause actual results, performance or
achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such forward-
looking statements. Such statements reflect the Company's current views with
respect to future events, and are based on information currently available to
the Company and on hypotheses which it considers to be reasonable; however,
management warns the reader that hypotheses relative to future events which
are beyond the control of management could prove to be false, given that they
are subject to certain risks and uncertainties.
Detailed financial information and Management's Discussion and Analysis
can be found on www.sedar.com.
The TSX Venture Exchange has not reviewed the foregoing and has neither
approved or disapproved the contents of this press release.
%SEDAR: 00007687E
