OTTAWA, Oct. 30 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch"
TSX-Venture: INX) is pleased to announce that revenue increased 172% to
$956,307 in Q3 2006 compared to $351,930 in Q3 2005. Net income was positive
at $1,037 compared to a net loss of $32,630 in Q3 2005. Cash flow from
operations in Q3 2006 was positive at $125,585 compared to cash flows from
operations in Q3 2005 of $75,733.
"In-Touch continued to add new customers such as Hallmark Canada, Eastern
Mountain Sports, United States Marine Corps., Laura Secord and diversify our
product offering," said Michael Gaffney, Chief Executive Officer.
"We are very pleased with the 172% increase in revenues for Q3 2006 over
Q3 2005 and we also expect revenue growth in Q4 2006 compared to the same
period in 2005. We continue to expect strong revenue growth through to 2007.
As previously announced the $1,000,000 in financing with Madison Grant is
still expected to close later in the year" said Gaffney.
<<
3rd 3rd
Quarter Quarter $ %
2006 2005 Change Change
Sales Revenue $956,307 $351,930 $604,377 171.7%
Cost of Goods Sold 348,955 28,402 (320,553) 1,128.6%
Gross Profit 607,352 323,528 283,824 87.7%
Total Operating Expenses 579,294 322,168 (257,126) 79.8%
Earnings before
undernoted items $28,058 $1,360 26,698
Interest Expense (11,201) (19,516) 8,315
Amortization of discount
on convertible debenture 0 (7,940) 7,940
Amortization of discount
on promissory note (10,211) 0 (10,211)
Amortization of
intangible asset (4,761) 0 (4,761)
Loss on foreign exchange (848) (6,534) 5,686
Net earnings (loss) $1,037 ($32,630) $33,667
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
