Monexa Technologies Corp. Reports Q2 2010 Results
20 Agosto 2010 - 8:01PM
PR Newswire (Canada)
VANCOUVER, Aug. 20 /CNW/ -- VANCOUVER, 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. For 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). John 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." Garth 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.
Achievements in Q2 2010: - Partnered with SaaS Integration leader
Pervasive Software to provide enterprise customers out-of-box
integrations to Monexa Billing including: - Monexa Billing to
SalesForce.com for integration of subscription billing data with
CRM records. - Monexa Billing to ERP and Finance systems for
integration of subscription revenue with accounting systems of
record. - Advanced mediation of billing usage data from cloud
computing and telecom providers. - Continued success in signing new
Monexa Billing customers with a new fortune 500 retail customer and
three new SaaS customer wins. - Release of new features to the
Monexa Billing platform including simplified usage billing for
cloud computing companies, integration of Monexa Billing into
Pervasive Software's DataCloud solution and a new SOAP API allowing
customers faster and easier integration with Monexa Billing data.
Non-GAAP measures EBITDA 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 Company's
liquidity and cash flows. EBITDA may not be comparable to similar
measures presented by other issuers. The schedule below details how
Monexa reconciles its net loss per GAAP to EBITDA for the most
recent four quarters. Note: for the quarter ended December 31, the
impact of realized and unrealized foreign exchange gains and loss
are excluded. June March December September June 30 31 31 30 30
(000's) 2010 2010 2009 2009 2009
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Operating Loss $(393) $(433) $(628) $(490) $(415) Amortization and
depreciation 11 11 35 19 18 Interest - net 78 60 51 36 7 Tax - - -
- -
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EBITDA $(304) $(362) $(542) $(435) $(390)
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Additional details on the quarterly and year-end results, including
the audited Consolidated Financial Statements and Management
Discussion and Analysis, are available at www.sedar.com under
Monexa Technologies Corp. About Monexa Technologies Corp Monexa
offers a flexible on-demand subscription billing solution that
provides a scalable environment for expediting the launch of
products, services and applications online. This accelerates our
customers' time to market and revenue return. Monexa pioneered the
on-demand subscription billing space and has worked with hundreds
of businesses to help monetize their services. Having the most
capable and open subscription billing solution in the cloud,
combined with proven billing industry expertise, sets Monexa apart
from other service providers. Monexa's customers range in size from
high growth SaaS and Cloud Infrastructure companies like Untangle
and ActiveState to large household name companies like Pitney Bowes
Business Insight, AOL Canada, Sprint, Amway and Bell Mobility. For
more information visit http://www.monexa.com. Forward-Looking
Statements This news release contains forward-looking statements.
Actual events or results may differ materially from those described
in the forward-looking statements due to a number of risks and
uncertainties, including changes in financial and product market
conditions. Forward-looking statements are based on management's
estimates, beliefs, and opinions. The Company assumes no obligation
to update forward-looking statements, other than as may be required
by applicable law. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. High resolution photos and interview
opportunities available. Investor Contact: John Jacobson, President
and CEO, D: 604.630.5661, E: ir@monexa.com
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