MXA Monexa Technologies Corp

VANCOUVER, Nov. 25 /CNW/ -- VANCOUVER, Nov. 25 /CNW/ - Monexa Technologies Corp. (TSX-Venture: MXA) today announced its quarterly results for the three-month period ended September 30, 2010. The financial statements were prepared in accordance with Canadian generally accepted accounting principles. For the three months ended September 30, 2010, revenue was $817K, a 14% decrease from $950K in the corresponding quarter in 2009. As compared to Q2 2010 revenue Q3 2010 revenue increased by 9K ($808K vs. $817K). The net loss for the quarter was ($399K) an 19% decrease from ($490K) for Q3 2009, As compared to Q2 2010 the Q3 2010 net loss increased by $6K or 2% ($393K vs. $399K). EBITDA loss for the quarter was ($296K) down from ($435K) loss in the corresponding quarter in 2009. As compared to EBITDA Q2 2010 the Q3 EBITDA loss was lower by $8K ($296K vs. $304K). John Jacobson, President and CEO said, "In the third quarter we continued to win contracts as the subscription billing market to grows. The product development team rolled out two releases in Q3, adding new payment methods and increasing the breadth of pricing models Monexa Billing can support." 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 expenses. The company succeeded in all three goals. Operating expenses dropped by $142K or 16% quarter over quarter and during Q3, four new SaaS customers were closed and three new SaaS customers were fully implemented." Achievements in Q3 2010: -- Launched award winning Monexa Billing to Salesforce.com integration allowing Monexa customers to synchronize their billing system with their Salesforce.com CRM solution. -- Successfully drove larger, more mature prospects into the sales pipeline with the pricing changes rolled out in Q2 2010. -- Added significant features to the Monexa Billing platform in Q3 2010 to support enterprise and international customers: o Salesforce.com integration with Monexa Billing. o Monexa Billing price sheets released as the subscription billing industry's most comprehensive way of managing different pricing models for the same service. o Paypal payment gateway support for international sales. o Product catalog offline management capability for enterprise customers. 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, 2009 the impact of realized and unrealized foreign exchange gains and loss is excluded. September June March December 30 30 31 31 (000's) 2010 2010 2010 2009 Operating Loss $(399) $(393) $(433) $(628) Amortization and depreciation 11 11 11 35 Interest - net 92 78 60 51 Tax - - - - EBITDA $(296) $(304) $(362) $(542) Going Concern: The Company has not yet realized profitable operations, has generated negative cash flows from operations.   The Company continues to relay on external sources of debt and equity to fund operations. 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. pbInvestor Contact:/bbr/ John Jacobson, President and CEObr/ D: 604.630.5661br/ E: a href="mailto:ir@monexa.com"ir@monexa./aa href="mailto:ir@monexa.com"com/a/p

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