Monexa Technologies Corp. Reports Q1 2011 Results
20 Mayo 2011 - 7:23PM
PR Newswire (Canada)
VANCOUVER, May 20, 2011 /CNW/ -- VANCOUVER, May 20, 2011 /CNW/ -
Monexa Technologies Corp. (TSXV: MXA) today announced its quarterly
results for the three-month period ended March 31, 2011. The
financial statements were prepared in accordance with International
Financial Reporting Standards. For the three months ended March 31,
2011, revenue totaled $828K, a 6% decrease from $886K in the
corresponding quarter in 2010 but when compared to Q4 2010 revenue,
Q1 2011 revenue increased by 13% or by $109K ($828K vs. $719K). The
net loss for the quarter was ($278K), a 36% improvement from the
($433K) loss incurred in Q1 2010. As compared to Q4 2010 the
Q1 2011 net loss dropped by $140K or 33% ($278K vs.
$418K). EBITDA loss for the quarter was ($127K) down from
($362K) loss in the corresponding quarter in 2010. As compared
to EBITDA Q4 2010 the Q1 EBITDA loss was lower by $275K ($127K vs.
$362K). John Jacobson, President and CEO, said, "The Monexa team
has made considerable progress in the first
quarter. Financially we're stronger now, and we made some
great progress with both new and existing clients. We expanded
our Pitney Bowes relationship and we launched a new
bricks-and-mortar retail system in conjunction with a major
reseller. The retail system has rolled out faster than we
originally expected, and by end of April 2011, more than 4,000
retail stores across the USA are using our cloud billing
system. These and other new clients are and will be delivering
significant new SaaS billing revenue growth through the rest of
2011." Garth Albright, CFO, said, "In Q1 2011 we were successful in
closing both a private placement and a debt financing that has
improved our working capital position. On the operations side
the increase in revenue as compared to Q4 2010 quarter coupled with
operational efficiencies implemented over the past 12 months has
reduced our operating loss by over 30%. We are now focused on
growth and our sales pipeline continues to grow." Achievements in
Q1 2011: -- In Q1 2010, Monexa closed a non-brokered private
placement of 8.9M shares for total gross proceeds of $445.5K. The
Company also closed a promissory note of $600K, as at March 31,
2011 we have drawn it down by $350K. -- Recertified as PCI
compliant at the highest vendor level. -- Revenue increased to
$829K for the quarter up by $109K from Q4 2010 revenue of $719K. --
Implemented our SaaS billing system for a Fortune 500 client in
February 2011 and rolled out 4,000 stores by end of April 2011. --
SaaS pipeline has increased in first five months of 2011 by 184%
primarily with Enterprise and large customers. -- Gross margin has
increased to 60% for Q1 2011, an increase of 2.1% from 57.9% for Q1
2010 year. Q1 2010 had a one-time credit to cost of sale of $84K,
therefore after adjusting for this one-time credit the gross margin
increased by 11.6% (60% vs. 48.4%) when you compare quarter to
quarter. -- Operating costs dropped between comparable quarters by
24.8% or $229,597. 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. March September June 31
December 31 30 30 (000's) 2011 2010 2010 2010 $ $ $ Operating Loss
(277) (418) $(399) (393) Amortization and depreciation 7 4 11 11
Interest - net 152 12 92 78 Tax (9) - - - $ $ $ EBITDA (127) (402)
$(296) (304) 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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/May2011/20/c6692.html p
bInvestor Contact: /bbr/ Garth Albright CFO
D: 604.630.5657br/ E: a
href="mailto:ir@monexa.com"ir@monexa.com/a /p
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