Texada Announces Record First Quarter Revenues and Additional Board Nominee at AGM
May 7, 2012
– Total revenues for the three months ended March 31, 2012 were $4.0 Ml., an increase of $2.9 Ml. or 263% compared to 2011.
– Including the revenues of the equipment rental business for the first quarter of 2011 even though Texada did not own this business at that time, the increase in total revenues over the same period was $1.1 Ml. or 39%.
– Equipment rental revenues were $2.6 Ml. in the quarter ended March 31, 2012, a 44% increase compared to 2011 when Texada did not own the business.
– Software revenues increased by $0.34 Ml. to $1.4 Ml. in the quarter ended March 31, 2012, a 31% improvement over 2011.
GUELPH, ONTARIO—(Marketwire – May 7, 2012) – Texada Software Inc. (“Texada”, or the “Company”) (TSX VENTURE:TXS), is pleased to announce record revenues for the three months ended March 31, 2012 as outlined above.
The Company continues to recognize the year ending December 31, 2011 as a critical jumping-off point for Texada and demonstrates through its record 2012 first quarter revenues the accelerated trajectory of increasing customer satisfaction, growth and shareholder value.
“All operating business units experienced strong revenue growth during the first quarter,” said Willie Swisher, the Company’s Chief Executive Officer. “The rental business unit experienced elevated time utilization rates during this period, even considering that we added additional rental fleet late in the fourth quarter of 2011. The software business unit continues to see success in the recently launched “Software as a Service” (“SaaS”) deployment option, as more and more businesses are turning to in the cloud models for many of their software options. Based on our preliminary results for the first quarter ended March 31, 2012, our expectations are to continue to see our initiatives show success throughout the balance of the year. We take the recently completed quarter as market confirmation of our vision, initiatives and direction and we will continue to forge our path forward, together, as a team.”
In further expanding the breadth of the Company’s expertise, Texada announced that it is pleased that Ron Schwarz, CFA, has accepted the Board’s invitation to stand as a nominee to join the Board of Directors at the Company’s annual general meeting scheduled for June 28, 2012.
Mr. Schwarz’s background is as an independent investor and capital markets professional with over 20 years of experience as a senior executive within equity research, wholesale banking and asset management. He recently served as Executive Director and Small Cap Portfolio Manager with UBS Global Asset Management Canada, where he managed a Canadian small cap fund. Previously, Mr. Schwarz was CIBC’s Managing Director and Head of Canadian Cash Equities, which encompassed the bank’s equity sales, trading, research and prime brokerage businesses. Mr. Schwarz’s expertise is centered on capital markets and corporate strategy.
“As we continue executing multiple strategic initiatives, including existing and new business expansion,” said Nabil Kassam, Executive Chairman, “Ron’s participation will significantly catalyze our ability to continue building a remarkable and enduring company.” Mr. Kassam concluded, “we are fortunate to have Ron’s contribution going forward as we chart the future of Texada.”
The financial information in respect to revenues for the periods set out in this new release is presented on a basis consistent with the accounting principles used to prepare Texada’s most recently filed financial statements. Readers are advised that the Company faces various risk factors with respect to its business and operations. Further information is available in the Company’s Management Discussion and Analysis available at www.sedar.com.
About Texada Software Inc. (TSX VENTURE:TXS)
Texada Software Inc. operates in two complementary businesses, enterprise asset management software and equipment rental.
Texada’s enterprise software business continues as the premier provider of equipment asset management software solutions for equipment rental, dealership and construction companies. Texada’s solutions are fully flexible and scalable to meet the unique needs of any sized operation and are backed by proven implementation, services and support. Texada’s market-driven software products combine knowledge and best practices from over 5,000 users worldwide, resulting in solutions that manage the complete asset life-cycle from acquisition through to disposal.
The Company, through its wholly owned US equipment rental subsidiary, Noble Rents, Inc., conducts business as Rolls High Reach at four locations in Southern California with over 7,000 customers and a wide range of rental fleet units.
Texada can be reached at 1-800-361-1233 or 1-519-836-7073, or at www.texadasoftware.com.
This news release may contain forward-looking statements which reflect the Company’s current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan, “estimate”, “expect”, “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Texada’s ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
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.