May 30, 2012
– Record revenue of $4.0 Ml. for the quarter compared to $1.1 Ml. in 2011
– Adjusted EBITDA (as defined below) of $0.52 Ml. compared to a loss of $0.06 Ml. in 2011
– Net loss of $0.41 Ml. as compared to a net loss of $0.17 Ml. in 2011
GUELPH, ONTARIO—(Marketwire – May 30, 2012) – Texada Software Inc. (TSX VENTURE:TXS), a versatile, multi-segmented business operation encompassing construction and industrial equipment rental, construction and industrial equipment sales and enterprise asset management software, today announced its unaudited interim operating results for the quarter ended March 31, 2012. Total revenue for the period was $4.0 Ml., compared with $1.1 Ml. for the quarter ended March 31, 2011. Adjusted EBITDA (defined as net earnings (loss) for the period adjusted for depreciation, amortization, interest, foreign exchange and stock based compensation) accelerated to $0.52 Ml. compared to a loss of $0.06 Ml. in 2011.
The Company had a net loss for the period of $0.41 Ml., compared to a net loss of $0.17 Ml. in 2011. Operating expenses for the quarter ending March 31, 2012 increased to $3.18 Ml. from $1.01 Ml. for the quarter ended March 31, 2011 while direct cost of revenue increased to $1.06 Ml. from $0.17 Ml. due to depreciation expense rising to $0.68 Ml. for the current years’ period, driven by capital assets used in rental operations.
“The Company continues to experience significant growth in all aspects of our operations,” stated Willie Swisher, Texada’s CEO. He continued, “this is a seminal moment for the Company; the exemplary first quarter results, the signing of the exclusive LiuGong dealership in Houston, Texas and the debt refinancing of our U.S. rental operations. We have the tools and the personnel in place to continue taking these controlled growth steps and look forward to creating value for all stake holders for the balance of 2012.”
The following is a summary table of the financial results of the Company for the period ended March 31, 2012.
|Thousands of Canadian Dollars||Three Months Ended March 31,|
|(except per share amounts)||2012||2011|
|Operating Income (Adjusted EBITDA)||520||(57)|
|Net Loss for the Period||($406)||($166)|
|Net Loss per Share||($0.007)||($0.013)|
More information can be found at www.sedar.com.
About Texada Software Inc. (TSX VENTURE:TXS)
Texada Software Inc., following the launch of its LiuGong dealership announced on May 15, 2012, operates in three complementary businesses; construction and industrial equipment rental, construction and industrial equipment distribution and enterprise asset management software.
The Company, through its wholly owned U.S. subsidiaries, is expanding its presence in the construction and industrial equipment industry and conducts business as Noble Rents, Inc. in Southern California and Noble Equipment, Inc. in Houston, Texas. Noble Equipment, Inc. is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
The Company’s enterprise software business, Texada Software, is the premier provider of equipment asset management software solutions for equipment rental, dealership and construction companies globally. Texada’s solutions are available both in-the-cloud or client-based, are 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.
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 industries in which the Company participates; 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.