In-Touch (INX.V) $0.195
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Posted: Wednesday Jun 1 12:33:59PM 2011
IN-TOUCH SURVEY SYSTEMS LTD. ANNOUNCES Q1 2011 FINANCIAL RESULTS WITH 5TH CONSECUTIVE PROFITABLE QUARTER
In-Touch Survey Systems Ltd. had revenue of $1,428,242 in the first quarter of 2011, compared with $1,321,745 in the first quarter of 2011. Net income for the first quarter of 2011 was $28,685, compared with $158,332 in the first quarter of 2010. The company-defined adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $161,000 in the first quarter of 2011, compared with an EBITDA of $246,000 in the first quarter of 2010.
"Our first quarter 2011 financial results and revenue performance met expectations. We increased our investment in product development and sales and marketing in first quarter 2011 by $115,000 relative to first quarter 2010 to support the expected revenue growth during last three quarters of the year. G&A expenditures did not increase. Net income was reduced by a $55,920 loss on foreign exchange and an increase of $45,369 on the present value of our derivative given the significant increase in our share pricing over recent months. We continue to forecast 25-per-cent revenue growth for 2011, over 2010," said Michael Gaffney, chief executive officer.
The company launched the beta version of In-Touch Apps at the Event Marketing Summit in Chicago in May. In-Touch Apps is the first self-service mobile data capture Web software application to be introduced to the market that is designed to work on any hardware platform and will work on-line or off-line, which is a tremendous benefit for customers for use in locations where connectivity may be intermittent.
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE FIRST QUARTER
Revenue $ 1,428,242 $ 1,321,745
Cost of services and goods sold 479,105 439,940
Gross profit 949,137 881,805
Selling 115,205 74,587
General and administrative 503,334 506,613
Product development 119,086 45,153
Amortization of property and equipment 67,599 67,173
Total operating expenses 805,224 693,526
Earnings (loss) before undernoted items 143,913 188,279
Interest expense (15,943) (20,255)
Change in fair value of derivative (45,369) -
Gain (loss) on foreign exchange (55,920) (9,692)
Gain on disposal of property and equipment 2,004 -
Net (loss) $ (28,685) $ (158,332)
We seek Safe Harbor.
Posted: Tuesday Feb 22 9:01:05PM 2011
INX.V had a nice jump today. Up 26% to close at $0.36 a new 52 week high. Nice to see some non-resource companies doing well.
Posted: Monday Nov 29 6:13:11AM 2010
Major shareholder added to his share position recently: