revenues
OTTAWA, Apr 4, 2013, 2013 (Canada NewsWire via COMTEX) -- In-Touch Survey
Systems Ltd. ("In-Touch") (TSXV: INX) announces that revenues increased 20% to
$10,719,792 in FY 2012 compared to $8,930,735 in FY 2011. Net earnings for 2012
decreased 7% to $1,032,218 compared to $1,114,904 in 2011, and net earnings per
share for 2012 were $0.07 compared to $0.08 for 2011. Earnings from operating
activities were $761,362 in 2012 compared to $1,059,741 in 2011. The
Company-defined adjusted EBITDA, as described in the Company's Management
Discussion and Analysis was $1,204,000 in FY 2012, compared to $1,387,000 in FY
2011.
"The Company had a successful year in terms of sales growth and new product
development. Net income and EBITDA were down because of increased investment in
product development and marketing and the loss of two large customers in Q4 due
to cost cutting measures in these firms. One or two acquisitions were a key part
of the 2012 growth strategy and while no deals were completed to impact 2012 we
have just announced on April 2, 2013 the acquisition of a division of Navex
Global ", said Michael Gaffney, Chief Executive Officer.
Gross margins decreased to 49% in 2012 compared to 51% in 2011 due to the
assumed overheads associated with the Service Intelligence business combination,
as the final integration of SI took longer than expected. The company expects
gross margins to increase and return to historical levels in 2013 as Service
Intelligence customers have been fully transferred onto In-Touch systems.
At the Event Technology Summit in New York in November 2012 we launched
EventMatrix (eventmatrix.com) - an enterprise platform as a service targeted at
Chief Marketing Officers, Chief Information Officers and Agencies of Record to
manage large complex mobile deployments for marketing and operations
departments. The Company has made two major sales of EventMatrix and estimates
total annual combined revenues from these sales may exceed a million dollars.
Consolidated Statements of 2012 2011
Comprehensive Earnings
Revenue $ 10,719,792 $ 8,930,735
Cost of services 5,510,707 4,366,655
Gross profit 5,209,085 4,564,080
Total operating 4,447,723 3,504,339
expenses
Earnings from operating activities 761,362 1,059,741
Finance costs (112,835) (68,555)
Loss on extinguishment of long-term - (147,748)
debt
Change in fair value of derivative - (104,128)
Change in fair value of contingent (16,179) (29,610)
payment
Deferred tax 407,950 419,104
recovery
Current income tax (8,080) (13,900)
Net earnings and other comprehensive $ 1,032,218 $ 1,114,904
earnings
Weighted average number of common 14,226,312 14,028,257
shares - basic
Certain statements included in this news release contain forward looking
statements, which by their nature are necessarily subject to risks and
uncertainties and other factors that may cause actual results, performance or
achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such statements reflect the Company's current views with respect to
future events, and are based on information currently available to the Company
and on hypotheses which it considers to be reasonable; however, management warns
the reader that hypotheses relative to future events which are beyond the
control of management could prove to be false, given that they are subject to
certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved
or disapproved the contents of this press release.
SOURCE: In-Touch Survey Systems Ltd.
To view this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/April2013/04/c2892.html
SOURCE: In-Touch Survey Systems Ltd.
CONTACT: George Pretli gpretli@intouchinsight.com Controller and Corporate Secretary
613-270-7916
Copyright (C) 2013 CNW Group. All rights reserved.
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