INX.v...$.35-this is a strong play in the MOBILE wave that is going to dwarf the size of the internet. I have talked with CEO often over past 6mo and am convinced of their game plan's success...going to be a helluva year this year and in my opinion a stronger year next year as well...growth velocity picking up as is amt falling to bottom line-gpg
IN-TOUCH SURVEY SYSTEMS LTD. ANNOUNCES ANNUAL FINANCIAL RESULTS WITH SIGIFICANTLY IMPROVED PROFITS AND CASH FLOW
cnwgroup
Press Release Source: In-Touch Insight Systems Inc. On Tuesday April 12, 2011, 4:17 pm EDT
OTTAWA, April 12 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch" TSX-Venture: INX) announces that revenue increased 8% to $5,893,125 in FY 2010 compared to $5,479,081 in FY 2009. Net income for 2010 was $736,692 compared to a net loss of $440,377 in 2009. Operating income was $970,567 in 2010 compared to $15,477 in 2009. The non-GAAP Company-defined adjusted EBITDA, as described in the Company's Management Discussion and Analysis public filings, was $1,222,000 in FY 2010, compared to $293,000 in FY 2009. Earnings per share for 2011 were $0.05 compared to a loss of $0.03 for 2010.
"The Company has successfully managed its way out of the recession and is now poised for significant revenue growth. The Company's Mobile Web technology will become the foundation for all products and services in 2011. At the Event Marketing Summit, May 16-18 in Chicago the company will launch "In-Touch Apps for Events" - the world's first hardware independent, mobile-web solution, for the marketing departments of Fortune 1,000 firms and their Agencies of Record", said Michael Gaffney, Chief Executive Officer.
"The new IMS division, which sells In-Touch Mobile-Web solutions into Government, is close to achieving its 2011 bookings targets, and expected revenues are $1,000,000 this year. We are actively searching for additional sales opportunities from American and Canadian governments and believe that our technology, already in use by large private sector enterprises, has significant value for governments. A pilot data-capture project just completed with the Canadian Military, looks very promising, in terms of growth, and will provide an excellent reference customer. In addition to significant growth in Canadian Government revenues, our revenues from the US military (Army, Air Force and Navy) will increase in 2011 compared to 2010", said Gaffney.
The company continues to forecast 2011 revenue growth of at least 25% compared to 2010. Most of the growth will occur in Q2, Q3 and Q4. The company expects 2011 bookings to exceed 2010 revenue by the end of April 2011. Q1 2011 revenues are expected to be 5-8% higher than Q1 2010. The Company has increased its spending in product development and marketing, given its revenue growth expectations, and breakeven is approximately $1.4M per quarter.
Consolidated Statements of Operations 2010 2009
Revenue $ 5,893,125 $ 5,479,081
Cost of services and goods sold 2,125,290 2,200,533
Gross profit 3,767,835 3,278,548
Total operating expenses 2,798,530 3,263,071
Earnings before undernoted items 969,305 15,477
Interest expense on short term debt (24,048) (23,996)
Interest expense on long term debt (70,077) (109,300)
Interest on capital leases (842) (21,465)
Amortization of financing costs - (10,682)
Amortization of intangible asset - (9,596)
Change in fair value of derivative (97,109) (33,956)
Gain (loss) on foreign exchange (45,235) (85,422)
Gain on disposal of property and equipment 4,698 12,745
Impairment of franchise - (31,193)
Impairment of intangible assets and goodwill - (142,989)
Net earnings (loss) $ 736,692 $ (440,377)
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