Monexa Technologies Corp Reports 2010 Operating Results
30 April 2011 - 12:46AM
PR Newswire (Canada)
VANCOUVER, April 29 /CNW/ -- VANCOUVER, April 29 /CNW/ - Monexa
Technologies Corp. (TSXV: MXA) today announced its quarterly
and annual financial results for the year ended December 31, 2010.
For the year ended December 31, 2010 revenue was $3.2M, a 23%
decrease compared to $4.2M for the year ended December 31, 2009 and
the net loss decreased to ($1.6M) from ($1.8M) for 2009. EBITDA
loss was $1,363K, down from $1,586K loss for 2009. For the quarter
ended December 31, 2010 revenue was $720K as compared to $903K in
the corresponding period in 2009. The net loss for the quarter was
($418K) as compared to a ($628K) net loss in the prior comparable
quarter in 2009. EBITDA loss was ($402K), down from ($542K)
loss in the corresponding quarter in 2009. John Jacobson, President
and CEO said, "Demand for Monexa's SaaS Billing broadened from
other SaaS and Cloud-based businesses to more traditional
bricks-and-mortar companies. We've been particularly
successful with larger enterprise clients, whose demanding
requirements are amply met by our mature application. Through
the year we refined our pricing model and focused on product
features to suit this discerning audience." Garth Albright, CFO
said, "2010 has been a demanding but rewarding year as the company
has right sized its operations while growing the new SaaS high
margin business. We are also pleased with the stabilization of
our traditional business revenue which was declining at a 23% rate
year over year over the past 4 years but has now leveled off with a
more modest revenue churn. The traditional business is
composed of a solid stable of customers and is generating a
consistent 43% gross margin. The ramping of our SaaS business
coupled with the reduction of our operating costs has set Monexa in
a firm position for success in 2011." Achievements in 2010: --
Monexa expanded our SaaS product offering and continues to expand
this offering as our R&D group roll out new and expanded
functionality. -- In Q1 2010, closed a non-brokered private
placement of 8.9M shares for total gross proceeds of $445.5K to
fund new customer acquisition. -- Achieved Level 1 certification
SaS70 compliance and is completing SaS70 level II certification in
Q2 2011. -- Signed three Fortune 500 company SaaS contracts in
2010. Implemented one in 2010, a second in February 2011 and the
third is scheduled for implementation at the end of April 2011. --
SaaS pipeline has grown significantly during 2010 primarily with
Enterprise customers and large potential customers and is currently
$2.4M. -- Gross margin has increased to 52.8% for 2010, an increase
of 7.1% as compared to 45.7% for the 2009 year. Non-GAAP measures
EBITDA is a key measure used by management to evaluate the
Company's performance. Management believes that EBITDA is useful as
it provides an indication of the results generated by the Company's
business activities prior to taking into consideration how those
activities are financed and taxed and also prior to taking into
consideration asset depreciation and other non-cash expenditures.
EBITDA is not a recognized measure under Canadian GAAP, and
accordingly, investors are cautioned that EBITDA should not be
construed as an alternative to net earnings or loss determined in
accordance with GAAP as an indicator of the financial performance
of the Company or as a measure of the Company's liquidity and cash
flows. EBITDA may not be comparable to similar measures presented
by other issuers. The schedule below details how IP Applications
reconciles its net loss per GAAP to EBITDA for the most recent four
quarters. Note: for the quarter ended December 31, the impact of
realized and unrealized foreign exchange gains and loss are
excluded. December September June March 31 30 30 31 (000's) 2010
2010 2010 2010 Operating $ $ Loss $(418) $(399) (393) (433)
Amortization and depreciation 4 11 11 11 Interest - net 12 92 78 60
Tax - - - - $ $ EBITDA $(402) $(296) (304) (362) Additional details
on the quarterly and year end results, including the audited
Consolidated Financial Statements and Management Discussion and
Analysis, are available at www.sedar.com under Monexa Technologies
Corp. About Monexa Technologies Corp Monexa pioneered the on-demand
subscription billing space and over the past 12 years has worked
with hundreds of businesses to help monetize their services.
Monexa's monetization platform removes the barriers imposed by
traditional systems and plugs directly into a client's finance,
marketing and operations, enabling them to run their subscription
business their way. Monexa operates out of Vancouver, B.C. and
serves customers including AOL Canada, Sprint, Amway and Bell
Mobility among others. For more information visit www.monexa.com.
Forward-Looking Statements This press release may contain
forward-looking statements. The Company cautions users of this
forward-looking information that actual results or events may vary
materially either favorably or unfavorably from those described due
to a number of risks and uncertainties. Such risks and
uncertainties include, but are not limited to: the inability of the
Company to accurately forecast the revenue from new and
existing customers; the inability of the Company's customers to
accurately forecast their own demand for the Company's products and
service; changes in the relative value of the US and Canadian
dollars; the possibility that one or more customers or suppliers
might experience financial difficulties that could affect the
Company's ability to deliver and get paid for its products and
services; and changes in the growth rate of technology and
telecommunications concerns. Refer to the Company's management's
discussion and analysis ("MD&A") for further discussion of
these and other risks and uncertainties in relation to such
forward-looking information. Forward-looking information is based
on management's current expectations, estimates and opinions.
Please refer to the MD&A for a discussion of the events and
circumstances which occur that cause, or are likely to cause,
actual results to differ materially from such forward-looking
information. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/April2011/29/c8245.html
p Garth Albright CFObr/ D 604.630.5657br/ E a
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